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Electric Vehicle Insulation Market size worth over $1.3 Bn by 2030

  • Published Date: September 30, 2022

Electric Vehicle Insulation Market size is set to surpass USD 1.3 billion by 2030, according to a new research report by Global Market Insights Inc.

Electric vehicles, considered to be the future of mobility, are witnessing an increased in acceptance across the world. This renewed perception is facilitated by advancements in lithium-ion batteries. However, the sensitive nature of these batteries makes them vulnerable to different safety hazards during their lifecycle. These include electrical mishandling, thermal runaway, etc.

It is crucial to regulate heat management to avoid battery overheating in BEVs and FCEVs. Electric vehicle insulation helps in maintaining a temperature balance in batteries and improve passenger safety. Insulation also provides the chemical resistance necessary to protect the vehicle against battery leaks, further contributing to its importance in EV applications.

Favorable temperature-resistant properties to augment demand for foam plastic EV insulation

In terms of the product, the electric vehicle insulation market from foamed plastics segment is expected to depict a CAGR of over 11.5% through 2030. This growth is attributed to robust insulation and temperature resistance characteristics. Foamed plastics are very resistant to high as well as low temperatures. Automobile manufacturers are using compression pads made of foamed polymers to reduce shocks and vibrations on the battery components. Moreover, foamed plastics also help reduce the overall weight of the vehicle, which improves performance.

Consistent development of FCEVs to complement insulation material production

In terms of the propulsion type, the FCEV segment in the electric vehicle insulation market is anticipated to reach USD 230 million by 2030. FCEVs do not emit any toxic emissions, unlike conventional IC engine vehicles. Additionally, they produce no tailpipe emissions and only release water vapor and warm air. The energy efficiency of FCEVs is contributing to the vehicle adoption, which will assert a positive impact on insulation demand.

Browse key industry insights spread across 350 pages with 351 market data tables & 26 figures & charts from the report, “Electric Vehicle Insulation Market Size By Product (Thermal interface materials, Ceramic, Foamed plastics, Others), By Propulsion Type (BEV, FCEV), By Insulation Type (Thermal insulation, Acoustic insulation), By Application (Under the Hood & Battery Pack, Interior, Others), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2022 – 2030”, in detail along with the table of contents:

Stringent regulations for noise pollution control to drive insulation use in car interiors

Electric Vehicle Insulation Market Trends

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The electric vehicle insulation market from interior applications segment is poised to register 11.5% gains through 2030. This is accredited to stricter government norms aimed at reducing noise pollution. For instance, the Noise Pollution Act implemented by the Government of the Netherlands was intended to lay down regulations to prevent and reduce road traffic noise. The Ministry of Infrastructure and the Environment also offers grants to local authorities to tackle noise pollution. These stringent norms and robust support are encouraging automotive manufacturers to use effective materials in their car interiors and exteriors to reduce road noise.

Presence of major automakers to influence industry trends

North America electric vehicle insulation market size is projected to cross USD 300 million by 2030. The region houses major EV manufacturers such as Tesla Inc, one of the world’s biggest car producers. Furthermore, a survey from the Center for Sustainable Energy estimates that more than 2.9 million battery electric and plug-in hybrid vehicles have been sold in the United States over the last decade. The vast availability of electric vehicle options will create a favorable environment for EV component manufacturers and transform regional auto insulation market dynamics.

Mergers and acquisitions from prominent players to reinforce global industry outlook

Key participants operating in the electric vehicle insulation market are Alder Pelzer Holding GmbH, Elmelin Ltd., Pyrophobic Systems Ltd., Parker Hannifin Corp, BASF SE, Saint-Gobain, Autoneum, Zotefoams plc, DuPont, Unifrax, 3M, and Morgan Advanced Materials. These companies are performing key mergers and acquisitions to expand their business footprint.

Authors: Kiran Pulidindi, Hiralkumar Patel