EV Insulation Materials Market to Witness Booming Expansion throughout the Forecast 2023-2030
The projected size of the global EV Insulation Materials market is expected to reach USD 17.34 billion by 2030, with a revenue compound annual growth rate (CAGR) of 26.7% during the forecast period. The growing demand for electric vehicles, driven by their zero-emission technology, is anticipated to fuel the revenue growth in the EV Insulation Materials market.
The increasing adoption of electric vehicles can be attributed to various factors, including their zero carbon emissions, superior efficiency compared to internal combustion engine vehicles, and lower maintenance costs. According to the Global EV Outlook 2021 by IEA, electric car registrations witnessed a 41% increase in 2020, with approximately three million electric cars sold globally. Governments of many countries worldwide are implementing stricter pollution regulations due to mounting concerns about pollution and climate change, which have adverse effects on the environment.
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Some Key Highlights from the Report
On 8 March 2021, VA-Q-tec, which is a high-tech company pioneering in development of innovative solutions in the insulation industry entered into a partnership with Hutchinson, to develop innovative insulation in the automotive sector. As part of the partnership, VA-Q-tec’s VIPs will be combined with Hutchinson’s products in various projects for RD to produce battery for the automotive industry and cabin insulation for aircraft industries, which not only provides optimum insulation but also meets all fire protection requirements.
The interior segment is expected to register a steady revenue growth rate during the forecast period, due to higher ambient temperature around the power electronics used in electric vehicles could lead them to fail, resulting in lasting car damage. As a result, for protection of power electronic components, manufacturers are adopting insulating materials with exceptional insulation qualities, therefore, expected to drive revenue growth of the segment.
Thermal Interface Materials (TIM) segment is expected to register a rapid revenue growth rate during the forecast period. Electrically insulating TIM is used where it is necessary to improve thermal conductivity of the system, providing good electrical insulation. These materials allow minimizing thermal contact resistance between an electronic component and heat-sink.
The thermal insulation management segment accounted for largest revenue share in 2021. Demand for high-capacity batteries is increasing which is the major factor expected to drive demand for thermal insulation management in battery packs, which in turn, is contributing to revenue growth of the segment.
Market in Europe is expected to register a steady revenue growth rate during the forecast period. Adoption of various EVs, such as BEV, PHEV, and HEV, is expected to drive market revenue growth throughout the Europe. Moreover, the European Union member countries are actively promoting adoption of electric vehicles by providing consumers with various incentives, including bonus payments and premiums. As a result, increased EV usage is expected to drive market revenue growth in the region.
Competitive Landscape
Saint-Gobain, BASF SE, Zotefoams Plc, 3M, Va-Q-tec AG, Elmelin Ltd, Pyrophobic Systems Ltd., Morgan Advanced Materials, Autoneum, Illinois Tool Works Inc., and Von Roll.