DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The Electric Vehicle (Car) Polymers Market Size was Estimated to be USD 4.1 Billion in 2018 and is Projected to Reach USD 52.5 Billion by 2024, at a CAGR of 67%.
The increasing use of polymers in various applications of an electric car to drive the market.
The market is driven by the growing need for lightweight the electric car to increase its range. However, the high price of electric vehicle polymers can act as a restraint for the market.
The engineering plastics type segment is projected to register a higher CAGR during the forecast period.
The engineering plastics segment is projected to witness higher growth rate than elastomers during the forecast period. Owing to their enhanced properties and advantages they are used in electric cars as substitutes for metals to fulfill the purpose of lightweight of the cars. The growing production of electric cars and the need for lightweighting of components of electric cars around the globe will drive the market of engineering plastic during the forecast period.
The market in the interior segment to account for the largest share during the forecast period.
The interior segment of components allows easy replacement of metals with polymers as these components have lower accidental risk and safety issues. Hence, most of the electric car manufacturers use polymers in place of metals in this segment to reduce the overall weight of the electric cars. Polymer has proven to be the ideal material for the interior components of a car, as it is durable and aesthetically pleasing. In addition, it reduces noise, vibration, and harshness (NVH) levels of an electric car. Both the types of polymers, engineering plastics and elastomers are preferred for this segment of components.
APAC is estimated to be the fastest-growing region during the forecast period.
APAC is projected to be the fastest-growing market of electric vehicle polymers during the forecast period due to the growing production of electric cars in China, Japan, and South Korea. Canada is projected to be the fastest-growing country in the North American electric vehicle polymers market followed by Mexico and the US. Europe is the second-fastest growing electric vehicle polymers market. Increasing government regulation and consumer-friendly incentive schemes are expected to provide growth opportunities in this region.
The leading players in the electric vehicle polymers market are BASF (Germany), DowDuPont (US), Covestro (Germany), Celanese (US), SABIC (Saudi Arabia), Solvay (Belgium), LANXESS (Germany), LG Chem (South Korea), Asahi Kasei (Japan), and Evonik Industries (Germany).
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Electric Vehicle Polymers Market
4.2 Electric Vehicle Polymers Market, By Type
4.3 Electric Vehicle Polymers Market, By Component
4.4 APAC Electric Vehicle Polymers Market, By Type and Country
4.5 Electric Vehicle Polymers Market, By Country
5 Market Overview
5.2 Market Dynamics
18.104.22.168 Increasing Manufacturing and Sales of Electric Cars Globally
22.214.171.124 Increasing Use to Reduce the Weight of Electric Cars
126.96.36.199 High Price of Polymers
188.8.131.52 Adoption of Polymers in New Components of Electric Cars
184.108.40.206 Rising Need for Technologically Advanced Polymers From Electric Car Manufacturers
5.3 Porter's Five Forces Analysis
5.4 Macroeconomic Indicators
5.4.1 Gdp Growth Rate Forecast of Major Economies in the World
5.4.2 Electric Vehicle Market Analysis
6 Electric Vehicle Polymers Market, By Type
6.2 Engineering Plastics
6.2.1 Acrylonitrile Butadiene Styrene (ABS)
220.127.116.11 Adoption of Acrylonitrile Butadiene Styrene in All Components of Electric Cars is Driving Its Demand
18.104.22.168 Preference for Polyamide is Rising Owing to Its Availability in Different Grades
22.214.171.124 Replacement of Glass With Polycarbonate Will Provide Growth Opportunities for the Market
6.2.4 Polyphenylene Sulfide (PPS)
126.96.36.199 Need for Specialty Polymers is Driving the Market for Polyphenylene Sulfide
188.8.131.52 Increasing Use of Polymers in the Interior Component Segment is Boosting the Market for Polyurethane
184.108.40.206 Polypropylene Type is Expected to Grow Owing to Its Preference in the Exterior Components of Electric Vehicles
220.127.116.11 Use of Polymers in the Batteries of Electric Cars is Driving the Market for Fluoropolymer
6.2.8 Thermoplastic Polyester
18.104.22.168 The Superior Properties of Thermoplastic Polyester are Boosting Its Demand
6.3.1 Synthetic Rubber
22.214.171.124 Growing Demand for Tires for Electric Car Production is Expected to Boost the Market for Synthetic Rubber
6.3.2 Natural Rubber
126.96.36.199 The Rise in the Demand for Sealing Material From Electric Cars Will Positively Influence the Demand for Natural Rubber
188.8.131.52 Rising Demand for Insulating Material is Expected to Drive the Market for Fluoroelastomer
6.3.4 Silicone Elastomer
184.108.40.206 Superior Properties of Silicone Elastomer are Fueling the Market
7 Electric Vehicle Polymers Market, By Component
7.2 Powertrain System
7.2.1 Increasing Demand for Polymers in Battery Packs is Expected to Spur the Demand for Electric Vehicle Polymers
7.3.1 High Demand for Elastomers in Tires is Expected to Drive the Market
7.4.1 The Replacement of Interior Components Such as Car Upholstery and Infotainment Systems With Polymers Will Majorly Affect the Overall Weight of the Car
8 Electric Vehicle Polymers Market, By Region
- AGC Chemicals
- Asahi Kasei
- BASF SE
- China Petrochemical Group (Sinopec Group)
- Daikin Industries
- DSM Engineering Plastics
- Evonik Industries
- JSR Corporation
- LG Chem
- LyondellBasell Industries
- Mitsubishi Engineering-Plastics Corporation
- Sumitomo Chemicals
- The Goodyear Tire & Rubber Company
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