According to a new report published by UnivDatos, The Electric Vehicle Polymer Market was valued at approximately USD 34.7 Billion in 2023 and is expected to grow at a robust CAGR of around 19.04% during the forecast period (2024-2032) owing to the increasing demand for lightweight, durable materials that enhance vehicle efficiency and range. Additionally, stringent environmental regulations and government incentives for sustainable automotive solutions further propel the market forward.
The electric vehicle polymers market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the electric vehicle polymers market. The electric vehicle polymers market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the electric vehicle polymers market at the global and regional levels.
Market Overview
Electric Vehicle Polymers are defined as the polymers that are used in electric vehicles to minimize their weight while maintaining vehicle efficiency. In addition, these polymers are the only materials that can replace metals as they share many of their characteristics, including heat resistance, abrasion resistance, stiffness, and toughness. In recent years, the demand for electric vehicle polymers has risen dramatically due to the rising awareness of lightweight vehicles while maintaining their efficiency, performance, and aesthetics. For instance, according to IEA, sales of electric vehicles (EVs) doubled in 2021 from the previous year to a new record of 6.6 million.
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The Electric Vehicle Polymers Market is expected to grow at a steady rate of around 19.04% owing to the increasing demand for battery-powered, lightweight vehicle shifts leading to the growth of the EVs polymer market. Major companies in the market offer EV polymer for the automotive sector with technologically advanced features. For instance, in March 2022, BASF SE had a partnership arrangement with Zhejiang REEF Technology Co., Ltd. to develop cutting-edge recyclate formulations for use in automotive, packaging, and consumer industries.
Some of the major players operating in the market include BASF SE, Celanese Corporation, Covestro AG, DuPont de Nemours Inc., Saudi Basic Industries Corporation, LG Chem Ltd., Asahi Kasei Corporation, Evonik Industries AG, Solvay S.A., LANXESS AG.
The global electric vehicle polymers market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on type, the market is segmented into engineering plastics and elastomers. Elastomers Electric Vehicle Polymers category to witness higher CAGR during the forecast period. As these are the materials that connect polymers with chemical bonds to create a crosslinked structure. The main properties of these materials are their resilience to cracking and breaking and high elongation. They are used in rubber form in the manufacture of electric vehicle tires and as sealants. Most demand for elastomers is in the manufacture of automotive insulation and tires
· On the basis of components, the market is categorized into powertrain system, exterior, and interior. Among these, the interior to hold a significant share in the market in 2020. This is mainly because the components allow metals to be easily replaced by polymers as it helps in reducing the risk of accidents and safety issues. Additionally, most electric vehicle manufacturers in this segment are using polymers instead of metals to reduce the overall weight of their electric vehicles. Interior polymers have proven to be ideal materials for automotive interior components due to their durability and aesthetic appeal. In addition, it reduces noise, vibration, and harshness (NVH) levels in electric vehicles
Have a Look at the Chapters
Electric Vehicle Polymers Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
APAC is anticipated to grow at a substantial CAGR during the forecast period. As the region has become the largest consumer of polymers for electric vehicles (automobiles) due to increased electric vehicle production in developing countries such as China, Japan, South Korea, and others. Additionally, the rising concerns about reducing carbon dioxide emissions, increasing government support, and reducing the overall weight of electric vehicles are the factors boosting the growth of the electric vehicle polymer market in the region. Furthermore, the growing trend of self-driving autonomous and semi-autonomous vehicles creates opportunities for polymers and composite materials in China. Moreover, increasing awareness of greenhouse gas emissions and rising focus on reducing the weight of electric cars are key factors expected to drive revenue growth of the market in this region.
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The major players targeting the market include
· BASF SE
· Celanese Corporation
· Covestro AG
· DuPont de Nemours Inc.
· Saudi Basic Industries Corporation
· LG Chem Ltd.
· Asahi Kasei Corporation
· Evonik Industries AG
· Solvay S.A.
· LANXESS AG
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the electric vehicle polymers market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the electric vehicle polymers market?
• Which factors are influencing the electric vehicle polymers market over the forecast period?
• What are the global challenges, threats, and risks in the electric vehicle polymers market?
• Which factors are propelling and restraining the electric vehicle polymers market?
• What are the demanding global regions of the electric vehicle polymers market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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