Thermal Conductive Polymer Material For Electric Vehicles Market Size, Share & Trends Analysis Report By Product, By Vehicle, By Region, And Segment Forecasts, 2021 To 2028

The global thermal conductive polymer material for electric vehicles market growth is attributable to rising incorporation of lightweight components and growing production of electric vehicles (EVs) worldwide. Increasing usage of plastics in microelectronics and automotive parts is further propelling market growth.

Thermal conductive polymers are preferred for replacing metal, ceramics, and conventional plastics in heat-sensitive applications. Replacing metal components with plastics in EVs, aids in weight reduction, reduces corrosion resistance, and gives design flexibility.

Thermal Conductive Polymer Material For Electric Vehicles Market Segmentation

Technological advancements are being witnessed in electronics as well EVs. Numerous electronic systems are incorporated in EVs and these new electronic products generate more heat. To dissipate this heat, thermal conductive polymers offer various possibilities. Polyamide, polybutylene terephthalate, polycarbonate, and polyphenylene sulfide are some of the thermal conductive polymers.

These polymers provide properties such as lightweight, high chemical stability, cost-effectiveness, and versatility. They help create a balance between thermal conductivity and thermal radiation, encouraging metal replacement and reducing overall weight of the device. Moreover, use of these polymers is propelling development of energy-efficient systems in various applications including EVs owing to rising concerns pertaining to environmental sustainability.

Based on product, market is segmented into thermally conductive composite plastics, thermal adhesive, thermally conductive coating, thermally conductive elastomers, and others. Thermal adhesives are anticipated to register high growth over the forecast period. Automakers are relying on adhesives for producing EVs to gain safety, cost-effectiveness, durability, and high performance.

These are gaining prominence in EV battery packs that require efficient thermal management. Thermal adhesive help maintain optimum temperature in battery during charging and operation, helping in extending vehicle range and safety. The new module approach known as Cell-To-Pack in batteries is propelling demand for thermally conductive adhesives.

Growth in the EV industry is compelling manufacturers to introduce new thermally conductive products. For instance, in June 2021, Dow introduced three new silicone technologies for EV electronics, one of them being the DOWSIL TC-2035 CV. This product offers high thermal conductivity, fast cure, and excellent room temperature shelf-life balance for automotive electronics.

In April 2021, DuPont announced about investing USD 30 million in building a new production facility in China for producing adhesives that are to be used in EVs. The products will help support battery thermal management, multi-material bonding in battery sealing and assembly, and other electrification and lightweight related applications in vehicles.

Furthermore, EV batteries are also propelling demand for thermally conductive plastics. For instance, to support the high-capacity batteries in EVs, DSM proposed battery trays made from thermally conductive plastics and replace conventional plastics. The use of these trays will help in spreading the thermal load evenly, which is created during charging and discharging. Growing production of EV batteries is thus, anticipated to augment the need for products made from thermal conductive polymer materials.

Based on region, North America is anticipated to emerge as one of the significant markets across the forecast period. Growing emphasis towards creating a control over the entire supply-chain of EVs is anticipated to augment the demand for thermal conductive polymer materials in the region over the coming years.

In May 2020, Huntsman Corporation acquired CVC Thermoset Specialties and in January 2021, it acquired Gabriel Performance Products. Both the acquired companies are North America-based, engaged in manufacturing specialty chemicals, and serve coatings, adhesives & sealants, and composites markets. These acquisitions will help Huntsman Corporation in expanding its product portfolio and cater customer needs more efficiently.

The thermal conductive polymer material for electric vehicles market is characterized by the presence of a large number of players, including Arkema, BASF SE, Brenntag GmbH, Covestro AG, Celanese Corporation, DSM, KANEKA CORPORATION, RTP Company, SABIC, Saint-Gobain, and TORAY INDUSTRIES INC.

Owing to presence of numerous established players in the industry, the competitive scenario is intense for the market. Both large and small market players are engaged in new product developments, R&D, capacity expansions, and other strategic initiatives to increase their footprints and target a large customer base.

For instance, in August 2020, Freudenberg Sealing Technologies GmbH & Co. KG developed thermally conductive elastomers for electric cars. The company has developed a material that can conduct heat and is electrically insulating. The material is yet to commercialize, and its first application would be in charging socket of EVs.

The rising demand for thermal conductive polymers is however restricted on account of their high cost. They cost over 5 to 50 times more than aluminum depending upon application and material used. Also, their complex production process limits their adoption in certain EV applications. Moreover, the lack of availability of quality distributors and compounders further inhibits market growth.

Thermal Conductive Polymer Material For Electric Vehicles Market Report Scope