Electric Vehicle Polymers Market: Current Analysis and Forecast (2022-2028)

Global Electric Vehicle Polymers Market is expected to grow at a significant rate of around 56% during the forecast period. Electric Vehicle Polymers are defined as the polymers that are used in electric vehicles to minimize their weight while maintaining vehicle efficiency. In addition, these polymers are the only materials that can replace metals as they share many of their characteristics, including heat resistance, abrasion resistance, stiffness, and toughness. In recent years, the demand for electric vehicle polymers has risen dramatically due to the rising awareness of lightweight vehicles while maintaining their efficiency, performance, and aesthetics. For instance, according to IEA, sales of electric vehicles (EVs) doubled in 2021 from the previous year to a new record of 6.6 million.

BASF SE, Celanese Corporation, Covestro AG, DuPont de Nemours Inc., Saudi Basic Industries Corporation, LG Chem Ltd., Asahi Kasei Corporation, Evonik Industries AG, Solvay S.A., LANXESS AG are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst type, Elastomers Electric Vehicle Polymers category to witness higher CAGR during the forecast period"

Based on type, the market is segmented into engineering plastics and elastomers. Elastomers Electric Vehicle Polymers category to witness higher CAGR during the forecast period. As these are the materials that connect polymers with chemical bonds to create a crosslinked structure. The main properties of these materials are their resilience to cracking and breaking and high elongation. They are used in rubber form in the manufacture of electric vehicle tires and as sealants. Most demand for elastomers is in the manufacture of automotive insulation and tires.

"Amongst components, the interior to hold a significant share in the market in 2020"

On the basis of components, the market is categorized into powertrain system, exterior, and interior. Among these, the interior to hold a significant share in the market in 2020. This is mainly because the components allow metals to be easily replaced by polymers as it helps in reducing the risk of accidents and safety issues. Additionally, most electric vehicle manufacturers in this segment are using polymers instead of metals to reduce the overall weight of their electric vehicles. Interior polymers have proven to be ideal materials for automotive interior components due to their durability and aesthetic appeal. In addition, it reduces noise, vibration, and harshness (NVH) levels in electric vehicles.

"APAC to hold a significant share in the market"

In 2020, APAC is anticipated to grow at a substantial CAGR during the forecast period. As the region has become the largest consumer of polymers for electric vehicles (automobiles) due to increased electric vehicle production in developing countries such as China, Japan, South Korea, and others. Additionally, the rising concerns about reducing carbon dioxide emissions, increasing government support, and reducing the overall weight of electric vehicles are the factors boosting the growth of the electric vehicle polymer market in the region. Furthermore, the growing trend of self-driving autonomous and semi-autonomous vehicles creates opportunities for polymers and composite materials in China. Moreover, increasing awareness of greenhouse gas emissions and rising focus on reducing the weight of electric cars are key factors expected to drive revenue growth of the market in this region.

Reasons to buy this report:

The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

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The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.

Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

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