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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 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.
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 |
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.
The worldwide market for electric vehicle polymers is split based on component, type, application, end user, and geography.
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.
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.
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.
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.
North America
Europe
Asia-Pacific
Latin America
The Middle East & Africa
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.
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.
The electric vehicle polymers market size was valued at USD 6.9 Billion in 2023.
The CAGR of electric vehicle polymers is 61.2% during the analysis period of 2024 to 2032.
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.
Asia-Pacific held the dominating position in electric vehicle polymers industry during the analysis period of 2024 to 2032.
North America region exhibited fastest growing CAGR for market of electric vehicle polymers during the analysis period of 2024 to 2032.
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.
The plug-in hybrid electric vehicles end user the maximum share of the electric vehicle polymers industry.