science and technology

Electric Vehicle (Car) Polymers Market worth $52.5 billion by 2024, at a CAGR of 67%

Published: April 14, 2023
Author: DIGITAL MEDIA EXECUTIVE

The report Electric Vehicle (Car) Polymers Market by Type (Engineering Plastics (ABS, PA, PC, PPS, Fluoropolymer), Elastomers (Synthetic Rubber, Natural Rubber, Fluoroelastomer)), Component (Powertrain, Exterior, Interior), and Region – Global Forecast to 2024″ The electric vehicle (car) polymers market size is estimated to be USD 4.1 billion in 2019 and projected to reach USD 52.5 billion by 2024, at a CAGR of 67%. The growing demand for electric cars due to increasing regulations to reduce the carbon footprint; developing charging infrastructure; decreasing battery prices; and longer driving ranges of electric cars is expected to drive the market.

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Electric vehicle (car) polymers are the polymers that are used in electric cars to reduce the overall weight of these cars. These polymers are an ideal solution for the replacement of metals, as they have similar properties to those of metals, such as flame retardancy, abrasion resistance, stiffness, toughness, electrical insulation, and heat resistance. Replacing metals with the polymers helps the electric car manufacturers to reduce the overall weight of the electric cars. The rising demand for lightweighting electric vehicles is expected to drive the electric vehicle (car) polymers market.

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•  134 Market data Tables
•  66 Figures
•  179 Pages and in-depth TOC on Electric Vehicle (Car) Polymers Market – Global Forecast to 2024″

Some of the prominent key players are:

  • BASF (Germany)
  • DowDuPont (US)
  • Covestro (Germany)
  • Celanese (US)
  • ABIC (Saudi Arabia)
  • Solvay (Belgium)
  • LANXESS (Germany)
  • LG Chem (South Korea)
  • Asahi Kasei (Japan)
  • Evonik Industries (Germany)

Celanese (US) used acquisition and expansion strategies in the recent years to increase its footprint, globally. In October 2018, the company announced that it will acquire Next Polymers Ltd, an India-based engineering thermoplastic manufacturing company, through which it expects to increase its presence in the growing polymer market. In April 2018, the company announced the addition of a new GUR UHMW production line at its production facility in Nanjing, China to support the growth of its engineered material business due to the growing electric cars market. The new production line will increase the production capacity of the company for GUR UHMW-PE by 15 kilotons annually, by 2019.

LANXESS (Germany) adopted the strategies of expansion and new product development to strengthen its geographic presence and product portfolio. In September 2018, the company invested in the construction of a new production plant in Krefeld-Uerdingen, Germany for high-performance plastics. This plant will help the company to increase its production capacity for Durethan and Pocan engineering plastics that are primarily used in automotive industry. In March 2016, the company introduced two new products for the polymer market Pocan BF 4232 HR and Durethan AKV 60 XF. Both the products are high-performance thermoplastics, which can replace metals in electric cars

The exterior component in the electric car is expected to register the highest CAGR during the forecast period.

Exterior body of an electric car accounts for the second largest share in the overall weight of the electric car. Earlier, metal alloys were used in exterior parts, which are prone to dents, corrosion, and add to the weight of the cars. But, in recent times, major electric car manufacturers have replaced metal alloys in the exterior components, such as bumpers, door pillars, door handles, lights, trunk, window glasses, and windshields with polymers, to reduce the overall weight of the electric cars.

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APAC accounts for the largest share in terms of value of the electric vehicle (car) polymers market.

APAC was estimated to account for the largest share of the electric vehicle polymers market in 2018. The region has emerged as the largest consumer of electric car polymers owing to the increasing production of electric cars in China, Japan, South Korea, among other countries. The need for electric vehicle polymers for reducing the overall weight of the cars is high in this region. Hence, it is the largest as well as the fastest-growing region in the electric vehicle polymers market.

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