Global $1.1 Bn Electric Vehicles Acoustic and Thermal Insulation Markets to 2031: Opportunities in Developments in Material Technology & Ecological Benefits of Better Sustainable Insulation Materials
DUBLIN, Aug. 20, 2021 /PRNewswire/ -- The "Acoustic and Thermal Insulation Market for Electric Vehicles - A Global and Regional Analysis: Focus on Application Type, Propulsion Type, Vehicle Type, Material Type, Insulation Type, and Region - Analysis and Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global acoustic and thermal insulation market for electric vehicles was valued at $134.4 million in 2020 and is projected to reach $1,108.4 million by 2031, registering a CAGR of 20.45% during the period 2021-2031.
The growth in the global acoustic and thermal insulation market for electric vehicles is attributable to the ongoing demand for innovative, lightweight, and efficient insulation materials for electric vehicles.
Acoustic and Thermal Insulation Market for Electric Vehicles
Electric vehicle sales have slowly gained momentum in many regional markets, but the market is still minuscule as compared to the global internal combustion (IC) engine-based vehicles market. As various projections indicate that electric vehicles will eventually dominate the automotive industry, many existing vehicle manufacturers, along with several new players, have started aligning their company goals toward producing electric vehicles.
Many leading automotive OEMs have partnered with insulation material suppliers to use the materials in their electric vehicles. As governments across the world are starting to implement plans toward increasing electric vehicle sales and phasing out IC engine vehicles in their countries, the market for acoustic and thermal insulation for electric vehicles is also bound to increase.
Market Segmentation
Material Type
The material type segment of the acoustic and thermal market for EV includes foam, fiber, pad and mat, and others. The foam segment is estimated to dominate the global acoustic and thermal insulation market for electric vehicles due to their low cost and durability, along with their better additional thermal insulation properties as compared to other types of insulation materials.
As the need for insulation in electric vehicles is also increasing due to the advent of BEVs, foam-based materials have been preferred for battery and electric motor insulation, along with insulation inside the passenger cabin. Additional insulation layers are often used in high-end vehicles, and low-end electric vehicles have also shifted from butyl or fiber-based materials to foam-based materials for acoustic and thermal insulation applications.
Application type
The application type segment of the market is categorized into passenger compartment, rear compartment, under the hood and battery pack, and exterior. The passenger compartment segment currently holds a significant number of application opportunities for insulation materials in an electric vehicle.
This is due to multiple application areas for insulation materials inside a passenger cabin, such as inside door panels, under the floor, on the roof, on vehicle seats, and on the vehicle dashboard. 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.
Region
The Asia-Pacific region generated a majority of the revenue in the global acoustic and thermal insulation market for electric vehicles due to the increased adoption of EVs in this region. Many prominent vehicle manufacturers are present in this region, which along with various regional governments, have promoted the usage of electric vehicles mainly through government-subsidized affordable EV models.
Key Market Players and Competition Synopsis
The companies that are profiled in the report have been selected post undergoing in-depth interviews with experts and understanding details around companies such as product portfolios, annual revenues, market penetration, research and development initiatives, and domestic and international presence in the acoustic and thermal insulation market for electric vehicles.
Key Questions Answered in the Report
- What are the key drivers and challenges for players in the acoustic and thermal insulation market for electric vehicles?
- How does the supply chain function in the acoustic and thermal insulation market for electric vehicles?
- Which material type segment is expected to witness the maximum growth in the acoustic and thermal insulation market for electric vehicles during 2021-2031?
- Which are the key application areas from which different acoustic and thermal insulation materials experienced high demand during the forecast period, 2021-2031?
- Which are the players that are catering to the demand for different acoustic and thermal insulation materials?
- What are the strategies adopted by market players involved in the acoustic and thermal insulation market for electric vehicles?
- What are the key offerings of the prominent companies in the market for acoustic and thermal insulation for electric vehicles?
- Which regions and countries are leading in terms of consumption of acoustic and thermal insulation market for electric vehicles, and which of them are expected to witness high demand growth during 2021-2031?
- How is the market landscape for insulation material manufacturers expected to be formed for electric vehicles?
- What are the consumption patterns of acoustic and thermal insulation materials across different types of electric vehicles during the period 2021-2031?
- What has been the impact of COVID-19 on the acoustic and thermal insulation market for electric vehicles?
Market Dynamics
Market Growth Drivers
- Need for Better Driving Experience
- Protecting EV Battery Components in Extreme Weather
- Need to Reduce Ancillary Noise in an EV
- Need for Thermal Insulation in EV Batteries to Maintain Chemical Reaction
Market Challenges
- Lack of Standard Global Regulations for EV Insulating Material Quality
- Maintaining Optimal Weight for Insulating Material
- Preventing Thin Slot Line Insulation and Thermal Runway
Market Opportunities
- Developments in Material Technology
- Ecological Benefits of Better Sustainable Insulation Materials
Key Companies Profiled
- ADDEV Materials
- Adler Pelzer Holding GmbH
- Armacell International S.A.
- Autoneum
- CYG Tefa
- INOAC Corporation
- Morgan Advanced Materials plc
- Pritex Limited
- Shanghai Xinan Automobile Sound-Insulation Felt Co., Ltd.
- Sika Automotive AG
- Sumitomo Riko Company Limited
- Tecman Speciality Materials Ltd
- Toyota Boshoku Corporation
- Unifrax
- Zotefoams plc
For more information about this report visit https://www.researchandmarkets.com/r/v1ippb
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