Silicone in Electric Vehicles Market Size is valued at USD 6.73 Bn in 2023 and is predicted to reach USD 13.89 Bn by the year 2031 at a 9.7% CAGR during the forecast period for 2024-2031.
Silicone is an essential component in electric vehicles that are designed to fulfill the stringent requirements for performance, safety, and longevity. Silicone will remain the material of choice for advancements and innovations in the automotive sector as long as EV technology continues to develop, owing to its adaptability and advantageous properties. The exceptional electrical insulating properties, high-temperature tolerance, and thermal stability of silicone make it a popular component in electric vehicles (EVs). Growing global usage of electric vehicles is the main driver of the market for silicone used in electric vehicles, which is expected to rise significantly. In order to encourage the transition to electric vehicles, governments all over the world are proactively pushing for lower greenhouse gas emissions. The need for silicone in EVs is also being strengthened by the growing market for lightweight, energy-efficient automobiles.
On the other hand, silicone-based materials with improved thermal conductivity are becoming extreamly popular. These materials help electric car components dissipate heat more effectively, which improves overall effectiveness and performance. The market's changing needs have also led to significant advancements in creating sophisticated silicone formulations with improved mechanical strength and durability, which have increased silicone's market share in electric vehicles.
The silicone in the electric vehicles market is segmented on the basis of product, charging type, and vehicle type. Based on product, the market is segmented into elastomers, fluids, resins, and others. By charging type, the market is segmented into Plugin Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV). On the basis of vehicle type, the market is segmented into Light Motor Vehicles and Commercial Motor vehicles.
The elastomers category is expected to hold a major share of the global silicone in electric vehicles market. Elastomers assist in shielding EV components from electromagnetic interference and battery heat dissipation. In addition, they manage the battery's temperature well, which is crucial for electric cars. Moreover, over the course of the forecast period, the fluids category is anticipated to rise at the quickest CAGR. In electric vehicles, fluids are employed as a fan clutch to enhance torque transfer and thermal stability. These liquids are also utilized for tyre modifications and to coat high-voltage cables.
The light motor vehicle (LMV) segment is projected to grow rapidly in the global silicone in electric vehicles market. Electric energy must become the primary energy source in the transportation sector, replacing fossil fuels. A social attitude toward pollution management, government laws, growing air pollution concerns, and technological improvements in the light motor electric vehicle sector are all contributing factors to this shift.
The Asia Pacific market for silicone in electric vehicles is projected to capture a significant portion of the market's revenue in the next years. The escalating urbanization of the region has intensified issues related to air and noise pollution due to the rise in traffic congestion and the proliferation of automobiles. To address these problems, it is crucial to encourage the adoption of low-emission vehicles, including electric autos. Consequently, the increasing quantity of electric automobiles is expected to boost the demand for silicone products throughout the projected timeframe. Furthermore, it is anticipated that North America would have substantial growth in the global market for silicone in electric vehicles. In order to mitigate climate change and decrease the release of greenhouse gases, governments around North America are progressively implementing legislation and regulations that encourage the adoption of electric vehicles. The region's significant investments in electric vehicle (EV) infrastructure and customer incentives are stimulating the adoption of electric automobiles.
Silicone in Electric Vehicles Market Report Scope
|
Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 6.73 Bn |
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Revenue Forecast In 2031 |
USD 13.89 Bn |
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Growth Rate CAGR |
CAGR of 9.7 % from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn, Volume (KT) and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Product, Charging Type, Vehicle Type |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
Wacker Chemie AG, KCC Corporation, Elkem Silicones, Dow, H.B. Fuller Company, Nexeon Limited, LORD Corporation, ACC Silicones Ltd., Rogers Corporation, Shin-Etsu Chemical Co., Ltd. and Other market players. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Silicone in Electric Vehicles Market Snapshot
Chapter 4. Global Silicone in Electric Vehicles Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: by Product Type Estimates & Trend Analysis
5.1. by Product & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn) & Volume (KT)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Product:
5.2.1. Elastomers
5.2.2. Fluids
5.2.3. Resins
5.2.4. Others
Chapter 6. Market Segmentation 2: by Charging Type Estimates & Trend Analysis
6.1. by Charging Type & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn) & Volume (KT)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Charging Type:
6.2.1. Plugin Hybrid Electric Vehicle (PHEV)
6.2.2. Battery Electric Vehicle (BEV)
Chapter 7. Market Segmentation 3: by Vehicle Type Estimates & Trend Analysis
7.1. by Vehicle Type & Market Share, 2019 & 2031
7.2. Market Size (Value (US$ Mn) & Volume (KT)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Vehicle Type:
7.2.1. Light Motor Vehicle
7.2.2. Commercial Motor Vehicle
Chapter 8. Silicone In Electric Vehicles Market Segmentation 3: Regional Estimates & Trend Analysis
8.1. North America
8.1.1. North America Silicone in Electric Vehicles Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Product Type, 2019-2031
8.1.2. North America Silicone in Electric Vehicles Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Charging Type, 2019-2031
8.1.3. North America Silicone in Electric Vehicles Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Vehicle Type, 2019-2031
8.1.4. North America Silicone in Electric Vehicles Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by country, 2019-2031
8.2. Europe
8.2.1. Europe Silicone in Electric Vehicles Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Product Type, 2019-2031
8.2.2. Europe Silicone in Electric Vehicles Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Charging Type, 2019-2031
8.2.3. Europe Silicone in Electric Vehicles Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Vehicle Type, 2019-2031
8.2.4. Europe Silicone in Electric Vehicles Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by country, 2019-2031
8.3. Asia Pacific
8.3.1. Asia Pacific Silicone in Electric Vehicles Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Product Type, 2019-2031
8.3.2. Asia Pacific Silicone in Electric Vehicles Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Charging Type, 2019-2031
8.3.3. Asia-Pacific Silicone in Electric Vehicles Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Vehicle Type, 2019-2031
8.3.4. Asia Pacific Silicone in Electric Vehicles Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by country, 2019-2031
8.4. Latin America
8.4.1. Latin America Silicone in Electric Vehicles Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Product Type, 2019-2031
8.4.2. Latin America Silicone in Electric Vehicles Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Charging Type, 2019-2031
8.4.3. Latin America Silicone in Electric Vehicles Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Vehicle Type, 2019-2031
8.4.4. Latin America Silicone in Electric Vehicles Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by country, 2019-2031
8.5. Middle East & Africa
8.5.1. Middle East & Africa Silicone in Electric Vehicles Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Product Type, 2019-2031
8.5.2. Middle East & Africa Silicone in Electric Vehicles Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Charging Type, 2019-2031
8.5.3. Middle East & Africa Silicone in Electric Vehicles Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Vehicle Type, 2019-2031
8.5.4. Middle East & Africa Silicone in Electric Vehicles Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by country, 2019-2031
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. Wacker Chemie AG
9.2.2. Elkem Silicones
9.2.3. Dow
9.2.4. H.B. Fuller Company
9.2.5. Nexeon Limited
9.2.6. ACC Silicones Ltd.
9.2.7. KCC Corporation
9.2.8. Rogers Corporation
9.2.9. LORD Corporation
9.2.10. Shin-Etsu Chemical Co., Ltd.
Silicone in Electric Vehicles Market By Product-
Silicone in Electric Vehicles Market By Charging Type-
Silicone in Electric Vehicles Market By Vehicle Type-
Silicone in Electric Vehicles Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
