The new report by Expert Market Research titled, ‘Global Electric Vehicle (Car) Polymers Market Size, Share, Price, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Electric Vehicle (Car) Polymers market, assessing the market based on its segments like component, sales channel and major regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022 ): USD 11.92 billion
• Forecast CAGR (2023-2028): 61%
• Forecast Market Size (2028): USD 207.63 billion
The global Electric Vehicle (Car) Polymers market witnessed significant growth in the historical period, due to increasing investment in technology, manufacturing and sales of electric cars. This was further fueled by stringent government regulations to decrease the carbon footprint and thus, subsequent advancement in polymer technology.
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Industry Definition and Major Segments
Electric vehicle polymers are polymers that are used in electric vehicles, such as cars to minimise weight while maintaining vehicle efficiency. Polymers are the only materials that can replace metals since they possess qualities such as flame retardancy, abrasion resistance, stiffness, toughness, electrical insulation, and heat resistance. Replacing metals with polymers is a crucial strategy for electric car makers trying to lower total vehicle weight.
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Based on component, the market can be categorised into the following:
• Exterior
• Interior
• Powertrain System
The market can be divided into two segments based on the sales channel, such as:
• Elastomers
o Natural Rubber
o Silicone Elastomer
o Synthetic Rubber
o Fluoroelastomer
• Engineering Plastics
o Polypropylene
o Polyphenylene Sulphide (PPS)
o Acrylonitrile Butadiene Styrene (ABS)
o Fluoropolymer
o Polyurethane
o Thermoplastic Polyester
o Polycarbonate
o Polyamide
The regional market for Electric Vehicle (Car) Polymers includes:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Electric Vehicle (Car) Polymers Market Trends
Globally, North America currently holds the highest CAGR among the regions. To address the need for polymers used in electric vehicles, manufacturers are investing in North American countries. Because of the increasing production of electric vehicles in China, Japan, and South Korea, the Asia Pacific region is expected to be the fastest-growing market for electric vehicle polymers over the forecast period.
The region’s key driving element in the global market is rising urbanisation and the liberalisation of foreign direct investment in the automotive industry. During the projected period, the global electric vehicle (car) polymers market is predicted to increase due to rising demand for electric vehicles and the development of metal alternatives used in electric vehicles.
Factors like as growing demand for electric vehicles from Asia Pacific’s emerging economies, rise in strict government regulations, and increased infrastructural development are propelling market expansion. In addition, the growing demand for new electrical car components represents a huge market potential opportunity. Rising polymer prices, on the other hand, may hinder the overall growth of the electric vehicle (car) polymers sector in the forecast period.
Key Market Players
The major players in the global market are DuPont de Nemours Inc. (NYSE: DD), ARLANXEO Holding B.V. (Saudi Aramco), LyondellBasell Industries NV, Covestro AG, China Petroleum & Chemical Corporation (Sinopec Corp.), Lanxess AG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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