The global electric vehicle polymers market size is expected to reach around 159 billion by 2026 growing at a CAGR of around 64.9% over forecast period 2019 to 2026.
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.
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. 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. 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.
The engineering plastic-type polymers are projected to experience the highest growth over the 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.
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.
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.
The market research study on “Electric Vehicle Polymers Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers detailed insights on the global Electric Vehicle Polymers market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global Electric Vehicle Polymers market, its product type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global Electric Vehicle Polymers market size, and segment markets by type, component, application, and geography along with the information on companies operating in the market. The electric vehicle 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 have been covered under the scope of the report.
From the aforementioned region, Asia Pacific is projected to be the fastest-growing region over the 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. 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.
The players profiled in the report include DowDuPont (US), BASF (Germany), Celanese (US), Covestro (Germany), SABIC (Saudi Arabia), LANXESS (Germany), Solvay (Belgium), Asahi Kasei (Japan), LG Chem (South Korea), Mitsui Chemicals (Japan), and Evonik Industries (Germany). The leading players are involved in mergers and acquisitions, partnerships and new product development for the expansion of market share over the forecast period.
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