PUBLISHER: BIS Research | PRODUCT CODE: 1324798
PUBLISHER: BIS Research | PRODUCT CODE: 1324798
“Global Electric Vehicle Insulation Market to Reach $30.90 Billion by 2032.”
The global electric vehicle insulation market is projected to reach $30.90 billion by 2032 from $2.96 million in 2022, growing at a CAGR of 27.83% during the forecast period 2023-2032. The growth in the electric vehicle insulation market is attributable to the ongoing demand for innovative, lightweight, and efficient insulation materials for electric vehicles.
KEY MARKET STATISTICS | |
---|---|
Start Year: | 2023 |
Forecast Year | 2032 |
Start Value | $3.39 Billion in 2023 |
Forecast Value | $30.90 Billion by 2032 |
CAGR % | 27.83% |
Electric vehicle insulation plays a vital role in optimizing the performance and efficiency of electric vehicles (Evs). With the ever-growing popularity of Evs, insulation has become an essential aspect of their design and construction. It involves the application of specialized materials and techniques to insulate various components within the vehicle.
The electric vehicle insulation market is still in its growing stages of development and adoption, with several players involved in the market. The increasing application areas for insulation in electric vehicles have led to the surging demand for various insulation materials such as foams, fibers, pads, and mats. Automotive original equipment manufacturers (OEMs) have invested in fitting adequate amounts of insulation in their electric vehicles to improve the driving experience, which, in turn, can increase electric vehicle sales. Moreover, huge investments in the form of subsidies and infrastructure development by government and federal agencies to promote electric vehicles to cut down carbon dioxide emissions are expected to further fuel the demand for electric vehicle insulation materials, thereby driving the market.
The electric vehicle insulation market is driven by several factors, such as the need for a better driving experience, the need for protecting EV battery components in extreme weather, the need to reduce ancillary noise in an EV, and the need for thermal insulation in EV batteries to maintain the chemical reaction.
The key players operating in the electric vehicle insulation market include: ADDEV Materials, Adler Pelzer Holding GmbH, Armacell International S.A., Autoneum, 3M, and Sika Automotive AG. These companies are focusing on strategic partnerships, collaborations, and acquisitions to enhance their product offerings and expand their market presence. In conclusion, the market for electric vehicle insulation is growing and evolving significantly because of factors such as rising safety and efficiency concerns, technological breakthroughs, and the demand for an overall better driving experience.
The application for insulation materials for electric vehicles is primarily divided into four areas of an EV, namely, the passenger compartment, rear compartment, under the hood and battery pack, and exterior. The application of electric vehicle insulation is dominant in the passenger compartment. This is due to multiple locations inside a passenger cabin where insulating materials are applied, including inside door panels, underneath floors, on roofs, on seats, and on dashboards. The fact that a large quantity of insulation materials is needed to cover the insides of a passenger vehicle cabin leads to the high usage of insulation materials for this application. The amount of insulation material used inside a passenger vehicle varies according to vehicle type (passenger vehicle or commercial vehicle), electric vehicle manufacturer's insulation requirements, and model of various electric vehicles.
Based on propulsion type, the electric vehicle insulation market encompasses three major types of electric vehicles, i.e., hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs). These vehicle types are present in the form of both passenger and commercial vehicles. While HEV and PHEV models have been present in the market for many years, the development of battery technology, along with government norms for increased vehicle efficiency, has led to an increase in the adoption of BEVs as they are powered solely by the battery systems in the vehicle. The sales of BEVs are anticipated to significantly increase as compared to HEVs and PHEVs due to the decreasing cost of such pure electric vehicles and the development of EV infrastructure in various countries. The rise of BEVs makes it more crucial for automotive OEMs to ensure that electric vehicle insulation can optimize the thermal management and driving system.
On the basis of vehicle type, the electric vehicle insulation market is mainly segmented into two types, namely, passenger vehicles and commercial vehicles. Passenger vehicles consist of compact passenger vehicles, midsize passenger vehicles, and full-size passenger vehicles. Commercial vehicles considered for this report consist of light commercial vehicles, heavy buses, and heavy trucks. Since more users are embracing Evs and switching from their internal combustion engine (ICE) vehicles for Evs due to their cost effectiveness and different government subsidies, it is projected that passenger electric vehicle production and sales would surpass those of commercial vehicles. The passenger vehicle segment is expected to lead the market as the sales and production of passenger electric vehicles are anticipated to increase globally.
The materials used for acoustic, thermal, and electric insulation for electric vehicles are identified as foams, fibers, pads, and mats, among others. Regular research and development in insulation technology have led to the utilization of different types of materials for electric vehicle insulation. These materials, owing to their distinguished characteristics, are used for various applications in different parts of an electric vehicle. Foams are made from different materials, such as polyurethane, polypropylene, and polyethylene. Fibers can be classified as both synthetic and natural fibers. Pads and mats are generally made from nitrile rubber (NBR) and butyl components. Other materials that can also be utilized for insulation in electric vehicles are tapes, aerogels, and sprays, among others. Foam materials find widespread use in the electric vehicle insulation market due to their unique properties and versatility. These materials offer excellent insulation properties, lightweight characteristics, and ease of installation, making them highly desirable for various applications within Evs.
The most widely used insulation type is thermal insulation. Thermal insulation plays a crucial role in the design and performance of electric vehicles. With the increasing adoption of Evs, effective thermal management has become essential for ensuring optimal efficiency, range, and longevity of vehicle components, especially battery packs. In an electric vehicle, various components generate heat, including the battery, electric motor, power electronics, and charging systems. Excessive heat can lead to reduced battery performance, accelerated degradation, and even safety concerns. Therefore, implementing effective thermal insulation is paramount to regulating temperatures and maintaining optimal operating conditions.
The demand for electric vehicle insulation materials varies according to various geographical regions. The electric vehicle insulation market holds a prominent share in various countries of North America, Asia-Pacific and Japan, and China. China is indeed expected to dominate the electric vehicle insulation market in the coming years. The region has witnessed significant growth in the electric vehicle industry, driven by supportive government policies, increasing environmental concerns, and advancements in technology.
There has been an overwhelming demand for more comfort and convenience inside the cabin of a vehicle. Many customers want to have customized and improved experiences in the vehicle they drive. In order to improve vehicle quality and make electric vehicles more appealing to potential new owners, a special vibroacoustic environment must be created. There is also a need to maintain a certain limit for the sound level inside the cabin of an electric vehicle. Electric vehicles are generally perceived to be high-tech machines; therefore, the sound field around the vehicle should also be high-tech. Noises from the vehicle's interior or exterior parts need to be planned in a way that does not hinder the driving experience. Exterior noises such as traffic, road, and wind noises while driving the electric vehicle have to be prevented. Reduced noise can lead to improved comfort for passengers in the vehicle. Noise can be disruptive and make it difficult to relax or sleep while in the car. Acoustic insulation can help to create a more peaceful and relaxing environment for passengers. Therefore, providing an ambient interior sound quality becomes a priority for electric vehicle manufacturers, and efforts to meet these demands are expected to drive the market for acoustic insulation in electric vehicles.
There are currently no standard global regulations for monitoring the quality of insulating materials used in electric vehicles (Evs). This means that there is a wide range of quality and performance standards for insulating materials used in Evs, which can lead to inconsistent performance and safety outcomes.
There are a number of reasons why there are no standard global regulations for EV insulating material quality. One reason is that the EV industry is still relatively new, and there is not yet a consensus on the best materials and standards for insulating Evs. Another reason is that different countries have different regulations for the automotive industry, which can make it difficult to develop a single set of global standards. The lack of standard global regulations for EV insulating material quality can have a number of adverse consequences. For example, it can lead to inconsistent performance and safety outcomes for Evs. It can also make it difficult for manufacturers to develop and sell Evs in different countries.
Many major vehicle original equipment manufacturers (OEMs) have global operations exporting their vehicle models across many countries. Various countries or regional governing bodies across the world have various standards for different processes, such as vehicle safety, vehicle manufacturing quality, and vehicle component material sourcing. Vehicle OEMs often produce standardized vehicles that may not require modifications for sale in multiple countries by meeting multiple sets of regulations from various governing bodies. Vehicle OEMs often seek the highest quality of materials through their supply chain to meet various standards. This includes various national and international standards such as:
To implement these, OEMs often incur additional unnecessary expenses. In the insulation industry, there are no uniform technological guidelines globally for manufacturing electric vehicle insulating materials. Global regulations related to material quality, material type, material thickness, material testing standards, and mounting location, among others, need to be implemented to ensure a better quality of product manufacturing for electric vehicle insulation materials and to save costs on meeting regulations from various countries.
There have been several research and development efforts from various leading companies and research bodies in the vehicle insulation material ecosystem to increase the growth in the quality and types of materials being used for insulation. Many companies have invested a significant amount toward R&D to create materials that can minimize the impact of noise, vibration, and heat in electric vehicles and their subcomponents. Many companies are focusing on developing metamaterial concepts that are lightweight and made of next-generation smart materials solutions. There are several factors influencing the development of insulation materials, such as:
Enhanced sensing prowess for acoustic and thermal insulation in materials helps in giving an additional feature to the vehicle. The 3D printing manufacturing process for insulation materials can be used to develop parts with high strength, less weight, and greater temperature resistance. Customizable insulation materials in various shapes can be manufactured according to different vehicle models.
Various developments in material technology are contributing to the growth of the electric vehicle insulation market, including:
The development of these products is helping to improve the noise and temperature levels in electric vehicles, which makes them more comfortable and enjoyable to drive.
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
|
|