The market for plug-in hybrid and battery-powered electric vehicles has the potential to grow in the forecast period. This growth depends on a number of factors, including the industry’s ability to meet consumer expectations for performance and value. The manufacturers and designers of EV components, including battery management systems, power control units, DC/DC converters, and electric motors, face various forms of challenges related to thermal management, assembly, and protection. RTV silicone provides the thermal stability in various components of EV, such as battery pack and power control unit.
Asia-Pacific (APAC) is currently the largest revenue-generating region in the RTV silicone market, accounting for 41.82% of the global market. In the APAC region, China has emerged as the highest revenue generating country, followed by Japan. Industrial advancements, extensive investments for dedicated R&D facilities, and rising end-user applications are some of the major drivers that are propelling the growth of the market in the region. Some of the companies such as Shin-Etsu Chemical Co., Ltd. KCC CORPORATION, and Wacker Chemie AG, have an extensive presence in the Asia-Pacific region.
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Additionally, a growing electrical & electronics industry in the Asia-Pacific region is also boosting the development of RTV silicone. Mitsubishi Electric, LG Group, and Sony are some of the major electronics and electrical manufacturing companies in the Asia-Pacific region. Moreover, Asia-Pacific is expected to witness an infrastructure and construction boom during the forecast period. Various government initiatives in the region, along with increasing urbanization, investment, and consumer spending is pushing the economies toward strong growth.
The company manufactures, wholesales, and supplies sealants, insulators, bonding, and encapsulations. The company has developed anaerobic and adhesive sealants. The company has been widely appreciated for its products by the major OEMs such as Maruti Udyog, Premier Automobiles, Onida, Hindustan Motors Ltd., BEML Limited, Bajaj Auto & Tempo, Bharat Heavy Electricals Limited, and ASHOK LEYLAND.