Market Research Report
Electric Vehicle (Car) Polymers Market by Type (Engineering Plastics (ABS, PA, PC, PPS, Fluoropolymer), Elastomers (Synthetic Rubber, Natural Rubber, Fluoroelastomer)), Component (Powertrain, Exterior, Interior), and Region - Global Forecast to 2024
|Published by||MarketsandMarkets||Product code||869604|
|Published||Content info||176 Pages
Delivery time: 1-2 business days
|Electric Vehicle (Car) Polymers Market by Type (Engineering Plastics (ABS, PA, PC, PPS, Fluoropolymer), Elastomers (Synthetic Rubber, Natural Rubber, Fluoroelastomer)), Component (Powertrain, Exterior, Interior), and Region - Global Forecast to 2024|
|Published: June 13, 2019||Content info: 176 Pages||
"The increasing use of polymers in various applications of an electric car to drive the market."
The electric vehicle (Car) polymers market size was estimated to be USD 4.1 billion in 2018 and is projected to reach USD 52.5 billion by 2024, at a CAGR of 67%. The market is driven by the growing need for lightweighting the electric car to increase its range. However, the high price of electric vehicle polymers can act as a restraint for the market.
The engineering plastics segment is projected to witness higher growth rate than elastomers during the forecast period. Owing to their enhanced properties and advantages they are used in electric cars as substitutes for metals to fulfill the purpose of lightweighting of the cars. The growing production of electric cars and need for lightweighting of components of electric cars around the globe will drive the market of engineering plastic during the forecast period.
The interior segment of components allows easy replacement of metals with polymers as these components have lower accidental risk and safety issues. Hence, most of electric car manufacturers use polymers in place of metals in this segment to reduce the overall weight of the electric cars. Polymer has proven to be the ideal material for the interior components of a car, as it is durable and aesthetically pleasing. In addition, it reduces noise, vibration, and harshness (NVH) levels of an electric car. Both the types of polymers, engineering plastics and elastomers are preferred for this segment of components.
APAC is projected to be the fastest-growing market of electric vehicle polymers during the forecast period due to the growing production of electric cars in China, Japan, and South Korea. Canada is projected to be fastest-growing country in the North American electric vehicle polymers market followed by Mexico and US. Europe is the second-fastest growing electric vehicle polymers market. Increasing government regulation and consumer-friendly incentive schemes are expected to provide growth opportunities in this region.
Extensive primary interviews were conducted to determine and verify the market size of several segments and subsegments and information gathered through secondary research.
The breakup of primary interviews is given below:
The leading players in the electric vehicle polymers market are: BASF (Germany), DowDuPont (US), Covestro (Germany), Celanese (US), SABIC (Saudi Arabia), Solvay (Belgium), LANXESS (Germany), LG Chem (South Korea), Asahi Kasei (Japan), and Evonik Industries (Germany).
This research report categorizes the electric vehicle polymers market on the basis of type, component, and region. The report includes detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the market. A detailed analysis of the key industry players has been done to provide insights into business overviews, products, key strategies, and recent developments associated with the market.
The report will help leaders/new entrants in this market in the following ways:
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.