At 8.9% CAGR, Silicone In Electric Vehicles Market Share Envisaged To Reach USD 12.66 Billion By 2032, According to Polaris Market Research

The global silicone in electric vehicles market size and share is currently valued at USD 5.90 billion in 2023. It is anticipated to generate an estimated revenue of USD 12.66 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 8.9% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032. The global key market players are Dow Chemical Company, Elkem Silicones, Evonik Industries AG, H.B. Fuller Company, KCC Corporation, Nexeon Limited, Primasil Silicone and others.

New York, NY, Feb. 12, 2024 (GLOBE NEWSWIRE) — The latest research report [115+] pages with 360-degree visibility, titled “Silicone In Electric Vehicles Market Share, Size, Trends, Industry Analysis Report, By Product Type (Elastomers, Fluids, Resins, Others); By Charging Type; By Vehicle Type; By Region; Segment Forecast, 2024- 2032″ published by Polaris Market Research in its research repository.

The global silicone in electric vehicles market size and share is currently valued at USD 5.90 billion in 2023. It is anticipated to generate an estimated revenue of USD 12.66 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 8.9% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.

Market Definition

  • How is Silicone Used in Electric Vehicles? How Big is Silicone In Electric Vehicles Market Share?

Silicone is utilized in many electric vehicle (EV) components, including battery safety. Silicone rubber provides the resistance, strength, and durability needed for trustworthy automotive applications. Automotive manufacturers depend heavily on the performance and quality of rubber materials, and, with rising heat present in new automobiles, silicone rubber comes into its own, delivering the perfect solution. Also, silicone offers exceptional sealing performance, particularly in preventing dust and moisture from interfering with battery systems. It also provides long-lasting environmental sealing and resistance to battery failure.

Furthermore, as the demand for electric vehicles continues to expand due to their numerous environmental benefits, there is a growing demand for silicone solutions. Also, the silicone in electric vehicles market demand is increasing because of its outstanding thermal stability, exceptional electrical insulating qualities, and tolerance to severe temperatures, silicone is widely used in electric vehicles (EVs). It is used in many different parts of electric vehicles (EVs), including electric motors, battery systems, cables, connections, adhesives, and sealants.

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Silicone In Electric Vehicles Market Key Companies

  • Dow chemical company
  • Elkem Silicones
  • Evonik Industries AG
  • H.B. Fuller Company
  • KCC Corporation
  • Nexeon Limited
  • Primasil Silicone
  • Rogers Corporation
  • CHT Group
  • Wacker Chemie AG

Key Highlights

  • The increasing use of electric vehicles is expected to drive significant growth in the silicone market for electric vehicles. Also, governments everywhere are pushing hard for lower greenhouse gas emissions, which encourages the transition to electric vehicles.
  • The silicone in electric vehicles market segmentation is mainly based on the charging type, product type, region, and vehicle type.
  • North America is expected to have the highest CAGR during the forecast period.

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Market Developments

Growth Drivers:

  • Exceptional Thermal Stability: The remarkable heat stability of silicone, essential for many EV components, is the main factor driving its growing usage in EVs. Lithium-ion batteries, which power many electric vehicles, include silicone. The longevity, safety, and performance of these batteries can all be enhanced by silicone-based polymers. They are used in the manufacturing of battery pack sealants, electrolytes, and electrodes. During operation, electric vehicles produce heat, especially in the battery pack and power electronics. Thermal interface materials (TIMs) based on silicone are utilized to control heat transmission effectively. By assisting in the dissipation of heat from vital components, these TIMs guarantee lifetime and optimum performance.
  • Excellent Electrical Insulator: In electric vehicles, silicone rubber is used to insulate wires and cables since it is a superior electrical insulator. It offers defense against environmental dangers, high voltages, and extremely cold temperatures. Electric vehicle charging connectors are designed and manufactured using silicone materials. In addition to guaranteeing waterproofing, silicone gaskets, and seals keep dust and debris out of the connecting contact. Materials based on silicone can be applied to electric motor components as coatings or potting compounds. These materials improve the longevity and dependability of electric motors and lead to a rise in silicone in electric vehicles market share in electric vehicles by protecting against moisture, chemicals, and high temperatures.

Industry Trends:

  • Reduce Greenhouse Gas Emissions: There is more pressure to reduce greenhouse gas emissions as people become more aware of climate change and its effects. When in use, electric vehicles (EVs) emit no tailpipe emissions, making them a more environmentally friendly option than cars with conventional internal combustion engines. Numerous governments are offering incentives and subsidies worldwide to promote the use of electric vehicles. Tax credits, grants, and rebates are examples of these incentives that could lower the cost of EVs for end users.
  • Innovations: The silicone in electric vehicles market size is experiencing rapid innovation on a number of fronts. Due to legal requirements and growing consumer demand for electric vehicles (EVs), manufacturers are stepping up their efforts to improve the performance, longevity, and safety of EV components by using silicone-based materials. Consequently, it is anticipated that silicone will rise in the electric vehicle industry over the projected time.

Restraints:

  • High Cost and Long-Term Reliability: The comparatively high cost of silicones in comparison to alternative materials may hinder their widespread adoption in the electric vehicle (EV) market. Cost-effectiveness is an important factor. Even though silicone is known for its toughness, there may still be issues with long-term performance in some EV applications.

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Segmentation Overview

  • The Elastomers Sector Accounts for the Largest Market Share

Because they dissipate heat from batteries and provide electromagnetic interference shielding, elastomers are essential for the protection of electric vehicle (EV) components. They also successfully control battery temperature, which is essential for EV functioning.

Moreover, the fluids sector is expected to experience quick growth during the forecast period. These fluids perform a number of functions, including improving thermal stability and transferring torque to EV fan clutches. They are also used as tire modifications and as coatings for high-voltage wires.

  • Light Motor Vehicles are Anticipated the Fastest CAGR           

There will inevitably be a rise in demand for parts and materials appropriate for EV production as the number of people driving electric vehicles rises. Silicones are essential for a number of processes in the manufacture of electric vehicles, including electrical insulation, thermal management, bonding, and sealing. Greater silicone integration in electric vehicles (EVs) may result from the advancement of new technologies and breakthroughs in the materials and automotive industries.

Furthermore, governments and individuals are searching for greener transportation options as a result of growing awareness of air pollution and climate change. Since electric cars have no tailpipe emissions, they are a desirable option for cutting greenhouse gas emissions and enhancing air quality. As a result, the silicone in electric vehicles market growth is expanding.

Silicone In Electric Vehicles Market: Report Scope & Dynamics     

Report Attribute Details
Revenue Forecast in 2032 USD 12.66 Billion
Market size value in 2024 USD 6.42 Billion
Expected CAGR Growth 8.9% from 2024 – 2032
Base Year 2023
Forecast Year 2024 – 2032
Top Market Players Dow Chemical Company, Elkem Silicones, Evonik Industries AG, H.B. Fuller Company, KCC Corporation, Nexeon Limited, Primasil Silicone, etc, among others
Segments Covered By Product Type, By Charging Type, By Vehicle Type, By Region
Customization Options Customized purchase options are available to meet any research needs. Explore customized purchase options

Browse Press Release: Silicone In Electric Vehicles Market Size Worth $ 12.66 Billion By 2032 | CAGR: 8.9%

Regional Insights

Asia Pacific: The Asia Pacific’s growing urbanization has increased traffic congestion and the amount of vehicles, which exacerbates air and noise pollution issues. The need to encourage the use of low-emission cars, such as electric vehicles, is critical due to these difficulties. Thus, during the forecast period, the rise in electric vehicles may raise the need for silicone products.

North America: In an effort to combat climate change and reduce greenhouse gas emissions, governments in North America are increasingly enacting policies and regulations to encourage the adoption of electric vehicles. As a result, the region is predicted to have the fastest-growing CAGR during the projected period. Incentives for consumers and significant expenditures in EV infrastructure are propelling the silicone in electric vehicles market in North America.

Browse the Detail Report “Silicone In Electric Vehicles Market Share, Size, Trends, Industry Analysis Report, By Product Type (Elastomers, Fluids, Resins, Others); By Charging Type; By Vehicle Type; By Region; Segment Forecast, 2024- 2032” with in-depth TOC:  https://www.polarismarketresearch.com/industry-analysis/silicone-in-electric-vehicles-market

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Key Questions Addressed in the Report:

  • What is the current size and forecast value of the silicone in electric vehicles market?

Ans: The market size was valued at USD 5.90 billion in 2023 and is projected to reach USD 12.66 billion by 2032.

  • Which region dominates the market for silicone in electric vehicles?

Ans: Asia Pacific dominates the industry with the largest market share.

  • What are the key segments in the industry?

Ans: The silicone in electric vehicles market segmentation is primarily based on product type, charging type, vehicle type, and region.

  • What will be the expected CAGR of the market during the forecast period?

Ans: The industry is projected to exhibit a healthy CAGR of 8.9% over the forecast period.

Polaris Market Research has segmented the silicone in electric vehicles market report based on product type, charging type, vehicle type, and region

By Product Type Outlook

  • Elastomers
  • Fluids
  • Resins
  • Others

By Charging Type Outlook

  • Plugin Hybrid Electric Vehicle (PHEV)
  • Battery Electric Vehicle (BEV)

By Vehicle Type Outlook

  • Light Motor Vehicles
  • Commercial Motor Vehicles

By Region Outlook

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.

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