Global Electric Vehicle Polymers Market Analysis by Component, Type, End User, and Region and segments forecast till 2033
Market Overview
The global Electric Vehicle Polymers Market was worth USD 26,900 million in 2022 and is anticipated to amplify at a CAGR of 67.1% over 2023-2033, thereby accumulating USD 1,627,590 million by end of the analysis timeline.
Electric vehicle polymers are the polymers that are used in electric cars to cut their weight without affecting the efficiency of the car. Polymers are the only materials that can replace metals as they have similar properties to those of metals, such as flame resistance, stiffness, abrasion resistance, toughness, electrical insulation, and heat resistance. Replacing metals with the polymers is the primary solution for the electric car manufacturers to reduce the overall weight of the electric cars.
Polymers are used in the making of various interior and exterior vehicle parts such as panel, dashboard, trim, bumper, wheelhouse, powertrain, other components under the roof components, hood and components in the doors also. Battery-powered electric vehicles or BEVs increased production is propelling the advancement of high-performance polymers having enhanced properties to satisfy the requirements of electric propulsion. BEV sales are anticipated to increase constantly as BEV technology is developing simultaneously with energy density and battery capacity whereas the vehicles are getting more autonomous and more connected.
Electric Vehicle Polymers Market is anticipated to grow constantly and the growth rates are anticipated to be based on applications and types of plastic used in automobiles, recycling efforts of various regions, and inter-polymer substitution. The plastics` growth rate such as PA, PE, PP and PC is estimated to increase with the EVs` introduction, whereas the engineering plastics` consumption is estimated to reduce.
Certain parts of the vehicles that were manufactured using metals are now replaced with high-end engineering electric vehicle polymers, as they can sustain the same stress, abrasion, fatigue and load. The major advantage of using electric vehicle polymers is that they are lighter than metals. 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 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. Also, with the electrification of high-use vehicles, including public transport, demand for Electric Vehicle Polymers Market is forecasted to multiply. Most of the governments have set deadlines to go full electric by 2030.
Report Scope
Report Attributes | Description |
Market Size in 2022 | USD 26,900 Million |
Market Forecast in 2033 | USD 1,627,590 Million |
CAGR % 2023-2033 | 67.1% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | Component, Type, End User |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro AG, DuPont de Nemours, Inc., Evonik Industries AG, Kumho Polychem, Lanxess AG, LG Chem Ltd., Saudi Basic Industries Corporation, Solvay, Daikin Industries, Arkema, JSR Corporation, LyondellBasell Industries, Mitsubishi Engineering-Plastics Corporation and Others. |
Impact of COVID
The Electric Vehicle Polymers Market was impacted by the COVID-19 pandemic due to the disruption in supply chain, manufacturing and logistics, as well as the decrease in demand for electric vehicles (EVs) during the lockdown period. However, as the world emerges from the pandemic, Electric Vehicle Polymers Market is expected to rebound and continue to grow, driven by increasing demand for EVs and government initiatives to promote the adoption of electric vehicles as part of their climate change goals. The pandemic has also brought a greater focus on sustainability and the reduction of carbon emissions, which has further strengthened Electric Vehicle Polymers Market for electric vehicles and the polymers used in their manufacturing.
Component Insights
Exterior components are dominating the Electric Vehicle Polymers Market due to the increasing demand for electric vehicles and the need for lightweight, durable, and aesthetically pleasing exterior components. Polymers are used extensively in EV exterior components such as body panels, bumpers, door panels, and fenders due to their lightweight, high strength, and flexibility. As the automotive industry shifts toward electric vehicles, there is a growing demand for lightweight materials to increase the driving range and improve fuel efficiency. Polymers provide an attractive solution due to their superior properties compared to traditional metal components. Additionally, as electric vehicles become more popular, there is an increasing focus on the design and appearance of these vehicles, leading to a higher demand for aesthetically pleasing exterior components.
Type Insights
Elastomers are dominating the Electric Vehicle Polymers Market due to their excellent durability, flexibility, and resistance to high temperatures and chemicals, which are essential properties for automotive applications. Elastomers can be used in a variety of applications in electric vehicles, including seals, gaskets, vibration dampening components, and tire compounds. They can also be used in battery pack sealing and encapsulation, where they help protect the battery from environmental factors and provide electrical insulation. Additionally, elastomers are lightweight and can help reduce the weight of electric vehicles, which is crucial for improving their range and overall efficiency.
End User Insights
Battery Electric Vehicles (BEVs) are dominating the Electric Vehicle Polymers Market due to their increasing adoption and government support in various countries to promote the usage of electric vehicles as a step towards reducing carbon emissions. BEVs are powered solely by battery packs, which require high-performance polymers for various applications such as battery casing, wiring harnesses, and interior components. The use of high-performance polymers in BEVs enhances the overall performance and efficiency of the vehicles. Moreover, BEVs offer a higher range per charge compared to other types of EVs such as Plug-in Hybrid Electric Vehicles (PHEVs) and Hybrid Electric Vehicles (HEVs), which further boosts their adoption and demand for high-performance polymers in their manufacturing.
Regional Insights
The Global Electric Vehicle Polymers Market is further segmented into five major countries- North America, Europe, Asia-pacific, Latin America and Middle East and Africa. APAC is estimated to dominate the overall electric vehicle polymers market in the forecast period. Increasing concern for reducing the level of carbon footprints, increasing government support, and reduction in the overall weight of the electric cars are the factors facilitating the growth of electric vehicle (car) polymers market in this region.
Competitive Analysis
Key players operating in the worldwide Electric Vehicle Polymers Market are Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro AG, DuPont de Nemours, Inc., Evonik Industries AG, Kumho Polychem, Lanxess AG, LG Chem Ltd., Saudi Basic Industries Corporation, Solvay, Daikin Industries, Arkema, JSR Corporation, LyondellBasell Industries, Mitsubishi Engineering-Plastics Corporation and Others.
Recent News
· In March 2022, The Lubrizol Corporation announced the launch of a new electric vehicle (EV) polymer for battery cell sealing applications. The product is expected to provide improved safety and performance for EV batteries.
· In February 2022, BASF announced plans to invest in a new polymer production facility in China to support the growing demand for electric vehicles in the region.
· In January 2022, SABIC announced the launch of a new line of advanced thermoplastics for use in EV applications. The materials are designed to offer improved durability, safety, and energy efficiency for EV components.
· In November 2021, DuPont announced the launch of a new series of high-performance polymers for use in EVs. The materials are designed to offer improved thermal stability and chemical resistance for use in under-the-hood and other high-temperature applications.
· In September 2021, Covestro announced the launch of a new line of thermoplastic polyurethane (TPU) materials for use in EV charging cables. The materials are designed to offer improved durability and flexibility for use in harsh environments.
1. Global Electric Vehicle Polymers Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. ELECTRIC VEHICLE POLYMERS Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years – 2020 to 2021
1.3.2. Projected Data Reporting Years – 2022 to 2033
1.3.3. Reporting Data Parameters – Value (US$ Million)
1.4. Global Electric Vehicle Polymers Market Scope and Market Estimation
1.4.1. Global Electric Vehicle Polymers Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global Electric Vehicle Polymers Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. Electric Vehicle Polymers Market Segmentation
1.5.1. Type of Global Electric Vehicle Polymers Market
1.5.2. Component of Global Electric Vehicle Polymers Market
1.5.3. End User of Global Electric Vehicle Polymers Market
1.5.4. Key Regions of Global Electric Vehicle Polymers Market
2. Global Electric Vehicle Polymers Market - Executive Summary
2.1. Global Electric Vehicle Polymers Market – Summary & Snapshot
2.2. Global Electric Vehicle Polymers Market, By Type (US$ Million)
2.3. Global Electric Vehicle Polymers, By Component (US$ Million)
2.4. Global Electric Vehicle Polymers Market, By End User (US$ Million)
2.5. Global Electric Vehicle Polymers Market, By Geography (US$ Million)
2.6. Global Electric Vehicle Polymers Market Outlook & Future Opportunities
3. Electric Vehicle Polymers Market Trends, Outlook, and Factors Analysis
3.1. Global Electric Vehicle Polymers Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global Electric Vehicle Polymers Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. Electric Vehicle Polymers Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. Increasing Manufacturing and Sales of Electric Cars Globally
3.2.1.2. Increasing Use to Reduce the Weight of Electric Cars
3.2.2. Restraints
3.2.2.1. High Price of Polymers
3.2.3. Opportunities
3.2.3.1. Adoption of Polymers in New Components of Electric Cars
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porter’s Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of Electric Vehicle Polymers Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of Electric Vehicle Polymers Market
3.9.1. By Type
3.9.2. By Component
3.9.3. By End User
3.9.4. By Regions
4. Global Electric Vehicle Polymers Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global Electric Vehicle Polymers Market, 2020 – 2021 (US$ Million)
4.2. Global Electric Vehicle Polymers Market, By Type, 2020 to 2021 (US$ Million)
4.3. Global Electric Vehicle Polymers Market, By Component, 2020 to 2021 (US$ Million)
4.4. Global Electric Vehicle Polymers Market, By End User, 2020 to 2021 (US$ Million)
4.5. Global Electric Vehicle Polymers Market, By Region, 2020 to 2021 (US$ Million)
5. Global Electric Vehicle Polymers Market Estimates & Forecast Trend Analysis, by Type
5.1. Global Electric Vehicle Polymers Market Share (%) Estimates and Forecasts, by Type, 2022 & 2033
5.2. Global Electric Vehicle Polymers Market Revenue (US$ Million) Estimates and Forecasts, by Type, 2022 to 2033
5.2.1. Engineering Plastics
5.2.1.1. Acrylonitrile Butadiene Styrene (ABS)
5.2.1.2. Polyamide
5.2.1.3. Polycarbonate
5.2.1.4. Polyphenylene Sulfide (PPS)
5.2.1.5. Polyurethane
5.2.1.6. Polypropylene
5.2.1.7. Fluoropolymer
5.2.1.8. Thermoplastic Polyester
5.2.1.9. Others (Polyethylene, Polyacetal, Polyphenylene Ether, Polyphenylene Oxide, Polysulfone, Polyethersulfone, Polyetherimide, Polyphthalamide, Polyetheretherketone)
5.2.2. Elastomers
5.2.2.1. Synthetic Rubber
5.2.2.2. Natural Rubber
5.2.2.3. Fluoroelastomer
5.2.2.4. Silicone Elastomer
5.2.2.5. Others (Thermoplastic Olefin, Styrenic Block Copolymer, Thermoplastic Polyurethane, Thermoplastic Vulcanizate, Thermoplastic Copolyester, Polyether Block Amide)
6. Global Electric Vehicle Polymers Market Estimates & Forecast Trend Analysis, by Component
6.1. Global Electric Vehicle Polymers Market Share (%) Estimates and Forecasts, by Component, 2022 & 2033
6.2. Global Electric Vehicle Polymers Market Revenue (US$ Million) Estimates and Forecasts, by Component, 2022 to 2033
6.2.1. Powertrain System
6.2.2. Exterior
6.2.3. Interior
7. Global Electric Vehicle Polymers Market Estimates & Forecast Trend Analysis, by End User
7.1. Global Electric Vehicle Polymers Market Share (%) Estimates and Forecasts, by End User, 2022 & 2033
7.2. Global Electric Vehicle Polymers Market Revenue (US$ Million) Estimates and Forecasts, by End User, 2022 to 2033
7.2.1. BEV
7.2.2. HEV
7.2.3. PHEV
8. Global Electric Vehicle Polymers Market Analysis and Forecast, by Region
8.1. Global Electric Vehicle Polymers Market Share (%) Estimates and Forecasts, by Region, 2022 & 2033
8.2. Global Electric Vehicle Polymers Market Revenue (US$ Million) Estimates and Forecasts, by Region, 2022 to 2033
8.2.1. North America
8.2.2. Europe
8.2.3. Asia Pacific
8.2.4. Middle East and Africa
8.2.5. Latin America
9. North America Electric Vehicle Polymers Market: Estimates & Forecast Trend Analysis
9.1. North America Electric Vehicle Polymers Market Assessments & Key Findings
9.2. North America Electric Vehicle Polymers Market Share (%) Estimates and Forecasts, 2022 & 2033
9.3. North America Electric Vehicle Polymers Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
9.3.1. By Type
9.3.2. By Component
9.3.3. By End User
9.3.4. By Major Country
9.3.4.1. The U.S.
9.3.4.2. Canada
10. Europe Electric Vehicle Polymers Market: Estimates & Forecast Trend Analysis
10.1. Europe Electric Vehicle Polymers Market Assessments & Key Findings
10.2. Europe Electric Vehicle Polymers Market Share (%) Estimates and Forecasts, 2022 & 2033
10.3. Europe Electric Vehicle Polymers Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
10.3.1. By Type
10.3.2. By Component
10.3.3. By End User
10.3.4. By Major Country
10.3.4.1. Germany
10.3.4.2. The U.K.
10.3.4.3. France
10.3.4.4. Italy
10.3.4.5. Spain
10.3.4.6. Rest of Europe (includes all other European countries)
11. Asia Pacific Electric Vehicle Polymers Market: Estimates & Forecast Trend Analysis
11.1. Asia Pacific Electric Vehicle Polymers Market Assessments & Key Findings
11.2. Asia Pacific Electric Vehicle Polymers Market Share (%) Estimates and Forecasts, 2022 & 2033
11.3. Asia Pacific Electric Vehicle Polymers Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
11.3.1. By Type
11.3.2. By Component
11.3.3. By End User
11.3.4. By Major Country
11.3.4.1. China
11.3.4.2. Japan
11.3.4.3. India
11.3.4.4. ASEAN
11.3.4.5. South Korea
11.3.4.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
12. Middle East & Africa Electric Vehicle Polymers Market: Estimates & Forecast Trend Analysis
12.1. Middle East & Africa Electric Vehicle Polymers Market Assessments & Key Findings
12.2. Middle East & Africa Electric Vehicle Polymers Market Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Middle East & Africa Electric Vehicle Polymers Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
12.3.1. By Type
12.3.2. By Component
12.3.3. By End User
12.3.4. By Major Country
12.3.4.1. GCC
12.3.4.2. South Africa
12.3.4.3. Egypt
12.3.4.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
13. Latin America Electric Vehicle Polymers Market: Estimates & Forecast Trend Analysis
13.1. Latin America Market Assessments & Key Findings
13.2. Latin America Electric Vehicle Polymers Market Share (%) Estimates and Forecasts, 2022 & 2033
13.3. Latin America Electric Vehicle Polymers Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
13.3.1. By Type
13.3.2. By Component
13.3.3. By End User
13.3.4. By Major Country
13.3.4.1. Brazil
13.3.4.2. Mexico
13.3.4.3. Rest of Latin America (includes all other Latin America countries)
14. Competitive Landscape
14.1. Electric Vehicle Polymers Market Revenue Share Analysis (%), by Major Players (2021)
14.2. Electric Vehicle Polymers Market Competition Matrix, by Leading Players
14.3. Electric Vehicle Polymers List of Emerging, Prominent and Leading Players
14.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.
15. Company Profiles
15.1. Asahi Kasei Corporation
15.1.1. Company Overview & Insights
15.1.2. Financial Performance
15.1.3. Product / Service Portfolio
15.1.4. Geographical Footprint & Share
15.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
15.2. BASF SE
15.3. Celanese Corporation
15.4. Covestro AG
15.5. DuPont de Nemours, Inc.
15.6. Evonik Industries AG
15.7. Kumho Polychem
15.8. Lanxess AG
15.9. LG Chem Ltd.
15.10. Saudi Basic Industries Corporation
15.11. Solvay
15.12. Daikin Industries
15.13. Arkema
15.14. JSR Corporation
15.15. LyondellBasell Industries
15.16. Mitsubishi Engineering-Plastics Corporation
15.17. Others
16. Assumptions and Research Methodology
16.1. Data Mining
16.2. Secondary Research
16.3. Primary Research
16.4. Subject Matter Expert Advice
16.5. Quality Check
16.6. Final Review
16.7. Data Triangulation
16.8. Bottom-Up Approach
16.9. Top Down Approach
16.10. Research Flow
16.11. Key Insights from Industry Experts
16.12. Data Sources
16.13. Assumptions
16.14. Limitations
17. Conclusions and Recommendations
17.1. Key Research Findings and Conclusion
17.2. Key Insights & Recommendations from Analysts
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