The global silicone in electric vehicles (EVs) market
size is poised to reach USD 1.80 billion by 2025, as per a report by Grand View
Research, Inc., experiencing a CAGR of 8.1% during the forecast period.
Silicone exhibits properties such as superior electrical insulation, thermal
conductivity, chemical stability, flame retardancy, and resistance to heat,
radiation, moisture, chemical, and light.
Silicone offers better
temperature resistance at both high and low temperatures in comparison to other
rubbers. It can withstand a higher temperature limit of up to 150°C and a lower
temperature limit of up to -40°C. The temperature resistance property exhibited
by silicone widens its application scope in electric vehicles. These useful
properties of silicone are likely to fuel its demand in different forms for use
in electric vehicles over the coming years. However, organic rubber substitutes
are projected to pose a threat to the demand for silicone, which may challenge
the consumption of the products in electric vehicle.
Climate change regulations to
curb pollution are expected to have a positive impact on the environment and
purchasing behavior of consumers. The transportation industry is in need of a
paradigm shift from fossil fuel energy to electric energy. This change is
estimated to be supported by reformed government regulations, rising concerns
regarding air pollution, social perspective about pollution control, and
technological advancements in the electric vehicle industry. Currently, Asia
Pacific is leading the EV industry on account of increasing demand for EVs from
emerging economies such as China, India, and others. This is anticipated to
render Asia Pacific a promising destination for silicone products in EV.
In
depth research report on Silicone in Electric Vehicles Market
Further
key findings from the report suggest:
· North
America silicone elastomers in electric vehicles (EV) market was valued at USD
128.47 million in 2017. Federal government initiative launched in last quarter
of 2017 under the Internal Revenue Service (IRS) to allow tax rebate in the
range of USD 2,500 to USD 7,500 per new EV procured for use in the U.S. is
poised to boost the demand for electric vehicles
· China
is one of the largest markets for silicone in electric vehicles in Asia
Pacific. It was valued at USD 261.07 million in 2017. Rapid urbanization is
playing a vital role in the growth of the market in the country
· Large
number of market players with global presence, including Wacker Chemie AG,
Elkem Silicones, H.B. Fuller Company, KCC Corporation, and Shin-Etsu Chemical
Co., Ltd is likely to trigger competition in the future.
Grand View Research has
segmented the global silicone in electric vehicles market on the basis of type
and region:
Silicone
in Electric Vehicles Type Outlook (Revenue, USD Million, 2014 - 2025)
· Elastomers
· Fluids
· Resins
· Others
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About
Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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