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Silicone in Electric Vehicles Market Report 2020-2030
Silicone in Electric Vehicles Market Report 2020-2030: A Global Silicone in Electric Vehicles Market Estimate and Forecast – Industry Insights for Consumption, Demand, Production, Price Trend, Competitive Intelligence and Opportunity Analysis Along the Value Chain
The global silicone in electric vehicles market was valued at $1.1 billion in 2018. The need for developing improved electric car battery to aggravated towards the use of silicone with business organizations emphasizing upon enhancing the range of driving along with reducing production costs. Silicone has higher energy propensity than the conventional graphite that is used as a part of anodes in battery. Pursuit for developing higher performance automobiles and extensive utilization of electronic components are uplifting the use of silicones in this sector.
Silicone provides efficient resistance from temperature at all temperatures as compared to that of rubbers and thus enhances the scope of acceptance in electric vehicles. The enhanced properties of silicone are anticipated to bolster the demand for electric vehicles globally and further uplifting global silicone in electric vehicles market.
Silicone elastomers are utilised in several automotive parts as they are beneficial in automotive domain due to low-temperature characteristics, heat resistance and comprises of certain electrical characteristics. Furthermore, silicones are used in the manufacturing of hoses, gaskets and seals since it provide resistance from thermal insulation and extreme temperatures and enable the components of automobile to operate effectively. Additionally, increasing demand for high performance, fuel-efficient and low-emission vehicles along with stringent policies adhered by the government authorities towards vehicle mission is thus contributing towards the increasing demand for silicone in automobile domain long with significantly uplifting the global silicone in electric vehicles market.
Extensive worldwide demand for electric vehicles is the key factor driving the growth of global silicone in electric vehicles market. Electric vehicles are considered to be competitive in comparison to total cost of ownership specifically for vehicles that comprises of high usage rates. The worldwide demand for electric vehicles are attributed towards use of electricity to charge these vehicles as electricity is considered to be an affordable option as compared to that of fuel.
Moreover, electric vehicles requires low maintenance and comprises of low moving parts along with attaining favourable policies from the government organization to expand its market base thereby bolstering the growth of global silicone in electric vehicles market. This is partly because electricity is cheaper than fuel, partly because EVs have fewer moving parts and require less maintenance, and partly thanks to supportive government policies. The business organizations across the globe witness that electric vehicles reduces environmental concerns such as managing air pollution, decreasing GHG emissions and provides financial capabilities to the business enterprises.
However, presence of substitutes for silicone such as various types of rubber products and plastic used in electric vehicles is expected to hinder the growth of global silicone in electric vehicles market in the near future.
Silicone in electric vehicles market forecast 2020 – 2030 estimates the historical market size in terms of consumption as well as revenue generated by the industry players across the globe. It offers the opportunity analysis along the value chain for the silicone manufacturers. Also, the report offers the vendor analysis along with price trend which provides an edge to the stakeholders especially manufacturers to create a better understanding of the market. Electric vehicle industry players benefit from the product benchmarking and matrix helping them to take right decision in choosing the right product with optimum prices suited for their end use applications.
On the basis of type, the global silicone in electric vehicles market are categorised into fluids, resins, elastomers, and others. Among all these segments, elastomers are anticipated to witness highest CAGR during the forecast period. Elastomers are molded flexible parts, seals and adhesives and are used in vehicle manufacturing and several chemical processes. Elastomers enable electric vehicles from dispersing warmth of battery and safeguard these vehicles from electromagnetic meddling.
Silicone in electric vehicles market in Asia-Pacific is anticipated to witness highest CAGR during the forecast period due to adoption of strict policies by the government in countries such as China and India to hamper air pollution. Extensive demand for consuming pollution free vehicles is thereby anticipated to demand for silicone in electric vehicles market in this region. In the near future technology of battery is anticipated to evolve and low operating cost associated with electric cars is further projected to provide greater applicability in public and commercial utility vehicles in North America.
Silicone in electric vehicles market in North America is anticipated to generate largest revenue throughout the estimated period due to increasing acceptance of hybrid and electric vehicles in this region. Silicones perform vital role in developing high performance electric and hybrid cars and are accepted in wide variety of applications such as safeguard of critical parts, assembly and integrity of new vehicles. The manufacturers in this region are constantly revamping and developing latest technologies to improve their product offerings thereby enhancing the demand of silicone in electric vehicles market in this region.
The report also offers the insights for the European, Latin American, and Middle East and African Market. A detail analysis of historic and forecast consumption data, revenue in the market and competitive analysis for major competitors in each region is also provided.
The eminent key players in the global silicone in electric vehicles market are undertaking product innovations, undertaking acquisitions and are developing strategies in order to enable customized solutions to its customers and thus enhance its market base.
Some of the players having prominent presence in the global silicone in electric vehicles market include Rogers Corporation, Elkem Silicones, H.B. Fuller Company, ACC Silicones Ltd., Wacker Chemie AG, Shin-Etsu Chemical Co., Ltd., Nexeon Limited, The Dow Chemical Company, KCC Corporation, LORD Corporation, and Henkel AG & Co.
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