Market Research Report
Electric Vehicle Polymers
|Electric Vehicle Polymers|
Published: February 1, 2022
Global Industry Analysts, Inc.
Content info: 308 Pages
Delivery time: 1-2 business days
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Global Electric Vehicle Polymers Market to Reach US$27.3 Billion by the Year 2026
The manufacture of electric vehicles (EVs) uses materials that are lightweight which can substitute metal parts so as to lessen the vehicle weight. Polymers are used in the making of several exterior and interior vehicle parts such as panel, dashboard, bumper, trim, wheelhouse, powertrain, other components under the hood, roof components, and components in the doors, among others. Battery-powered electric vehicles or BEVs increased production is propelling the advancement of high-performance polymers having enhanced properties to satisfy the requirements of electric propulsion. BEV sales are anticipated to increase constantly as BEV technology is developing simultaneously with energy density and battery capacity whereas the vehicles are getting more autonomous and more connected. Polymers consumption in the automotive sector is anticipated to grow constantly and the growth rates are anticipated to be based on applications and types of plastic used in automobiles, recycling efforts of various regions, and interpolymer substitution. The plastics` growth rate such as PA, PP, PE, and PC is estimated to increase with the EVs` introduction, whereas the engineering plastics` consumption is estimated to reduce.
Amid the COVID-19 crisis, the global market for Electric Vehicle Polymers estimated at US$3.9 Billion in the year 2020, is projected to reach a revised size of US$27.3 Billion by 2026, growing at a CAGR of 38.7% over the analysis period. Engineering Plastics, one of the segments analyzed in the report, is projected to grow at a 40.9% CAGR to reach US$23.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Elastomers segment is readjusted to a revised 35.5% CAGR for the next 7-year period. This segment currently accounts for a 44% share of the global Electric Vehicle Polymers market. Engineering plastics offer better physical and mechanical stability, durability, and dimensional stability, and simultaneously give the EVs an aesthetic look. Elastomers are generated by combining polymers using chemical bonds for achieving the crosslinking structure and offer high elongation and elasticity against breaking and cracking. Elastomers are utilized as sealants and rubbers in EVs for tire manufacturing, and the majority of the elastomers` demand is for tire manufacturing and insulation in cars.
The U.S. Market is Estimated at $850.1 Million in 2021, While China is Forecast to Reach $8.3 Billion by 2026
The Electric Vehicle Polymers market in the U.S. is estimated at US$850.1 Million in the year 2021. The country currently accounts for a 17.3% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$8.3 Billion in the year 2026 trailing a CAGR of 43.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 32.4% and 36.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 34.6% CAGR while Rest of European market (as defined in the study) will reach US$3.1 Billion by the end of the analysis period. Asia-Pacific leads the market, due to increasing concern regarding the environment, increased government initiatives to encourage green transportation, and EV manufacturers` ambitious business expansion strategies in China, South Korea, and Japan.
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