Global Silicone in Electric Vehicles Market Size Study & Forecast, By Product (Elastomers, Fluids, Resins, Others) By Charging Type (Plugin Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV)) By Vehicle Type (Light Motor Vehicle, Commercial Mo

Global Silicone in Electric Vehicles Market Size Study & Forecast, By Product (Elastomers, Fluids, Resins, Others) By Charging Type (Plugin Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV)) By Vehicle Type (Light Motor Vehicle, Commercial Motor Vehicle) and Regional Analysis, 2023-2030

Global Silicone in Electric Vehicles Market is valued at approximately USD 6.03 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 9.4% over the forecast period 2023-2030. Silicone in Electric Vehicles refers to the use of silicone-based materials used in various components and applications within electric vehicles (EVs). Silicone, a versatile polymer, finds multiple uses in EVs due to its unique properties such as thermal stability, electrical insulation, resistance to extreme temperatures, and durability. The Silicone in Electric Vehicles market is expanding because of factors such as rapid urbanization and increasing demand for electric cars. As a result, the demand for Silicone in Electric Vehicles has progressively increased in the international market during the forecast period 2023-2030.

Electric vehicles rely on various electronic components and systems for propulsion, energy management, and safety. Silicone is a versatile material with properties such as thermal stability, electrical insulation, and resistance to extreme temperatures, making it suitable for use in components like electric vehicle batteries, connectors, seals, gaskets, and thermal management systems. According to Statista, the total number of electric bus registrations, in 2021 China accounts for 50,000 registrations followed by Europe with 4000 registrations and reached up to 54000 and 5000 registrations respectively in the year 2022. Another important factor that drives the Silicone in Electric Vehicles market is rapid growth in urbanization. Urbanization often fosters innovation and technological advancements to address urban challenges. As cities seek more sustainable transportation solutions, there is a continuous push for advancements in electric vehicle technology. Silicone plays a crucial role in enhancing the performance, durability, and safety of various components in EVs, including batteries, power electronics, and thermal management systems. The demand for silicone in these applications is expected to rise with the advancement of EV technology. In addition, as per Statista, the global urbanization rate was 57% in 2022. North America has the highest amount of urbanization, with more than four-fifths of the population living in cities. Moreover, growing demand for lightweight motor vehicles and government initiatives towards emissions is anticipated to create a lucrative growth opportunity for the market over the forecast period. However, the high integration cost of silicone in electric vehicles and technical complexities are going to impede overall market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Silicone in Electric Vehicles Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to the growing rate of urbanization and rising demand for electric vehicles in the region. The region’s dominant performance is anticipated to propel the overall demand for Silicone in Electric Vehicles. Furthermore, North America is expected to grow fastest during the forecast period, owing to factors such as supportive government policies and regulations to promote the adoption of electric vehicles in the region. Government incentives, subsidies, and mandates for electric vehicles encourage consumers to switch from traditional internal combustion engine vehicles to electric ones. This shift leads to a surge in the production and sales of electric vehicles, subsequently driving the demand for components and materials used in EV manufacturing, including silicone.

Major market players included in this report are:
Wacker Chemie AG
Elkem Silicones
Dow Inc
H.B. Fuller Company
Nexeon Limited
ACC Silicones Ltd.
KCC Corporation
Rogers Corporation
LORD Corporation
Shin-Etsu Chemical Co., Ltd.

Recent Developments in the Market:
In June 2021, Dow unveiled three cutting-edge silicone technologies tailored for electric and hybrid-electric vehicle electronics applications. These latest additions to the portfolio - DOWSIL TC-2035 CV Adhesive, DOWSIL TC-4551 CV Gap Filler, and DOWSIL TC-4060 GB250 Thermal Gel - further enhance Dow's silicone offerings, addressing the evolving requirements of automotive electrification. These innovative products boast advanced attributes such as dependable performance, superior thermal conductivity, controlled volatility for efficient heat dissipation, and streamlined processing, ultimately boosting productivity.

Global Silicone in Electric Vehicles Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered - Product, Charging Type, Vehicle Type, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define the market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters to detailed information about the crucial aspects such as driving factors & challenges that will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with a detailed analysis of the competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Product
Elastomers
Fluids
Resins
Others

By Charging Type
Plugin Hybrid Electric Vehicle (PHEV)
Battery Electric Vehicle (BEV)

By Vehicle Type
Light Motor Vehicle
Commercial Motor Vehicle

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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