Global Electric Vehicle Insulation Market Size is Projected to Surpass $8100 Million Growth by 2030, Exhibit a CAGR of 22.5%
[204 + Pages Report] According to a market research study published by Zion Market Research, the demand analysis of Global Electric Vehicle Insulation Market size & share revenue was valued at around USD 1600 million in 2022 and is estimated to grow about USD 8100 million by 2030, at a CAGR of approximately 22.5% between 2023 and 2030. The key market players are listed in the report with their sales, revenues and strategies are 3M, CYG TEFA Co. Ltd., Armacell International S.A., Sika Automotive AG, ADDEV Materials, Sumitomo Riko Company Limited, Adler Pelzer Holding GmbH, INOAC Corporation, Morgan Advanced Materials plc, Pritex Limited, Autoneum, Tecman Speciality Materials Ltd, Toyota Boshoku Corporation, Zotefoams plc, Unifrax, and others.
New York, NY, Sept. 06, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “Electric Vehicle Insulation Market By Material (Thermal Interface Materials, Foamed Plastics, Ceramics, And Others), By Product (Thermal Insulation, Electrical Insulation, And Acoustic Insulation), By Application (Under The Hood & Battery Pack, Interior, And Others), By End-Use (BEV, PHEV, HEV, And FCEV) And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Electric Vehicle Insulation Market size & share in terms of revenue was valued at USD 1600 million in 2022 and it is expected to surpass around USD 8100 million mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 22.5% during the forecast period 2023 to 2030.”
What is Electric Vehicle Insulation? How big is the Electric Vehicle Insulation Industry?
The global electric vehicle insulation market size was worth around USD 1600 million in 2022 and is predicted to grow to around USD 8100 million by 2030 with a compound annual growth rate (CAGR) of roughly 22.5% between 2023 and 2030.
Insulation is utilised in electric vehicles to lessen the adverse effects of heat, sound, and vibration felt by the occupants of the vehicle as well as the vehicle itself. Overheating the engine, which also results in the loss of motorised fluid, has a negative effect on the overall performance of the vehicle. The shaking causes damage not just to the vehicle’s frame but also to its heavy gears. Because vehicle insulation stops these damages from spreading, it not only improves the vehicle’s overall performance but also extends its lifespan and reduces the amount of money spent on maintenance. Because of these benefits, increasing the number of people who drive electric cars is expected to lead to an increase in product demand.
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Global Electric Vehicle Insulation Market: Growth Factors
Rising levels of pollution are the primary factor driving market expansion over the forecast period.
People’s reliance on renewable resources as opposed to fossil fuels has increased in recent years, which can be attributed to the growing concern over pollution and climate change. In addition to this, the governments of a number of countries are working to establish more stringent pollution rules. For example, India’s emission regulations for the year 2020 are more severe, meaning that they will cost more money and produce less pollution than diesel and petrol engines. As a direct consequence of this, the number of people driving electric cars (EVs) has grown. In contrast to petrol or diesel-powered vehicles, electric vehicles (EVs) do not contribute to the generation of greenhouse gases or other forms of air pollution, even when their engines are improved and expensive. Another advantage of electric vehicles is that they reduce the amount of noise pollution. As a consequence of this, it is projected that the global market for insulators for electric vehicles would expand as pollution levels rise as a direct result of an increase in the number of sales of electric vehicles.
Electric Vehicle Insulation Market: Challenges Problems with the supply chain are slowing the expansion of the market.
The market for insulation for electric vehicles is dependent on certain materials, some of which are either confined to a specific region of the world or are susceptible to fluctuations in price. In the event that there are any disruptions in the availability of these raw materials, it may be challenging for manufacturers to get a supply that is both dependable and economical. Because of these disruptions, there is a possibility that supply may be reduced, which will lead to higher pricing. In addition, manufacturers of electric vehicles may have problems acquiring sufficient insulation materials if a key supplier encounters operational or logistical issues that prevent it from meeting demand. This may make it difficult for the manufacturers to meet consumer demand. This may result in production delays as well as possible delays in delivering automobiles to clients, which would ultimately constrain the growth of market revenue.
The Market for Insulation for Electric Vehicles: Opportunities
The introduction of novel technologies presents a fruitful potential for growing existing markets.
As a consequence of various technological breakthroughs produced by leading firms in terms of product production and development by introducing more new features as demanded by consumers, the electric vehicle insulation business is seeing a boom in revenue. This growth can be attributed to the numerous technical advancements achieved by leading firms. For example, in June 2022, SABIC introduced NORYL NHP8000VT3 resin, which is a cutting-edge substance designed to be utilised in the insulating layer of electric vehicle (EV) battery modules. This particular material was developed by SABIC. This high-performance polyphenylene ether (PPO)-based resin fulfils the UL94 V0 standard at just 0.25 mm with non-brominated, non-chlorinated flame retardance, and it reaches the greatest degree of comparative tracking index performance (CTI PLC0). This is made possible through the use of technologies that are protected by patents. With the assistance of this wonderful material, electric car battery technology has made tremendous strides forward, which has resulted in improved occupant safety, decreased weight, increased efficiency, and ultimately an expansion of the driving range of electric vehicles.
The Problems Facing the Market for Electric Vehicle Insulation
The growth of the industry is significantly hindered by inefficiencies in cost efficiency.
Despite the fact that electric cars are gaining more market share, their starting prices are often higher than those of conventional automobiles powered by internal combustion engines (ICE). Insulation materials need to strike a balance between performance and cost-effectiveness in order to make electric vehicles (EVs) more competitive in the market. The production of high-tech insulating materials presents the manufacturers with a significant challenge in terms of reducing their prices.
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|Market Size in 2022||USD 1600 million|
|Projected Market Size in 2030||USD 8100 million|
|CAGR Growth Rate||22.5% CAGR|
|Key Market Players||3M, CYG TEFA Co. Ltd., Armacell International S.A., Sika Automotive AG, ADDEV Materials, Sumitomo Riko Company Limited, Adler Pelzer Holding GmbH, INOAC Corporation, Morgan Advanced Materials plc, Pritex Limited, Autoneum, Tecman Speciality Materials Ltd, Toyota Boshoku Corporation, Zotefoams plc, Unifrax, and others.|
|Key Segment||By Material, By Product, By Application, By End-use, and By Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Purchase Options||Request customized purchase options to meet your research needs. Explore purchase options|
Electric Vehicle Insulation Market: Segmentation Analysis
The market for Electric Vehicle Insulation may be broken down into distinct submarkets according to material, product, application, end-use, and geographic location.
The global market can be broken down into the categories of thermal interface materials, foamed plastics, ceramics, and other categories, depending on the material. Over the course of the forecast period, it is anticipated that foamed plastics would have the majority share of the market. The market’s revenue is growing thanks in large part to a number of essential factors, including excellent thermal insulating features, a lightweight nature, higher shock absorbing properties, and cost-effectiveness. Because of their low thermal conductivity, foamed polymers are able to effectively trap heat and prevent it from moving through the material.
Because of this function, the battery is able to keep its temperature at the optimal level, which prevents it from overheating and causing potential harm. In addition, foamed plastics have a high strength-to-weight ratio, which makes them a great choice for insulation. Foamed plastics offer protection without adding unneeded weight to the vehicle, making them an outstanding option. The reduction in weight has a positive impact on both the fuel efficiency and overall performance of the vehicle. Foamed plastic insulators provide a cushioning effect that protects the battery from mechanical strains and potential damage while driving and in the event of an accident. This is necessary since electric car batteries are sensitive to crashes and vibrations. As a result, fueling the expansion of the segment over the course of the anticipated period.
Thermal insulation, electrical insulation, and acoustic insulation are the three submarkets that make up the global market for electric vehicle insulation. These submarkets are divided according to the type of product. It is anticipated that the thermal insulation sector will have a considerable market share over the course of the projection period. This is due to the fact that the management of battery packs is experiencing an increase in demand for materials that provide thermal insulation. Additionally, the application of the product to maintain a steady temperature within a vehicle is contributing to the expansion of the market. As a result of developments in battery technology, increased battery capacities have been developed that are suitable for automobiles that are capable of travelling great distances. However, these more advanced battery types have a propensity to emit more heat, which can be detrimental to the performance of the battery and reduce the driving range of a vehicle. Therefore, manufacturers of electric vehicles place a great focus on the utilisation of high-quality thermal insulation.
Under the hood & battery pack, interior, and other applications make up the three primary divisions of the global market based on its application.
The market for electric vehicle insulation can be broken down into four sub-sectors: BEVs, PHEVs, HEVs, and FCEVs. During the time period covered by the forecast, the HEV segment is anticipated to have the primary position in the market. The expansion of the automotive sector can be attributed to the growing demand among consumers for vehicles that are both ecologically responsible and economical in their use of fuel. In addition, it is predicted that during the time of the projection, there would be an increase in the regulatory support for the utilisation of hybrid vehicles. HEVs get their propulsion from a combination of a traditional internal combustion engine (ICE) and an electric motor. Regenerative braking is how a hybrid vehicle’s battery is charged, as opposed to being plugged in to do it like traditional cars. As a direct result of this, the fuel efficiency of these automobiles is superior than that of traditional ICE vehicles.
The global Electric Vehicle Insulation market is segmented as follows:
- Thermal Interface Materials
- Foamed Plastics
- Thermal Insulation
- Electrical Insulation
- Acoustic Insulation
- Under the Hood & Battery Pack
Browse the full “Electric Vehicle Insulation Market By Material (Thermal Interface Materials, Foamed Plastics, Ceramics, And Others), By Product (Thermal Insulation, Electrical Insulation, And Acoustic Insulation), By Application (Under The Hood & Battery Pack, Interior, And Others), By End-Use (BEV, PHEV, HEV, And FCEV) And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030″ Report At https://www.zionmarketresearch.com/report/electric-vehicle-insulation-market
Some of the main competitors dominating the global Electric Vehicle Insulation market include –
- CYG TEFA Co. Ltd.
- Armacell International S.A.
- Sika Automotive AG
- ADDEV Materials
- Sumitomo Riko Company Limited
- Adler Pelzer Holding GmbH
- INOAC Corporation
- Morgan Advanced Materials plc
- Pritex Limited
- Tecman Speciality Materials Ltd
- Toyota Boshoku Corporation
- Zotefoams plc
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Electric Vehicle Insulation market is likely to expand at a CAGR of around 22.5% during the forecast period (2023-2030).
- In terms of revenue, the Electric Vehicle Insulation market size was valued at around US$ 1600 million in 2022 and is projected to reach US$ 8100 million by 2030.
- The global Electric Vehicle Insulation market is expected to be driven by several factors such as growing concern over pollution and growing launch of technologically advanced products.
- Based on the material, the foamed plastics are expected to dominate the market over the projection period.
- Based on the product, the thermal insulation segment is expected to hold a significant market share over the forecast period.
- Based on the end-use, the HEV segment is expected to lead the market during the forecast period.
- Based on region, the Asia Pacific is expected to hold the largest market share over the forecast period.
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- What is the market size and growth rate forecast for Electric Vehicle Insulation industry?
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- What segments does the Electric Vehicle Insulation Market cover?
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- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Material, By Product, By Application, By End-use, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Asia Pacific is expected to hold the largest market share over the forecast period
The Asia Pacific is expected to hold the largest electric vehicle insulation market share over the forecast period. Major factors driving the market’s revenue growth in this region include factors like rising initiatives to promote the use of renewable energy, rising adoption of electric vehicles (EVs), and a growing need to increase overall vehicle safety by reducing the risk of electrical failure & fire. To combat the possibility of thermal runaway brought on by battery faults, manufacturers add advanced cooling systems that actively monitor and manage battery temperatures, limiting thermal runaway and reducing fire threats.
They also apply insulating materials to the battery pack, such as ceramic coatings or fire-resistant barriers, offering an extra line of defense against outside heat sources and reducing the likelihood of fire spreading during an event. China is making significant investments in the adoption of renewable energy sources, the geopolitical ramifications of doing so, and the formulation of new government regulations for foreign investment in the industry. For instance, the National Development and Reform Commission and the National Energy Administration jointly released the “14th Five Year Plan for a Modern Energy System” in late March 2022, which sets objectives for China’s energy industry up to 2025. The electrical system is anticipated to gain the resilience and adaptability it needs to absorb more renewable energy due to the new laws. Thereby, driving the market growth in the region.
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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