Electric Vehicle (Car) Polymers Market Worth $52.5 Billion by 2024

Electric Vehicle“Electric Vehicle (Car) Polymers Market – 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.

This report also provides a comprehensive analysis of the companies listed below:

  • 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)

These players have strong R&D and focus on producing high-performance polymers to meet the demands of end users. They offer customized products as per the needs of customers. Most of the players have developed partnerships with the electric vehicle producers to gain higher market shares.

Electric vehicle polymers are the polymers that are used in electric cars to reduce 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 retardancy, abrasion resistance, stiffness, toughness, electrical insulation, and heat resistance. Replacing metals with the polymers is a key solution for the electric car manufacturers to reduce the overall weight of the electric cars.

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 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.

Engineering plastics is estimated to be the larger type segment of the electric vehicle (car) polymers market.

Engineering plastics is the larger than elastomers type segment of the electric vehicle (car) polymers market. Owing to their enhanced properties and advantages, they are used in electric cars as a substitute for metals for lightweighting of the cars. These polymers can be used in all three segments of components, namely powertrain, exterior, and interior. Some of the majorly used engineering plastics are acrylonitrile butadiene styrene, polyamide, polycarbonate, and polyphenylene sulfide.

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.

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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