Electric Vehicle Polymers Market: Current Analysis and Forecast (2022-2028)

Electric Vehicle Polymers Market: Current Analysis and Forecast (2022-2028)

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.

The Electric Vehicle Polymers Market is expected to grow at a steady rate of around 56% 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.

• 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 segment is expected to hold a significant share in the market. 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
• For a better understanding of the market adoption of the electric vehicle polymers industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of 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
• 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