Market Research

EV Polymer market to hit $1.1 trillion by 2033

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, according to a research report published by Spherical Insights & Consulting.

Electric vehicles use plastics called electric vehicle polymers to reduce weight while maintaining performance. Polymers are the only materials that can replace metals. They share many of their properties, such as heat resistance, abrasion resistance, stiffness, and toughness. Electric vehicle manufacturers employ the replacement of metals with polymers as an important strategy 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. 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.

The high cost of technologies and sophisticated recycling facilities contribute to the limited market growth of electric vehicle (car) polymers. Recycling regulations also play a significant role in this constraint. These factors also limit the use of polymers in EVs. 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.

The elastomers segment is expected to grow fastest in the global electric vehicle (car) polymers market during the forecast period.   

The electric vehicle (car) polymers market has segmented into elastomers and engineering plastics based on type. Among these, the elastomers segment is expected to grow fastest in the global electric vehicle (car) polymers market during the forecast period. The electric vehicle (EV) polymer industry experiences the fastest growth of elastomers because of their distinct properties and versatility. Elastomers, a type of polymer known for their high elasticity and resilience, suit a wide range of EV applications. The global electric vehicle (car) polymers market is thriving due to the increased utilization of polymers in vehicle components.

The interior, infections segment is expected to grow at the highest pace in the global electric vehicle (car) polymers market during the anticipated period.  

The global electric vehicle (car) polymers market divides into exterior, interior, and powertrain systems based on its components. During the forecast period, analysts anticipate that the interior will experience the most significant growth in the global electric vehicle (car) polymers market. 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.

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. In Asia Pacific, the rising adoption of electric vehicles spurs demand for lightweight, high-performance polymers, enhancing EV efficiency and range. Furthermore, rising consumer awareness of environmental sustainability is driving up demand for electric vehicles. This, in turn, drives demand for the polymers used to make them.

North America is expects to grow the fastest in the global electric vehicle (car) polymers market during the anticipated in forecast period. Advancements in polymer technology, like enhanced durability and electrical conductivity, are fueling North America’s EV polymers industry growth. Manufacturers seek innovative materials to improve electric vehicle performance and efficiency. Polymers contribute to the overall safety of EVs by absorbing energy during impacts and protecting occupants. This increases demand for electric vehicle (car) polymers.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market. The comparative evaluation encompasses product offerings, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report provides an elaborative analysis focusing on the current news and developments of the companies. This 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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