The battery cooling plates category is anticipated to grow at a CAGR of 35.7% from 2023 to 2030 with APAC having the highest share. Government policies and rising environmental consciousness are driving the demand for electric vehicles and hybrid electric vehicles which in turn require efficient thermal management and battery cooling systems.
While these plates may be utilized in any business that requires thermal management of batteries, the trends in the industry largely revolve around the automotive sector, such as:
• Valeo intended to provide battery cooling solutions for a high-volume electric car platform from a big German automaker in 2020. Furthermore, in 2021, European manufacturers were the first to incorporate Valeo's HVAC solutions based on a heat pump and a natural refrigerant into their EVs. In addition, the firm will soon provide retrofit thermal modules.
• Matter, a technological start-up, launched the Matter Energy 1.0 battery pack in April 2022, which has an Integrated Intelligent Thermal Management System and a Super Smart Battery Management System. The battery pack was created with future mobility in mind, allowing for a longer range while maintaining vehicle safety.
• In May 2023, Modine Manufacturing Company, a major manufacturer of heat transfer coils, announced that it would expand operations at its existing location in Sremska, Serbia, to fulfill the increased demand from the European heat pump industry. The new factory, which will be completed later this year, will be a specialized maker of coils for commercial and residential heat pump systems.
By product type, the segments are harmonic tube, stamping, and inflation type, with stamping type being the largest segment accounting for 74% of the total share. On the basis of the material used, the segments are steel and aluminum plates. The aluminum plates segment will be the largest segment and continue to grow as aluminum plates are lightweight, more durable, and corrosion-resistant compared to steel plates. In terms of application, battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) are the two segments, with BEVs having a share of 76% as they have larger battery capacities and thus need more efficient cooling.
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The battery cooling plates category is moderately consolidated with the top five to ten global producers controlling more than 60% of the overall share. Large organizations invest heavily in R&D, and implement new technologies and cost-saving measures to maintain and try to grow their market share. As a result, new players find it difficult to enter this market. Valeo, Dana, MAHLE, Modine Manufacturing, Boyd Corporation, Nippon Light Metal, Estra Automotive, Onegene, Sanhua Group, Kohsan Co., and others are the major global players.
Raw materials, manufacturing processes, tooling, and equipment form the major cost components. Aluminum is a major raw material used in the production process. At the end of December 2022, aluminum prices decreased by about 7% compared to 2021. In May 2023, prices of aluminum reached USD 2,268 which was a decrease of 3.18% from April 2023, and a decrease of 19% compared to May 2022. Manufacturing processes such as machining, forming, and surface treatment represent 20-30% of the total costs, driven by the need for precision machines.
The battery cooling plates are mostly customized for a vehicle type with the OEMs having a high level of involvement during the design and conceptualization of the cooling plates. As such, value-based pricing is one of the most used pricing strategies across the industry.
The major players are concentrated mostly in Europe, North America, China, Japan, and South Korea. China is a leader in EV components manufacturing due to its availability of cheap raw materials, proximity to OEMs, high education levels, and low labor costs. It also has the required infrastructure, making it an ideal location for sourcing battery cooling plates.
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Battery Cooling Plates Procurement Intelligence Report Scope
• Battery Cooling Plates Category Growth Rate (CAGR): 35.7% from 2023 to 2030
• Pricing growth Outlook: 3 - 6%
• Pricing Models: Value pricing model, fixed fee pricing model
• Supplier Selection Scope: Cost and pricing, Past engagements, Productivity, Geographical presence
• Supplier selection criteria: Product type, material used, end application, technical specifications, operational capabilities, regulatory standards and mandates, category innovations, and others
• Report Coverage: Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model
Key companies:
• Valeo
• Dana
• MAHLE
• Modine Manufacturing
• Boyd Corporation
• Nippon Light Metal
• Estra Automotive
• Onegene
• Sanhua Group
• Kohsan Co.