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Electric Vehicle Polymers Market Size - Global Industry, Share, Analysis, Trends and Forecast 2024 - 2032

Published : Mar 2025

Report ID: ARC1608

Pages : 250

Format : Electric Vehicle Polymers Market Size - Global Industry, Share, Analysis, Trends and Forecast 2024 - 2032

Summary Table of Content Customization Download Sample Infographics

The Global Electric Vehicle Polymers Market Size accounted for USD 6.9 Billion in 2023 and is estimated to achieve a market size of USD 498.1 Billion by 2032 growing at a CAGR of 61.2% from 2024 to 2032.

Electric Vehicle Polymers Market Highlights

  • Global electric vehicle polymers market revenue is poised to garner USD 498.1 billion by 2032 with a CAGR of 61.2% from 2024 to 2032
  • Asia-Pacific electric vehicle polymers market value occupied around USD 3.1 billion in 2023
  • North America electric vehicle polymers market growth will record a CAGR of more than 63% from 2024 to 2032
  • Among component, the interior sub-segment generated notable revenue in 2023
  • Based on application, the passenger electric vehicles sub-segment generated significant market share in 2023
  • Collaborations between polymer manufacturers and automakers for customized solutions is a popular electric vehicle polymers market trend that fuels the industry demand

Electric Vehicle Polymers Market Highlights

Electric vehicle polymers refers to the polymers used in electric cars for the increasing the efficiency of the vehicle by reducing the weight of the vehicle. Polymers resemble the characteristics of metals such as better flame retardancy, toughness, and insulating properties. Replacement of metal with the polymer can decrease the weight of the vehicle and can provide high power to weight ratio, which can result in better performance of the vehicle.

Furthermore, the use of polymers in the interior of an electric vehicle can reduce vibrations, noise and harshness levels while in running state. Electric vehicle polymers are available in various types including engineering plastic such as ABS, polyamide, polycarbonate, PPS, polyurethane, polypropylene, fluoropolymer, and thermoplastic polyester, and elastomers like synthetic rubber, natural rubber, fluoroelastomer, silicone elastomer, thermoplastic olefin, styrenic block copolymer, thermoplastic polyurethane, thermoplastic vulcanizate, thermoplastic copolyester, and polyether block amide.

Global Electric Vehicle Polymers Market Dynamics

Market Drivers

  • Increasing government incentives and subsidies for electric vehicles fuel polymer demand
  • Rising adoption of lightweight materials to enhance vehicle efficiency and range
  • Rapid advancements in polymer technologies for improved durability and safety
  • Growing focus on reducing carbon emissions in the automotive sector

Market Restraints

  • High cost of advanced polymers limits affordability for manufacturers
  • Limited recycling infrastructure for polymer-based EV components
  • Dependency on volatile raw material prices impacts market growth

Market Opportunities

  • Expanding EV production in emerging markets creates significant demand for polymers
  • Innovations in bio-based polymers for eco-friendly vehicle solutions
  • Development of high-performance polymers tailored for battery enclosures

Electric Vehicle Polymers Market Report Coverage

Market

Electric Vehicle Polymers Market

Electric Vehicle Polymers Market Size 2023

USD 6.9 Billion

Electric Vehicle Polymers Market Forecast 2032

USD 498.1 Billion

Electric Vehicle Polymers Market CAGR During 2024 - 2032

61.2%

Electric Vehicle Polymers Market Analysis Period

2020 - 2032

Electric Vehicle Polymers Market Base Year

2023

Electric Vehicle Polymers Market Forecast Data

2024 - 2032

Segments Covered

By Component, By Type, By Application, By End User, and By Geography

Regional Scope

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

Key Companies Profiled

DuPont de Nemours, Inc., Lanxess AG, BASF SE, Kumho Polychem, LG Chem Ltd., Covestro AG, Evonik Industries AG, Solvay, Saudi Basic Industries Corporation, Celanese Corporation, and Asahi Kasei Corporation.

Report Coverage

Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis

Electric Vehicle Polymers Market Insights

The global electric vehicle polymers market is experiencing a high growth over the forecast period owing to increasing manufacturing and sales of electric cars across the globe. For instance according to the International Energy Agency in 2023, electric car sales approached 14 million, with China, Europe, and the United States accounting for 95% of the total. The increasing focus on reducing the weight of electric cars, which can eventually increase the performance of the vehicle, is driving the market growth. Favorable government regulations and investment in the development of charging infrastructure is boosting the market value. For instance according to the International Energy Agency by the end of 2022, there were 2.7 million public charging points worldwide. Over 900,000 of these were added in 2022, marking a 55% increase from the amount in 2021. This growth rate is comparable to the pre-pandemic average of 50% each year seen between 2015 and 2019.

In addition to these, the advantages associated with the polymers such as weight reduction which helps in getting better mileage or better fuel efficiency are further bolstering the market growth. On the flip side, the high price associated with electric vehicle polymers is likely to hamper the market growth. Whereas, rising adoption of polymers in new components of electric cars by manufacturers is expected to create potential demand over the forecast period.

Electric Vehicle Polymers Market Report Customization

Electric Vehicle Polymers Market Segmentation

The worldwide market for electric vehicle polymers is split based on component, type, application, end user, and geography.

Electric Vehicle Polymer Market By Component

  • Powertrain System
  • Exterior
  • Interior
  • Others

According to electric vehicle polymers industry analysis, the use of polymers in interiors of the vehicle is expected to experience the largest growth over the forecast period. The accidental risk and safety issues associated with the interior of the vehicle can cut down with the use of polymers is an important factor accelerating the growth of the segment. The increasing use of polymers by the manufacturer for reducing the overall weight of the electric vehicle is another factor stimulating the growth of the segment.

Electric Vehicle Polymer Market By Type

  • Engineering Plastics
  • Elastomers
  • Others

The engineering plastic-type polymers are projected to experience the notable growth over the electric vehicle polymers market forecast period. The availability of various types of engineering plastics in the market such as acrylonitrile butadiene styrene (ABS), polyamide, polycarbonate, polyphenylene sulfide (PPS), polyurethane, polypropylene, fluoropolymer, and thermoplastic polyester, among others are contributing to the growth of the segment. The goal of achieving a lightweight vehicle can be efficiently fulfilled by substituting metals with engineering plastics is an important factor favoring the growth of the segment.

Electric Vehicle Polymer Market By Application

  • Passenger Electric Vehicles
  • Commercial Electric Vehicles

The passenger electric vehicles are projected to exhibit the highest growth over the forecast period. The increasing governmental support in terms of favorable rules and regulations for decreasing global warming is driving the segment growth. In addition, the increasing focus of leading manufacturers on the production of long-range electric cars is further stimulating the segment growth. Furthermore, Tesla launched a fully electric model Y in 2019, which can carry seven passengers and their cargo at the same time. The vehicle has two independent electric motors that control the torque of the rear and front wheels.

Electric Vehicle Polymer Market By End User

  • Plug-In Hybrid Electric Vehicles (PHEV)
  • Hybrid Electric Vehicles (HEV)
  • Fuel Cell Electric Vehicle (FCEV)
  • Battery Electric Vehicles (BEV)

Plug-in hybrid electric vehicles (PHEVs) lead the electric vehicle polymers market due to its adaptable design that mixes internal combustion engines and electric power. This dual system provides for longer driving range, lower emissions, and improved fuel efficiency, making PHEVs an appealing option for consumers switching to electric transportation. The widespread use of lightweight polymers in PHEVs improves energy efficiency by lowering overall vehicle weight, resulting in greater performance and sustainability. Furthermore, the growing worldwide push for decarbonization and favorable legislation for hybrid vehicles have boosted PHEV adoption, establishing this category as a main driver of growth in the electric vehicle polymer market.

Electric Vehicle Polymers Market Regional Outlook

North America

  • U.S.
  • Canada

Europe

  • U.K.
  • Germany
  • France
  • Spain
  • Rest of Europe

Asia-Pacific

  • India
  • Japan
  • China
  • Australia
  • South Korea
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Rest of LATAM

The Middle East & Africa

  • South Africa
  • GCC Countries
  • Rest of the Middle East & Africa (ME&A)

Electric Vehicle Polymers Market Regional Analysis

Electric Vehicle Polymers Market Regional Analysis

The EV polymers market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size for different segments has been covered under the scope of the report.

From the aforementioned region, Asia-Pacific is projected to be the fastest-growing region over the electric vehicle polymers market forecast period. The increasing production of electric vehicles in major economies of the region including China and Japan is propelling the demand for electric vehicles polymer in the region. For instance according to the International Energy Agency In 2023, new electric car registrations reached 8.1 million in China, a 35% increase over 2022. The increasing concerns for the reduction of carbon footprints, which are increasing by the use of an internal combustion engine, are boosting the regional market growth. The increasing government support in the region is propelling the demand for electric vehicle polymers in the market. According to the UN Environment Programme In 2017, UNEP and the International Climate Initiative started electric vehicle pilot projects and helped governments create policies to accelerate the move away from petrol-powered vehicles. The urgency is clear—Asia alone adds 60 million two- and three-wheelers to its roads each year.

Electric Vehicle Polymers Market Players

Some of the top electric vehicle polymers companies offered in our report include DuPont de Nemours, Inc., Lanxess AG, BASF SE, Kumho Polychem, LG Chem Ltd., Covestro AG, Evonik Industries AG, Solvay, Saudi Basic Industries Corporation, Celanese Corporation, and Asahi Kasei Corporation.

Frequently Asked Questions

How big is the electric vehicle polymers market?

The electric vehicle polymers market size was valued at USD 6.9 Billion in 2023.

What is the CAGR of the global electric vehicle polymers market from 2024 to 2032?

The CAGR of electric vehicle polymers is 61.2% during the analysis period of 2024 to 2032.

Which are the key players in the electric vehicle polymers market?

The key players operating in the global market are including DuPont de Nemours, Inc., Lanxess AG, BASF SE, Kumho Polychem, LG Chem Ltd., Covestro AG, Evonik Industries AG, Solvay, Saudi Basic Industries Corporation, Celanese Corporation, and Asahi Kasei Corporation.

Which region dominated the global electric vehicle polymers market share?

Asia-Pacific held the dominating position in electric vehicle polymers industry during the analysis period of 2024 to 2032.

Which region registered fastest CAGR from 2024 to 2032?

North America region exhibited fastest growing CAGR for market of electric vehicle polymers during the analysis period of 2024 to 2032.

What are the current trends and dynamics in the global electric vehicle polymers industry?

The current trends and dynamics in the electric vehicle polymers industry include increasing government incentives and subsidies for electric vehicles fuel polymer demand, rising adoption of lightweight materials to enhance vehicle efficiency and range.

Which end user held the maximum share in 2023?

The plug-in hybrid electric vehicles end user the maximum share of the electric vehicle polymers industry.

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