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Silicone in Electric Vehicles Market Is Projected To Reach $1.80 Billion By 2025:Grand View Research, Inc.

May 07
11:42 2019
Silicone in Electric Vehicles Market Is Projected To Reach $1.80 Billion By 2025:Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a report published by Grand View Research, Surging demand for electric vehicles is one of the primary growth stimulants for the market & Silicone offers better temperature resistance at both high and low temperatures in comparison to other rubbers.

According to a report, “Silicone in Electric Vehicles Market Size, Share & Trends Analysis Report By Product (Elastomers, Fluids, Resins), By Region (North America, Europe, APAC, CSA, MEA), and Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc., The global silicone in electric vehicles (EVs) market size is poised to reach USD 1.80 billion by 2025, 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.

Key Takeaways from the report:

  • 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. 

 

U.S. silicone in electric vehicles market size, by type, 2014 - 2025 (USD Million)

 

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  • Polyurethane Foam Market – Strong economic development in India and China has shifted the equilibrium and Asia Pacific is expected to emerge as the leading consumer for polyurethane foam market

 

Global silicone in electric vehicles market share, by region, 2017  (%)

 

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.

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

Silicone in Electric Vehicles Regional Outlook (Revenue, USD Million, 2014 – 2025)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa 

Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.

About Grad View Research, Inc.

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

For more information: www.grandviewresearch.com

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: United States
Website: www.grandviewresearch.com/industry-analysis/silicone-in-electric-vehicles-ev-market

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