The Business Research Company’s report on the Electric Vehicle Polymers Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the electric vehicle polymers market in recent years?
The increasing demand for electric vehicles is expected to propel the growth of the electric vehicle polymers market going forward. An electric vehicle is a vehicle that runs on one or more electric motors that draw electricity from an external power source. Polymers are used in electric vehicles to reduce weight, boost efficiency, durability, and design flexibility. For instance, in January 2024, according to the U.S. Energy information administration, a US-based organization, in 2023, sales of hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles (BEVS) combined to make up 16.3% of total new light-duty vehicle (LDV) sales in the US. Moreover, in March 2022, according to the Department Of Energy, a US-based government website, in 2021, electric vehicle (EV) sales comprised 73% of all plug-in electric vehicle (PEV) sales in the US. Therefore, the increasing demand for electric vehicles is driving the growth of the electric vehicle polymers market.
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What is the projected market size of the electric vehicle polymers industry, and how is it expected to grow?
The electric vehicle polymers market size has grown exponentially in recent years. It will grow from $20.49 billion in 2024 to $33.12 billion in 2025 at a compound annual growth rate (CAGR) of 61.7%. The growth in the historic period can be attributed to early EV development, automotive industry shifts, manufacturing advancements, initial R&D in EV components, battery safety concerns
The electric vehicle polymers market size is expected to see exponential growth in the next few years. It will grow to $195.04 billion in 2029 at a compound annual growth rate (CAGR) of 55.8%. The growth in the forecast period can be attributed to evolving consumer preferences, urbanization, and smart city initiatives, increase in range and performance requirements, shift towards sustainable materials, global climate goals and emissions standards. Major trends in the forecast period include supply chain optimization, adoption of bio-based polymers, nanotechnology in polymer development, integration in interior components, customized polymer composites.
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Who are the key players driving competition in the electric vehicle polymers market?
Major companies operating in the electric vehicle polymers market include BASF SE, Saudi Basic Industries Corporation, LG Chemical Ltd., 3M Co, Sumitomo Chemical Co Ltd., Toray Industries Inc., Evonik Industries AG, Covestro AG, Shin-Etsu Chemical Co Ltd., Asahi Kasei Corporation, Solvay S.A., Mitsui Chemicals Inc., DuPont de Nemours Inc., Arkema SA, Celanese Corporation, Koninklijke DSM NV, Lanxess AG, Tosoh Corporation, DIC Corporation, Teijin Limited, Kumho Petrochemical Co Ltd., Ube Industries Ltd., Zeon Corporation, JSR Corporation, Kuraray Co Ltd., Sumitomo Bakelite Co Ltd., Mitsubishi Engineering-Plastics Corporation, Polyplastics Co Ltd.
What key trends are expected to drive the electric vehicle parts and components market during the forecast period?
Product innovations are a key trend gaining popularity in the electric vehicle polymers market. Companies operating in the electric vehicle polymers market are innovating new products to sustain their position in the market. For instance, in March 2023, Solvay, a Belgium-based chemical company, launched Xydar LCP G-330 HH, a new polymer for high-heat electric vehicle battery module insulation. A new liquid crystal polymer grade, Xydar LCP G-330 HH, will boost passenger safety during a battery thermal runaway. It is a brand-new high-heat and flame-resistant grade explicitly designed for the battery module plates of electric vehicle models running on higher voltage systems. It fulfills demanding thermal and insulation requirements. It is an injection-molded glass-filled LCP that can maintain its electrical insulation after being exposed to 400°C for 30 minutes. Without the addition of halogen or bromine additives, Xydar LCP is a naturally flame-resistant polymer.
Which key geographies are driving the growth of the electric vehicle polymers market?
Asia-Pacific was the largest region in the electric vehicle polymers market in 2024. The regions covered in the electric vehicle polymers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the key segments driving growth in the electric vehicle polymers market?
The electric vehicle polymers market covered in this report is segmented –
1) By Type: Engineering Plastics, Elastomers
2) By Component: Powertrain System, Exterior, Interior
3) By End User: Hybrid Electric Vehicles (HEV), Plug-In Hybrid Electric Vehicles (PHEV), Battery Electric Vehicles (BEV), Fuel Cell Electric Vehicle (FCEV)
Subsegments:
1) By Engineering Plastics: Polycarbonate (PC), Polyamide (PA), Polyethylene Terephthalate (PET), Polypropylene (PP), Acrylonitrile Butadiene Styrene (ABS)
2) By Elastomers: Thermoplastic Elastomers (TPE), Ethylene Propylene Diene Monomer (EPDM), Silicone Elastomers, Natural Rubber
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What defines the structure and scope of the electric vehicle polymers market?
Electric vehicle polymers refer to structural materials utilized in electric cars to reduce their weight without compromising their performance. These polymer solutions are designed to improve the performance, range, and sustainability of electric cars by reducing the vehicle’s kerb weight.
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