CHICAGO, March 11, 2020 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, 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.
Foamed plastic led the electric vehicle insulation market, by product type, in 2018.
The foamed plastic segment led the electric vehicle insulation market in 2018. This was owed to the growing demand for light-weight 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.
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.
Under the bonnet and battery pack segment led the application segment of the electric vehicle insulation market in 2018.
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.
Thermal insulation & management was the largest insulation type of electric vehicle insulation in 2018.
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 led the electric vehicle insulation market in 2018.
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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