Electric Vehicle (car) Polymers Market Report

Market Insights

Electric Vehicle (Car) Polymers Market is likely to grow from USD 11.32 billion in 2021 to USD 373.23 billion by 2028 at an impressive CAGR of 64.24% during the forecast period.

What are EV polymers?

Polymers are used in electric cars to reduce the weight without affecting the efficiency of the car. Polymers replacing metals have similar properties as metals such as flame retardancy, abrasion resistance, stiffness, toughness, electrical insulation, and heat resistance.

Market Drivers

The key factors driving the market for electric vehicle (car) polymers are the growing demand for electric vehicles among the emerging economies of the Asia-Pacific region, such as China and India, rapid increase in government regulations in order to reduce CO2 emissions, and development of charging infrastructure in the developing as well as developed nations.

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Segments' Analysis

By Type

Based on the type, the market is segmented as engineering plastics and elastomers. The elastomers segment is expected to fuel the major share of the market during the forecast period as elastomers find their extensive usage in insulation in cars and also, in manufacturing of tires.

By Component Type

Based on the component type, the electric vehicle (car) polymers market is segmented as powertrain system, exterior, and interior. The interior segment of components is witnessing a significant transformation by replacement of metals with polymers, as components made with polymers have lower accidental risk and safety issues. Therefore, electric car manufacturers are employing polymers, instead of metals, in the interiors of electric cars, which also reduce the overall weight of electric cars. Polymer has proven to be the ideal material for the interior components of a car, as it is durable and aesthetically pleasing, also reducing the noise, vibration, and harshness (NVH) levels of an electric car. All these factors are likely to drive the growth of the segment during the forecast period.

By Region

In terms of regions, Asia-Pacific is estimated to dominate the overall market for electric vehicle (car) polymers during the forecast period. The region has emerged as the largest consumer of electric vehicle (car) polymers, owing to the surge in production of electric cars in China, Japan, South Korea, among other countries. Growing concern for reducing the level of carbon footprints, increasing government support, and reduction in the overall weight of electric cars are the major factors bolstering the growth of the market for electric vehicle (car) polymers in the Asia-Pacific region. North America and Europe are also expected to offer promising growth opportunities during the forecast period.

Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The electric vehicle (car) polymers market is segmented into the following categories. 

By Type:

• Engineering Plastics
  • (Type Analysis: Acrylonitrile Butadiene Styrene (ABS), Polyamide, Polycarbonate, Polyphenylene Sulfide (PPS), Polyurethane, Polypropylene, Fluoropolymer, Thermoplastic Polyester, and Others)
• Elastomers
  • (Type Analysis: Synthetic Rubber, Natural Rubber, Fluoroelastomer, Silicone Elastomer, Others)

By Component Type:

• Powertrain System
• Exterior
• Interior

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Norway, Sweden, the Netherlands, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Key Players

Some of the major electric vehicle (car) polymer manufacturers are-

• BASF SE
• DowDuPont
• Covestro AG
• Celanese Corporation
• SABIC
• Solvay S.A.
• LANXESS AG
• LG Chem Ltd.
• Asahi Kasei Corporation
• Evonik Industries AG

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the types by component type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com