New York, United States , Feb. 13, 2024 (GLOBE NEWSWIRE) -- The Global Electric Vehicle (Car) Polymers Market Size is to Grow from USD 6.84 Billion in 2023 to USD 1137.86 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 66.76% during the projected period.
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Electric vehicles use plastics called electric vehicle polymers to reduce weight while maintaining performance. Polymers are the only materials that can replace metals because they share many of their properties, such as heat resistance, abrasion resistance, stiffness, and toughness. The replacement of metals with polymers is an important strategy used by electric vehicle manufacturers to reduce overall vehicle weight. Global electric vehicle (car) polymers refer to a wide range of polymer materials used in the manufacture and design of electric vehicles. Furthermore, due to their lower carbon emissions and ability to reduce reliance on fossil fuels, EV (car) polymers are gaining popularity as the automotive industry shifts toward more environmentally friendly and sustainable transportation options. Polymers, large molecules composed of repeating subunits, significantly enhance the performance, efficiency, and overall sustainability of electric vehicles. Polymers play an important role in the development of lightweight materials for electric vehicle applications. Significant growth in the automotive sector drives the global electric vehicle (car) polymers market. As governments around the world set ambitious targets to reduce carbon dioxide emissions, the automotive industry is under pressure to transition to cleaner and more sustainable technologies, which is positively impacting the electric vehicle (car) polymers market. However, the high cost of technologies, sophisticated recycling facilities, and recycling regulations that limit the use of polymers in EVs all contribute to the limited market growth of electric vehicle (car) polymers. In contrast, increased demand for technologically advanced polymers from electric car manufacturers is projected to hamper the growth of the electric vehicle (car) polymer market over the forecast period.
Browse key industry insights spread across 200 pages with 10 Market data tables and figures & charts From the Report on the "Global Electric Vehicle (Car) Polymers Market Size, Share, and COVID-19 Impact Analysis, By Type (Elastomers, Engineering Plastics), By Component (Exterior, Interior, Powertrain System), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The elastomers segment is expected to grow fastest in the global electric vehicle (car) polymers market during the forecast period.
Based on type, the electric vehicle (car) polymers market has been segmented into elastomers, and engineering plastics. Among these, the elastomers segment is expected to grow fastest in the global electric vehicle (car) polymers market during the forecast period. Elastomers are fastest grown in the electric vehicle (EV) polymer industry due to their distinct properties and versatility. Elastomers are a type of polymer that is known for its high elasticity and resilience, making them suitable for a wide range of EV applications. Furthermore, the growing use of polymers in electric vehicle components such as tires, gaskets, seals, and suspension systems has boosted the global electric vehicle (car) polymers market.
The interior, infections segment is expected to grow at the highest pace in the global electric vehicle (car) polymers market during the anticipated period.
Based on the components, the global electric vehicle (car) polymers market is divided into exterior, interior, and powertrain systems. Among these, the interior is expected to grow at the highest pace in the global electric vehicle (car) polymers market during the forecast period. Interior components are becoming more popular as the general public's awareness of sustainability and the environment grows. As governments and consumers grow increasingly concerned about climate change and carbon emissions, there has been a noticeable shift toward electric vehicles as a more environmentally friendly alternative to traditional internal combustion engine vehicles. This transition necessitates the development of interior components that are lightweight, durable, and environmentally responsible.
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Asia-Pacific dominates the market with the largest market share over the forecast period.
Asia-Pacific is projected to hold the largest share of the global electric vehicle (car) polymers market over the forecast period. The increasing use of electric vehicles in Asia Pacific is driving demand for lightweight and high-performance materials, such as polymers, to improve EV efficiency and range. Furthermore, rising consumer awareness of environmental sustainability and a desire to reduce carbon emissions are driving up demand for electric vehicles, which in turn drives demand for the polymers used to make them.
North America is expected to grow the fastest in the global electric vehicle (car) polymers market during the anticipated in forecast period. Continuous advancements in polymer technology, such as increased durability, thermal stability, and electrical conductivity, are driving the growth of the EV polymers industry in North America, as manufacturers seek innovative materials to improve electric vehicle performance and efficiency. Polymers also contribute to the overall safety of EVs by absorbing energy during impacts and protecting occupants, increasing demand for electric vehicle (car) polymers.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global electric vehicle (car) polymers market are BASF, DowDuPont, Covestro, Celanese, SABIC, Solvay (Belgium), LANXESS, LG Chem, Asahi Kasei, Evonik Industries, & Others.
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Recent Developments
- In March 2022, BASF SE and Zhejian REEF Technology Co Ltd signed an agreement to create cutting-edge recyclate formulations for use in the automotive, consumer, and packaging industries. By this agreement, BASF SE will provide technical support and consultancy for recycled polymer compositions tested at BASF test facilities, as well as its recently launched IrgaCycle additive products.
Market Segment
This study forecasts revenue at global electric vehicle (Car) polymers, regional, and country levels from 2022 to 2033. Spherical Insights has segmented the global electric vehicle (car) Polymers market based on the below-mentioned segments:
Global Electric Vehicle (Car) Polymers Market, Type Analysis
- Elastomers
- Engineering Plastics
Global Electric Vehicle (Car) Polymers Market, Component Analysis
- Exterior
- Interior
- Powertrain System
Global Electric Vehicle (Car) Polymers Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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