Silicone In Electric Vehicles Market $12.66 Billion By 2032, CAGR: 8.9%

Silicone In Electric Vehicles Market Size Worth $ 12.66 Billion By 2032 | CAGR: 8.9%


The global Silicone in Electric Vehicles Market size is expected to reach USD 12.66 billion by 2032, according to a new study by Polaris Market Research. The report Silicone in Electric Vehicles Market Share, Size, Trends, Industry Analysis Report, By Product Type (Elastomers, Fluids, Resins, Others); By Charging Type; By Vehicle Type; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The increasing in production and sales of electric vehicles is a primary driver of the market. Silicone claims a range of properties, including superior electrical insulation, thermal conductivity, chemical stability, flame retardancy, heat resistance, radiation resistance, moisture resistance, chemical resistance, and resilience to environmental factors like humidity and light. The low intermolecular force of silicone molecules contributes to their elasticity, compressibility, and temperature resistance. Compared to other rubbers, silicone offers superior temperature resistance across a broad range, withstanding temperatures up to 150°C and as low as -40°C.

 The market is propelled by the growing adoption of electric vehicles and the desire for lightweight, energy-efficient vehicles. Key market trends involve the advancement of silicone materials with improved thermal conductivity and enhanced mechanical strength.

This property broadens its application potential in electric vehicles. Silicone undergoes degradation in different conditions, such as exposure to air, causing hardening, affecting its elongation, and operating under sealed conditions, due to softening due to siloxane bonding degradation.

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 However, the addition of a suitable curing agent before or after silicone curing can mitigate softening under hot and sealed conditions. Silicone's thermal conductivity facilitates lower operating temperatures, thereby enhancing and prolonging battery life in electric vehicles. Additionally, its thermal properties are advantageous for printed circuit board (PCB) component systems in EVs. Silicone exhibits resilience against wind, rain, UV rays, and ozone, maintaining its physical properties. Even when submerged in water or exposed to steam up to 150°C, silicone's mechanical and electrical properties remain unaffected.

These beneficial properties position silicone as a preferred material for various electric vehicle applications. The rising demand for rubber components to achieve weight reduction in the automotive industry is expected to drive the demand for silicone rubber, which imparts advantageous properties to rubber. Consequently, silicone's usage in electric vehicle components is projected to fuel market demand over the forecast period.

Silicone in Electric Vehicles Market Report Highlights

  • In 2023, the elastomers segment accounted for the largest market share due to its crucial role in protecting various components of electric vehicles (EVs). Elastomers are essential for safeguarding sensitive EV components from factors such as battery heat dissipation and electromagnetic interference.
  • The light motor vehicles segment is expected to grow at the fastest CAGR during the forecast period. Electric vehicles produce zero tailpipe emissions, making them an appealing option for reducing greenhouse gas emissions and enhancing air quality.
  • In 2023, Asia Pacific dominated the largest market share due to rapid urbanization in Asian cities, which has led to increased concerns about air pollution and traffic congestion. Electric vehicles offer a cleaner and more sustainable transportation solution for densely populated urban areas.
  • North America is expected to witness the fastest CAGR during the forecast period. The increasing awareness among consumers in North America regarding the environmental advantages of electric vehicles, along with their potential long-term cost savings.
  • The global key market players are Dow Chemical Company, Elkem Silicones, Evonik Industries AG, H.B. Fuller Company, KCC Corporation, Nexeon Limited, Primasil Silicone, Rogers Corporation, CHT Group, Wacker Chemie AG.

Polaris Market Research has segmented the silicone in electric vehicles market report based on product type, charging type, vehicle type and region

Silicone In Electric Vehicles, Product Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Elastomers
  • Fluids
  • Resins
  • Others

Silicone In Electric Vehicles, Charging Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Plugin Hybrid Electric Vehicle (PHEV)
  • Battery Electric Vehicle (BEV)

Silicone In Electric Vehicles, Vehicle Type (Revenue - USD Billion, 2019 - 2032)

  • Plugin Hybrid Electric Vehicle (PHEV)
  • Battery Electric Vehicle (BEV)

Silicone In Electric Vehicles, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of Asia Pacific
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of Middle East & Africa

Silicone In Electric Vehicles Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 6.42 billion

Revenue forecast in 2032

USD 12.66 billion

CAGR

8.9% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments covered

By Product Type, By Charging Type, By Vehicle Type, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization

Report customization as per your requirements with respect to countries, region and segmentation.

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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