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.
Competitive Landscape
Some Major Key Players In The Silicone in Electric Vehicles Market:
- Wacker Chemie AG
- Elkem Silicones
- Dow chemical company
- B. Fuller Company
- Nexeon Limited
- ACC Silicones Ltd.
- KCC Corporation
- Rogers Corporation
- LORD Corporation
- Shin-Etsu Chemical Co., Ltd.
- Evonik Industries AG
- Other Prominent Players
Market Segmentation:
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.
Based On The Product, The Elastomers Segment Is A Major Contributor To Silicone In The Electric Vehicles Market.
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 Segment Witnessed Growth At A Rapid Rate.
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.
In The Region, The Asia Pacific Silicone In Electric Vehicles Market Holds A Significant Revenue Share.
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.
Recent Developments:
- In Feb 2024, The WACKER Group presented product solutions utilizing silicone materials tailored to distinct industrial sectors. Silicone gels utilized in wound care, non-post curing liquid silicone rubber implemented in the food industry and medical technology, and self-adhesive liquid silicone rubber grades capable of adhering to polycarbonate and other high-performance polymers were areas of particular interest. Also prominent were products designed for electromobility applications and silicones that conserved resources.
- March 2023, Shin-Etsu Chemical developed a silicone rubber composition specifically designed for molding, with the purpose of serving as the best insulating coating material for high-voltage wires found in cars.
Silicone in Electric Vehicles Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 6.73 Bn |
|
Revenue Forecast In 2031 |
USD 13.89 Bn |
|
Growth Rate CAGR |
CAGR of 9.7 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn, Volume (KT) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Product, Charging Type, Vehicle Type |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
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. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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