Global silicone in electric vehicles market forecast at $12.5 billion by 2032

New York, NY – The global silicone in electric vehicles market size and share is currently valued at USD 5.90 billion in 2023. It is anticipated to generate an estimated revenue of USD 12.66 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 8.9% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032 according to Polaris Market Research.

Silicone is utilized in many electric vehicle (EV) components, including battery safety. Silicone rubber provides the resistance, strength, and durability needed for trustworthy automotive applications. Automotive manufacturers depend heavily on the performance and quality of rubber materials, and, with rising heat present in new automobiles, silicone rubber comes into its own, delivering the perfect solution. Also, silicone offers exceptional sealing performance, particularly in preventing dust and moisture from interfering with battery systems. It also provides long-lasting environmental sealing and resistance to battery failure.

Furthermore, as the demand for electric vehicles continues to expand due to their numerous environmental benefits, there is a growing demand for silicone solutions. Also, the silicone in electric vehicles market demand is increasing because of its outstanding thermal stability, exceptional electrical insulating qualities, and tolerance to severe temperatures, silicone is widely used in electric vehicles (EVs). It is used in many different parts of electric vehicles (EVs), including electric motors, battery systems, cables, connections, adhesives, and sealants.

Silicone In Electric Vehicles Market Key Companies: 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