Silicone in Electric Vehicles Market Top Companies Study - LORD Corporation, ACC Silicones Ltd., Rogers Corporation, Shin-Etsu Chemical Co., Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Silicone in Electric Vehicles Market - (By Product (Elastomers, Fluids, Resins), By Charging Type (Plugin Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV)), By Vehicle Type (Light Motor Vehicle (LMV), Commercial Motor Vehicle (CMV))), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Silicone in Electric Vehicles Market is valued at US$ 6.73 Bn in 2023, and it is expected to reach US$ 13.89 Bn by 2031, with a CAGR of 9.7% during the forecast period of 2024-2031.

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Silicone plays a crucial role in the electric vehicle (EV) sector due to its exceptional thermal stability, electrical insulating properties, and ability to withstand high temperatures. It is widely utilized in various EV components, including adhesives, sealants, cables, battery systems, and electric motors. The growing demand for electric vehicles is driving the expansion of the silicone market. Furthermore, supportive regulatory measures aimed at reducing air pollution and greenhouse gas emissions are enhancing the growth outlook for the electric vehicle industry. A range of financial incentives, including tax benefits, purchase subsidies, tax exemptions, rebates, and bonuses, is also contributing to the increased adoption of electric vehicles, thereby further supporting market growth.

List of Prominent Players in the Silicone in Electric Vehicles Market:
• Wacker Chemie AG
• Elkem Silicones
• Dow chemical company
• H.B. Fuller Company
• Nexeon Limited
• ACC Silicones Ltd.
• KCC Corporation
• Rogers Corporation
• LORD Corporation
• Shin-Etsu Chemical Co., Ltd.
• Evonik Industries AG
• Other Market Players

Market Dynamics
Drivers:
The silicone market within the electric vehicle (EV) sector is witnessing significant advancements across multiple areas. As the demand for EVs continues to rise, driven by environmental concerns and regulatory mandates, manufacturers are increasingly focused on enhancing the performance, durability, and safety of EV components through silicone-based solutions. This trend is expected to drive the adoption of silicone in the electric vehicle industry over the forecast period. Additionally, ongoing research and development efforts are concentrated on developing advanced silicone-based thermal interface materials (TIMs) to address heat dissipation challenges in EVs. These materials are crucial for improving the reliability and efficiency of electric vehicle systems, particularly under high-temperature operating conditions.

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Challenges:
The broader adoption of silicone in the electric vehicle (EV) industry may face obstacles due to its higher cost compared to alternative materials, making cost-effectiveness a key consideration for manufacturers. While silicone is recognized for its durability, long-term performance in certain EV applications remains a concern. Factors such as prolonged exposure to heat, moisture, and other environmental elements can lead to the degradation of components like battery seals and thermal management systems, potentially affecting overall reliability. Additionally, manufacturers face pressure to keep EV prices competitive with conventional vehicles, which could lead to the substitution of silicone with lower-cost materials in certain components to reduce overall production expenses. Furthermore, although silicone offers excellent insulating properties, its conductivity is lower than that of metals such as copper or aluminum, which may limit its use in applications where higher conductivity is essential.

Regional Trends:
The silicone market in electric vehicles within the Asia Pacific region is expected to hold a significant share of market revenue and is projected to grow at a high compound annual growth rate (CAGR) in the coming years. Rapid urbanization in the region has intensified traffic congestion and increased vehicle emissions, contributing to growing air and noise pollution concerns. These challenges are driving the need for low-emission vehicles, including electric vehicles, which in turn is expected to increase the demand for silicone-based products over the forecast period. Meanwhile, North America has also demonstrated a notable market presence. Governments across the region are introducing regulations and policies aimed at mitigating climate change and reducing greenhouse gas emissions, which is fostering the adoption of electric vehicles. Substantial investments in EV infrastructure and consumer incentives are further accelerating market growth in North America.

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.

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Segmentation of Silicone in Electric Vehicles Market-
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-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.