How Has The Electric Vehicle Polymers Market Size Evolved In Recent Years?
The electric vehicle polymers market has seen considerable growth due to a variety of factors.
•Recent years have seen an explosive growth in the size of the electric vehicle polymers market. Projections indicate that this market will expand from $20.49 billion in 2024 to a staggering $33.12 billion in 2025, which represents a compound annual growth rate (CAGR) of 61.7%.
Factors contributing to growth during the historical period include early stages of Electric Vehicle development, the shifting landscape of the automotive industry, advancements in manufacturing, initial research and development in Electric Vehicle components, and concerns regarding battery safety.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Electric Vehicle Polymers Market?
The electric vehicle polymers market is expected to maintain its strong growth trajectory in upcoming years.
• The market for polymers used in electric vehicles is projected to experience substantial expansion in the following years, ballooning to a value of $195.04 billion in 2029, with a compound annual growth rate (CAGR) of 55.8%.
This dramatic growth during the forecasted period can be accredited to factors such as shifting consumer choices, progressive urbanisation, the push for smart city projects, increasing demands for range and performance, a move towards eco-friendly materials, and worldwide programs to tackle climate change and implement emission standards. Key trends anticipated during this period include the betterment of supply chain operations, the embracing of bio-based polymers, the usage of nanotechnology in crafting polymers, its integration into car interior components and the customization of polymer composites.
Which Key Drivers Are Propelling The Electric Vehicle Polymers Market's Growth?
The growth of the electric vehicle polymers market is anticipated to be fuelled by the rising demand for electric vehicles. These vehicles operate with one or more electric motors that source power externally. Polymers are employed in electric vehicles to enhance durability, efficiency, design flexibility and to decrease weight. For instance, data from the U.S. Energy Information Administration in January 2024 revealed that in 2023, the combined sales of hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles (BEVS) contributed to 16.3% of all new light-duty vehicle (LDV) sales in the US. Further, in March 2022, the Department Of Energy highlighted that in 2021, sales of electric vehicles (EV) accounted for 73% of all plug-in electric vehicle (PEV) sales in the US. Consequently, the mounting demand for electric vehicles is propelling the electric vehicle polymers market's expansion.
What Are The Key Segments Within The Global Electric Vehicle Polymers Market?
The electric vehicle polymers market covered in this report is segmented –
1) By Type: Engineering Plastics, Elastomers
2) By Component: Powertrain System, Exterior, Interior
3) By End User: Hybrid Electric Vehicles (HEV), Plug-In Hybrid Electric Vehicles (PHEV), Battery Electric Vehicles (BEV), Fuel Cell Electric Vehicle (FCEV)
Subsegments:
1) By Engineering Plastics: Polycarbonate (PC), Polyamide (PA), Polyethylene Terephthalate (PET), Polypropylene (PP), Acrylonitrile Butadiene Styrene (ABS)
2) By Elastomers: Thermoplastic Elastomers (TPE), Ethylene Propylene Diene Monomer (EPDM), Silicone Elastomers, Natural Rubber
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How Are New Trends Impacting The Size Of The Electric Vehicle Polymers Market?
In the electric vehicle polymers market, a leading trend that is gaining traction is the creation of new products. To stay competitive in the market landscape, firms operating in this sector are introducing innovative products. For example, in March 2023, Solvay, a chemical company headquartered in Belgium, rolled out Xydar LCP G-330 HH, a novel polymer intended for insulation in high-heat electric vehicle batteries. The introduction of this new grade of liquid crystal polymer, Xydar LCP G-330 HH, will enhance safety for occupants by curbing battery thermal runaway in case of an incident. This is a cutting-edge high-heat and flame-resistant grade that has been specifically engineered for the battery module plates used in electric vehicles with more potent voltage systems. The polymer has been designed to meet stringent thermal and insulation criteria. Molded through an injection process, this glass-loaded LCP is capable of preserving its electrical insulation even when subjected to 400°C for a duration of half an hour. Moreover, it's worth mentioning that without any inclusion of halogen or bromine additives, Xydar LCP showcases innate flame-resistant characteristics.
Who Are the Key Players in the Electric Vehicle Polymers Market?
Major companies operating in the electric vehicle polymers market include:
• BASF SE
• Saudi Basic Industries Corporation
• LG Chemical Ltd.
• 3M Co
• Sumitomo Chemical Co Ltd.
• Toray Industries Inc.
• Evonik Industries AG
• Covestro AG
• Shin-Etsu Chemical Co Ltd.
• Asahi Kasei Corporation
• Solvay S.A.
• Mitsui Chemicals Inc.
• DuPont de Nemours Inc.
• Arkema SA
• Celanese Corporation
• Koninklijke DSM NV
• Lanxess AG
• Tosoh Corporation
• DIC Corporation
• Teijin Limited
• Kumho Petrochemical Co Ltd.
• Ube Industries Ltd.
• Zeon Corporation
• JSR Corporation
• Kuraray Co Ltd.
• Sumitomo Bakelite Co Ltd.
• Mitsubishi Engineering-Plastics Corporation
• Polyplastics Co Ltd.
What are the Regional Insights into the Electric Vehicle Polymers Market?
Asia-Pacific was the largest region in the electric vehicle polymers market in 2024. The regions covered in the electric vehicle polymers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
