The Global EV Battery Thermal Management Material Market was valued at USD 2.76 Billion in 2025 and is projected to reach USD 6.84 Billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period (2024–2034). This robust growth is primarily driven by the exponential rise in global electric vehicle sales, increasing demand for longer battery life and faster charging, and stringent safety regulations mandating effective thermal management systems.

As the automotive industry accelerates its transition to electrification, the performance, safety, and longevity of lithium-ion batteries have become paramount. At the heart of this challenge lies thermal management—a critical function enabled by advanced materials from a select group of global innovators. In this blog, we profile the Top 10 Companies in the EV Battery Thermal Management Material Industry—a mix of chemical giants, specialty material suppliers, and component manufacturers shaping the future of electric mobility.

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EV Battery Thermal Management Material Market – View in Detailed Research Report

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🔟 1. BASF SE

Headquarters: Ludwigshafen, Germany
Key Offering: Polyurethane Foams, Phase Change Materials (PCMs), Thermally Conductive Adhesives

BASF is a leading global supplier of advanced materials for EV battery thermal management. Its comprehensive portfolio includes innovative foam solutions and high-performance adhesives that provide excellent insulation and thermal conductivity, ensuring optimal battery operating temperatures and enhanced safety.

Innovation Initiatives:

• Development of ceramic-based foams for extreme temperature stability

• Strategic partnerships with major automotive OEMs for custom thermal solutions

• Investment in R&D for next-generation flame-retardant materials

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9️⃣ 2. Dow Chemical Company

Headquarters: Midland, Michigan, USA
Key Offering: SILASTIC™ TC Silicones, Polyethylene Foams, Encapsulants

Dow provides a wide range of silicone-based thermal interface materials (TIMs) and foams that offer superior thermal conductivity and electrical insulation. Its materials are critical for managing heat dissipation in high-energy-density battery packs.

Innovation Initiatives:

• Expansion of silicone production capacity dedicated to EV applications

• Collaboration with battery manufacturers to develop integrated thermal management systems

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8️⃣ 3. Henkel AG & Co. KGaA

Headquarters: Düsseldorf, Germany
Key Offering: LOCTITE® Thermally Conductive Adhesives, Gap Fillers, Potting Compounds

Henkel’s advanced adhesives and sealants play a vital role in battery assembly and thermal management. Its products ensure efficient heat transfer away from battery cells while providing structural integrity and protection from environmental factors.

Innovation Initiatives:

• Launch of high-thermal-conductivity gap fillers for battery module assembly

• Development of fire-resistant potting compounds for enhanced battery safety

Download FREE Sample Report:
EV Battery Thermal Management Material Market – View in Detailed Research Report

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7️⃣ 4. Saint-Gobain

Headquarters: Courbevoie, France
Key Offering: NORGLIDE® Thermal Interface Materials, High-Performance Foams, Seals

Saint-Gobain offers specialized thermal management materials designed for the demanding requirements of EV batteries. Its solutions include thermally conductive pads, foams, and composite materials that maintain battery efficiency across diverse operating conditions.

Innovation Initiatives:

• Investment in aerospace-derived thermal material technology for automotive applications

• Development of lightweight composite materials for improved energy density

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6️⃣ 5. Rogers Corporation

Headquarters: Chandler, Arizona, USA
Key Offering: BISCO® Silicone Foams, PORON® Polyurethane Foams, Elastomeric Materials

Rogers Corporation is a pioneer in high-performance engineered materials for electronics. Its flexible foam solutions provide excellent compression set resistance and thermal management properties essential for modern battery pack designs.

Innovation Initiatives:

• Expansion of manufacturing facilities to meet growing EV market demand

• Development of integrated material systems for battery thermal runaway prevention

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5️⃣ 6. Wacker Chemie AG

Headquarters: Munich, Germany
Key Offering: SILMIX® Thermally Conductive Silicones, Elastomers, Encapsulation Resins

Wacker specializes in silicone-based materials that offer superior temperature resistance and thermal conductivity. Its products are used for potting, sealing, and thermal interface applications in battery management systems.

Innovation Initiatives:

• Focus on sustainable silicone production processes

• Development of high-thermal-conductivity silicone gels for battery module protection

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4️⃣ 7. Evonik Industries AG

Headquarters: Essen, Germany
Key Offering: VESTAKEEP® Polymers, Silicone Elastomers, Specialty Additives

Evonik provides high-performance polymers and specialty chemicals for EV battery thermal management. Its materials offer excellent thermal stability and flame retardancy, addressing critical safety requirements in battery pack design.

Innovation Initiatives:

• Research into bio-based polyamide materials for sustainable thermal management

• Partnerships with Asian battery manufacturers for material development

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3️⃣ 8. SEKISUI CHEMICAL CO., LTD.

Headquarters: Osaka, Japan
Key Offering: Polyolefin Foams, Thermal Interface Materials, Sealing Products

SEKISUI CHEMICAL is a leading Japanese manufacturer of advanced polymeric materials for thermal management applications. Its foam products provide excellent insulation and cushioning properties for battery cells and modules.

Innovation Initiatives:

• Development of ultra-thin thermal interface materials for compact battery designs

• Expansion of global production capacity to serve international EV markets

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2️⃣ 9. Elkem Silicones

Headquarters: Oslo, Norway
Key Offering: Silicone-based TIMs, Encapsulants, Gel Products

Elkem Silicones offers a comprehensive range of silicone materials specifically formulated for battery thermal management. Its products provide reliable thermal conductivity while maintaining flexibility and durability under thermal cycling.

Innovation Initiatives:

• Investment in circular economy initiatives for silicone production

• Development of fast-curing silicone systems for high-volume EV manufacturing

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1️⃣ 10. Recticel NV/SA

Headquarters: Brussels, Belgium
Key Offering: Engineered Foams, Thermal Insulation Materials, Composite Solutions

Recticel specializes in engineered foam solutions for automotive applications, including advanced thermal management materials for EV batteries. Its products offer excellent thermal insulation and fire resistance properties.

Innovation Initiatives:

• Development of recycled content foams for sustainable battery solutions

• Custom foam engineering services for specific battery pack requirements

Get Full Report Here:
EV Battery Thermal Management Material Market – View in Detailed Research Report

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⚡ Outlook: The Future of EV Battery Thermal Management Is Smarter and More Integrated

The EV battery thermal management material market is undergoing rapid transformation. As battery energy densities increase and charging times decrease, the demand for more sophisticated thermal management solutions continues to grow. The industry is shifting toward multifunctional materials that provide thermal conduction, electrical insulation, flame retardancy, and structural support in integrated solutions.

📈 Key Trends Shaping the Market:

• Development of phase change materials (PCMs) for passive thermal management

• Increasing adoption of liquid cooling systems requiring advanced thermal interface materials

• Growing emphasis on sustainability and recyclability of thermal management materials

• Integration of thermal management with battery structural components for space and weight savings

The companies listed above are not only supplying materials—they’re enabling the next generation of electric vehicles with safer, more efficient, and more reliable battery systems that will power the clean transportation revolution.

Get Full Report Here:
EV Battery Thermal Management Material Market – View in Detailed Research Report