New York, NY – Currently, the size and share of silicones in the electric vehicle market will reach $5.9 billion by 2023. According to the latest research by Polaris Market Research, its revenue is expected to reach 126$600 million. Moreover, the report states that according to Polaris Market Research, the market will present 8Strong compound annual growth rate (CAGR) of 9%.
Silicones are used in many electric vehicle (EV) components, including battery safety. Silicone rubber provides the resistance, strength, and durability needed for trusted automotive applications. Automakers rely heavily on the performance and quality of rubber materials, and as the popularity of new cars continues to rise, silicone rubber comes into play to provide the perfect solution. In addition, silicone has excellent sealing properties, especially in preventing dust and moisture from interfering with the battery system. It also provides a long-lasting environmental seal and the ability to prevent battery failure.
In addition, the demand for silicone solutions is growing due to the numerous environmental benefits of electric vehicles. In addition, due to their excellent thermal stability, excellent electrical insulating properties, and resistance to harsh temperatures, silicones are widely used in electric vehicles (EVs) due to their increasing market demand in electric vehicles. It is used in many different components of electric vehicles (EVs), including electric motors, battery systems, cables, connectors, adhesives, and sealants.
Key silicone companies in the electric vehicle market: The Dow Chemical Company; Elkem Silicones; Evonik Industries AG; H.B. Fuller, Inc.; KCC; Nacostar ***primasil silicone; Rogers Corporation; CHINT Group; Wacker Chemie AG.