Global Electric Vehicle (Car) Polymers Market Size to Reach USD 508.11 Billion in 2030 | Emergen Research

Vancouver, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The global Electric Vehicle (EV) (car) polymers market size was USD 7.05 Billion in 2021 and is expected to register a rapid revenue CAGR during the forecast period, according to the latest analysis by Emergen Research. Rising demand for polymers in electric cars components and battery separators is a major factor expected to drive market revenue growth. Polytetrafluoroethylene (PTFE) and Polyethylene (PE) are used as battery separators in EV batteries, which creates a high demand for polymers in the EV car market.

Polymers are being widely used as an alternative to metal parts in the interior and exterior of automobiles. Flame-retardant polymers, such as adhesives and fabrics, are used in automobiles to reduce spread of fires. In addition, engineered thermoplastics are made to control electrical currents and high temperatures generated by EVs. Polymers also reduce battery weight and safeguard battery by lowering short circuit risk. Moreover, changing customer preference toward battery-powered engines from traditional fuel engines opens up ample opportunities for polymers, while EVs require a different cooling system than internal combustion engines. Certain vehicle grilles and front fascias may become obsolete, which increases demand for advanced polymer-based front-end vehicle designs. Furthermore, rising demand for polymers in various vehicle components is expected to drive revenue growth of the market during the forecast period.

Price of polymers is volatile and has gradually increased in recent years. Rising energy costs and supply shortages are the main factors for increasing price of polymers. Additionally, rising demand for polymers in various end-use segments, especially from the packaging industry, creates a supply shortage, which is one of the main factors for high polymer price. Rising price of polymers makes EVs expensive as most of EV interior and exterior components are made from polymers. This could be a restraining factor and is expected to inhibit market revenue growth during the forecast period.

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The outbreak of COVID-19 pandemic slowed economic growth and limited sales of automotive across the globe. Sale of EVs reduced in 2020 but the market gained momentum in 2021 and 2022. The global electric vehicle market is attracting attention due to growth of e-commerce and online sales after pandemic owing to rising use of EVs for delivery purposes. In addition, sales of electric passenger vehicles also increased significantly, which created a high potential for the market. High demand for EVs has increased demand for vehicles polymers.

Rising concerns about emissions from fossil-fuel-powered vehicles and their negative impact on environment are causing a shift in preference toward sustainable alternatives. Governments across the globe are investing in EV charging infrastructure to encourage and provide opportunities for Original Equipment Manufacturers (OEMs) to increase EV production. In addition, there is a rising trend for technological advancement in EV components, which increases demand for EV polymers. Recent trend of using Polytetrafluoroethylene (PTFE) in EV charging stations to improve charging efficiency, using polymers in car brackets enclose and sensor shields for technological improvement, is expected to drive market revenue growth during the forecast period.

The Asia Pacific market is expected to lead in terms of revenue growth rate over the forecast period due to rising demand for EVs in countries across the region. There is a high demand for EVs in China followed by Japan, South Korea, and India. China is one of the largest markets for EV polymers due to high production of EVs in the country. In addition, increasing government support for promotion of EVs and expanding charging infrastructure are expected to drive market revenue growth.

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Scope of Research

Major Companies and Competitive Landscape

The global electric vehicle (Car) polymers market is fairly fragmented, with a number of large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective EV (Car) polymers. Some major companies included in the global EV (Car) polymers market report are:

• BASF SE
• Saudi Basic Industries Corporation (SABIC)
• Asahi Kasei Corporation
• Evonik Industries AG
• Celanese Corporation
• Solvay S.A
• Lanxess AG.
• Arkema S.A
• Daikin Industries, Ltd.
• Dupont De Nemours, Inc.
• Lyondellbasell Industries N.V.
• Royal Dsm N.V.

Strategic Development

• On 29 March 2021, Saudi Basic Industries Corp. (SABIC), Riyadh, Saudi Arabia collaborated with Malaysia-based Heng Hiap Industries Sdn Bhd (HHI) to develop circular polymers derived from enhanced recycling of used ocean-bound and recovered mixed plastic. SABIC reports that its customers will use circular polyolefins from the company's Trucircle portfolio for solutions in new products. SABIC's Trucircle portfolio includes certified circular products derived from advanced plastic recycling, mechanically recycled products, and certified renewables derived from bio-based feedstock.
• On 22 March 2022, BASF SE entered into a strategic partnership arrangement with Zhejiang REEF Technology Co., Ltd. to develop cutting-edge recyclate formulations for use in automotive, packaging, and consumer industries. Through this agreement, BASF SE will provide its recently launched IrgaCycle additive solutions, as well as technical support and consultancy for recycled polymer formulations conducted at BASF's test facilities,. IrgaCycle additive solutions contribute to increasing the percentage of mechanically recycled content in various end-use applications including automotive, packaging, mobility, and construction.
• On 08 March 2022, Evonik Industries, which is developing more cost-effective and lighter battery EV (BEV) solutions using composites created a new type of battery pack, “Pure Performance Battery” (PPB). The automotive industry is expected to benefit from unique holistic battery system idea. This battery pack provides a cost-effective, safe, and lightweight alternative to metal-based solutions because it is based on Sheet Molding Compound (SMC) technology.

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Some Key Highlights From the Report

• The interior segment is expected to account for largest revenue share in the global market during the forecast period due to increasing use of polymers in car interiors such as instrument panels, door panels, lightweight seats, sound control fabrics, and many more. Polymer materials are best for flexible, innovative, and unique design, resulting in comfortable, stylish, scratch-resistant, and long-lasting interior components.
• The elastomers segment is expected to register a fast revenue growth rate during the forecast period due to increasing use of elastomers in EV components to lighter vehicle weight and overall fuel efficiency. Elastomers are used as a substitute for flexible Polyvinyl Chloride (PVC) and vulcanized rubber to reduce vehicle weight, which in turn, lower CO2 gas emissions, improves fuel efficiency, as well as achieve better recyclability for environmental sustainability.
• The Hybrid Electric Vehicle (HEV) segment revenue is expected to register a steady growth rate during the forecast period due to rising popularity of this vehicle among users owing to its capability to run in both electric motor and conventional engines. The electric engine powers vehicle at slower speeds, while gas engine powers it at faster speeds.
• The Europe market is expected to register a steady revenue growth rate during the forecast period. Market revenue growth in this region is attributed to an increase in adoption of EVs in countries across the region. Various companies are investing in polymers to meet rising demand for manufacturing vehicle components.

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Emergen Research has segmented the global Electric Vehicle (Car) Polymers market based on type, end-use, and region:

• Type Outlook (Revenue, USD Billion; 2019–2030)

• • Engineering Plastics
    1. Acrylonitrile Butadiene Styrene (ABS)
       • Exterior
         • Lighting
         • Instrumental Panel
         • Bumper
         • Door Handles
         • Others
       • Interior
         • Dashboard
         • Seating
         • Interior Trim
         • Others
       • Powertrain
         • Hv Housing
         • Bubar Holder
         • Hv Fuse Box
         • Charging Inlet
       • Battery
         • Disconnect Unit
         • Junction Box
         • Battery Management Systems
         • Module Housing
         • Breaks & Switches
    2. Polyamide

• • • • Exterior
        • Lighting
        • Instrumental Panel
        • Bumper
        • Door Handles
        • Others
      • Interior
        • Dashboard
        • Seating
        • Interior Trim
        • Others
      • Powertrain
        • Hv Housing
        • Bubar Holder
        • Hv Fuse Box
        • Charging Inlet
      • Battery
        • Disconnect Unit
        • Junction Box
        • Battery Management Systems
        • Module Housing
        • Breaks & Switches

• • 3. Polycarbonate

• • • • Exterior
        • Lighting
        • Instrumental Panel
        • Bumper
        • Door Handles
        • Panaromic Roofs
        • Others
      • Interior
        • Dashboard
        • Seating
        • Interior Trim
        • Others
      • Powertrain
        • Hv Housing
        • Bubar Holder
        • Hv Fuse Box
        • Charging Inlet
      • Battery
        • Disconnect Unit
        • Junction Box
        • Battery Management Systems
        • Module Housing
        • Others
• End-Use Outlook (Revenue, USD Billion; 2019–2030)

• • Hybrid Electric Vehicles (HEV)
  • Plug-In Hybrid Electric Vehicles (PHEV)
  • Battery Electric Vehicles (BEV)
  • Fuel Cell Electric Vehicle (FCEV)

• Regional Outlook (Revenue, USD Billion; 2019–2030)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Russia
    8. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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