Silicones play an essential role in producing high-performance EVs since they are used in a wide range of solutions for the assembly, integrity and protection of critical parts in these new vehicles. The global Silicone in Electric Vehicle market is valued at 1,006 million USD in 2020 and is expected to reach 13,053 million USD by the end of 2027, growing at a CAGR (Compounded Annual Growth Rate) of 44.2% between 2020 and 2027.
Primary growth drivers of the global Silicone in Electric Vehicle market are the soaring demand for electric vehicles in Europe, China, etc., driven by government incentives and increased awareness for environment protection.
The key players are Dow, Wacker Chemie, Momentive, Elkem Silicones, and so on. This industry is heavily concentrated as the entry barrier for automotive industry is quite high. TOP 3 players account for 80.76% of global market share in 2020.
Europe is the largest market, holding for XX% of global share in terms of revenue in 2020, followed by China and North America. Europe is also the fastest growing region, it is expected to register a CAGR of XX% for the forecast period 2021 to 2027.
Silicone is widely used in electric vehicles, such as battery and power pack, wiring harness and cables, PAB and other electronic device ruggedization purposes, etc. Battery and power pack is the single largest area, accounting for 40.68%.
Related Report: Global Silicone in Electric Vehicles Industry Outlook 2021: Overview, Opportunities, Key Companies and Forecast to 2027