Global Silicone in Electric Vehicle Market is Predicted to Reach USD 2.10 Billion by 2027

The latest market report published by Credence Research “Global Silicone in Electric Vehicle Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global market has acquired a market size of around USD 1.4 billion in 2020 and expected to reach a healthy CAGR of over 7.0% during the forecast period from 2021 to 2027 to reach around USD 2.10 billion in 2027.

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Silicones are often used in the manufacture of hoses, gaskets, and seals because they provide resistance to thermal insulation and extreme temperatures, allowing vehicle parts to function properly. Silicone elastomers are used in a variety of automobile parts because of their low-temperature properties, heat resistance, and electrical properties.

Key Trends in Global Market

Supports EV Batteries

Various manufacturers offer thermally conductive silicone materials and have properties that can help in lowering operating temperatures and extend the life and efficiency of batteries and other components of the electric vehicle PCB system. These thermal interface materials can be used to create reliable and efficient designs and assembly applications, which will drive the electric vehicle market. Consequently, demand for silicone in EV will augment the market growth.

High Demand of Electric Vehicles

The high global demand for electric vehicles is a major factor propelling the global silicone in electric vehicles market forward. Electric vehicles are thought to be cost-effective in terms of total cost of ownership, particularly for vehicles with high use rates. The use of electricity to charge electric vehicles is due to the worldwide demand for electric vehicles because electricity is perceived to be a more economical choice than petrol.

Global Market by Type Insights

Fluids, Elastomers, Resins, and Others are some of the Resin Type of this market. Elastomers are expected to have the highest CAGR of all of these segments over the forecast period. In 2020, Elastomers dominated the market owing to their unique properties of being moulded flexible components, seals, and adhesives that are used in the manufacturing of automobiles and in a variety of chemical processes.

Global Market by Regional Insights

Then North America is expected to generate the most revenue over the forecast period for this market as there is rising acceptance of hybrid and electric vehicles in this area. Silicones play a critical role in the development of high-performance electric and hybrid vehicles, and are widely used in applications such as critical component protection, assembly, and vehicle integrity. Manufacturers in this area are constantly updating and developing new technologies in order to boost their product offerings, thereby increasing market demand.

Global Market Competitive Landscape

Most prominent players in the global market include Elkem Resinss, ACC Resinss Ltd., LORD Corporation, The Dow Chemical Company (Formerly Dow Corning), H.B. Fuller Company, KCC Corporation, Nexeon Limited, Rogers Corporation, Shin-Etsu Chemical Co., Ltd. and Wacker Chemie AG. The report covers very detailed profiles of these key players.

Market Segmentation

Global Silicone in Electric Vehicle Market by Type, 2015 – 2027

· Elastomers

· Fluids

· Resins

· Others

Global Silicone in Electric Vehicle Market by Region, 2015 – 2027

· North America

· Europe

· Asia Pacific

· Latin America

· Middle East and Africa

Global Silicone in Electric Vehicle Market: Key Players

· ACC Resinss Ltd.

· Elkem Resinss

· H.B. Fuller Company

· KCC Corporation

· LORD Corporation

· Nexeon Limited

· Rogers Corporation

· Shin-Etsu Chemical Co., Ltd.

· The Dow Chemical Company (Formerly Dow Corning)

· Wacker Chemie AG