The global Electric Vehicles Polymer Market was worth USD 5.0 billion in 2021 and is expected to expand at a CAGR of 7.22% over 2022-2030, thereby amassing USD 9.36 billion by the end of the analysis timeline.
Electric vehicle polymers are referred to as the type of polymers used to reduce the weight of electric vehicles without affecting their efficiency. Moreover, polymers are the only elements that can replace metals as they have similar properties including toughness, flame retardancy, health resistance, electrical insulation, and abrasion resistance.
Electric vehicles polymer market- Growth propellants & restraints
Escalating demand for high-performing polymers in electric vehicles and favorable policies and incentives to encourage the adoption of EVs are the primary factors aiding the expansion of this industry. Alongside, increasing usage of polymers in new vehicle components including battery cases and roof panels are augmenting industry outlook.
Furthermore, growing needs for eco-friendly mode of transportation to minimize carbon emissions, the rising use of fuel tanks in extended range EVs, and technological advancements in the field are positively swaying the market dynamics.
On the contrary, dearth of adequate charging infrastructure and fluctuations in the prices of raw materials are slowing down the electric vehicles polymer market progression.
Moreover, the outbreak of the COVID 19 market severely affected the industry development. The imposition of lockdowns and travel bans shattered the economy of several countries, thereby reducing the disposable income and purchasing power of the masses. This in turn adversely impacted the worldwide sales of electric vehicles.
Global Economies eying on Electric Vehicles to curb Greenhouse Gas Emissions:
In countries like Norway, where consumers using electric vehicles enjoy benefits such as no road tax, exemption from vehicle tax, reduced parking costs, and road and ferry tolls.
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Segmental analysis of the industry
By engineering type
Plastics (polyamide, thermoplastic polyester, polycarbonate, acrylonitrile butadiene styrene, polyurethane, fluoropolymer, polyphenylene Sulfide, and others)
Elastomers (synthetic rubber, fluoroelastomer, natural rubber, silicone elastomer, and others)
The elastomers segment is poised to showcase lucrative growth trends over the estimated timeline owing to their properties such as elasticity and high elongation against breaking and cracking. Moreover, elastomers are widely utilized in tire manufacturing and insulation in cars.
Based on components
- Powertrain system
- Exterior
- Interior
The interior segment is poised to garner substantial revenues over 2022-2030 as polymers are considered as ideal material for interior components of EVs as they are durable and aesthetically pleasing.
The report further assesses the above mentioned segments and sub segments using proven research methodologies to accurately determine the size and scope of the overall market.
Expounding the geographical landscape of worldwide electric vehicles polymer industry
North America, Asia Pacific, Europe, Latin America, and Middle East & Africa are the major regions constituting the geographical ambit of this business sphere. Among these, Asia Pacific is projected to register notable gains over the stipulated time period attributing to rising electric vehicle production across nations such as Japan, China, and South Korea along with surging concerns for minimizing carbon footprints in vehicles.
Insights to the competitive hierarchy of the market
The prominent players operating the industry sphere are BASF SE, LG Chem Ltd., Evonik Industries AG, Asahi Kasei Corporation, Lanxess AG, Solvay SA, DuPont de Nemours, Inc., Celanese Corporation, Covestro AG, Evonik Industries AG, and Saudi Basic Industries Corporation.
Notably, Lanxess AG in March 2016 introduced two new high-performance thermoplastic products namely Durethan AKV 60 XF and Pocan BF 4232 HR.
Also, in October 2018, Celanese Corporation announced the acquisition of Next Polymers Ltd., to further expand its industry presence.
The remaining market players are also adopting various business centric strategies including mergers & acquisitions, product launches, research & development investments, collaborations, and partnership deals to increase their geographical presence and garner significant returns in the ensuing years.
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