Electric Vehicle Insulation Market worth $4.2 billion by 2024 | Key players BASF SE (Germany), Saint-Gobain (France), Autoneum (Switzerland), Von Roll Holding AG (Switzerland).

According to recent market research the "Electric Vehicle Insulation Market by Product Type (TIM, Foamed Plastic, Ceramic), Application (Under the Bonnet & Battery Pack, Interior), Propulsion Type (BEV, PHEV), Insulation Type (Thermal, Electrical, Acoustic) and Region - Global Forecast to 2024" The electric vehicle insulation market is estimated to be USD 1.3 billion and is projected to reach USD 4.2 billion by 2024, at a CAGR of 26.7% during the forecast period. The growing concern over pollution, and heavy investments by the automakers in electric vehicles are expected to drive the electric vehicle insulation market. Also, the increasing demand for high-density batteries and high range vehicles are driving the demand for electric vehicles, which in turn is estimated to boost the electric vehicle insulation market.

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The foamed plastic segment led the electric vehicle insulation market in 2018. This was owed to the growing demand for lightweight and impact resistant insulation materials from the ever-increasing electric vehicles industry.
The BEV segment led the electric vehicle insulation market, by propulsion type, in 2018. This was owed to the growing production of BEV in countries such as China, Japan, the US, Germany, and South Korea, among other countries. Also, the huge battery pack of BEV, when compared to PHEV, has driven the demand for insulation in BEV propulsion type.
The under the bonnet and battery pack led the application segment of the electric vehicle insulation market in 2018. This was owed to the requirement of insulation of electric motor, internal combustion engine (in case of PHEV), and batteries. Also, the growing production of BEV is another factor still driving the market in this segment.

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Thermal insulation & management was the largest insulation type of the electric vehicle insulation market, in 2018. The growing demand for high-capacity battery packs still drives the demand for thermal insulation & management in battery packs. In addition, increasing production of BEV and PHEV is another factor driving the market in this segment.
APAC was the largest market for electric vehicle insulation in terms of value in 2018. This was due to the increasing production of electric vehicles in the region. In addition, the presence of major manufacturers of electric vehicles such as BYD, BAIC, Geely and SAIC, among others, is another factor driving demand for the electric vehicle insulation market in the region.

The key market players profiled in the report include BASF SE (Germany), Saint-Gobain (France), Autoneum (Switzerland), Von Roll Holding AG (Switzerland), Morgan Advanced Materials (UK), Zotefoams plc (UK), Unifrax (US), DuPont (US), 3M (US), Alder Pelzer Holding GmbH (Germany), Elmelin Ltd. (UK), Pyrophobic Systems Ltd. (Canada), Techman Advanced Material Engineers (UK), and Marian Inc. (US) among others.

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Autoneum is one of the largest manufacturers of electric vehicle insulation for acoustic insulation. The company aims to maintain its strong position in the market. It has adopted the strategy of new product launches, expansion, and joint ventures in the past few years. In 2017 and 2019, Autoneum extended its product portfolio to support vehicle manufacturers in the production of lightweight and environmentally friendly electric vehicles. The company launched battery undercovers and acoustic insulation materials for carpet systems, inner dashes, and floor. The company also expanded its presence in countries like China and Hungary to meet the growing demand for lightweight materials for electric vehicles.

Saint-Gobain is another important player in thermal management of batteries in the market. The company offers various products for battery applications. The company focuses on R&D to meet the growing need for low-carbon emission from the mobility market by developing polymer components for electric vehicle batteries.

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