Electric Vehicle (Car) Polymers Market by Component, Type, Country, and Region: Industry Analysis, Market Size, Market Share, and Forecast from 2024 to 2032
The Electric Vehicle (Car) Polymers Market was estimated at USD 13,514.2 million in 2023, growing at a CAGR of 71.20% between 2024 and 2032.
Electric vehicle polymers are structural materials used in electric cars to minimize weight while maintaining performance. These polymer solutions aim to increase the performance, range, and sustainability of electric vehicles by lowering their curb weight.
Electric Vehicle (Car) Polymers Market- Market Dynamics
Expanding Charging Infrastructure Drives Growth in the Electric Vehicle Polymers Market
The increasing charging infrastructure is projected to drive the future growth of the electric vehicle polymers market. The network of charging stations and associated equipment that allow electric cars (EVs) to be charged is referred to as charging infrastructure. Charging infrastructure development is critical to the growth of the electric vehicle (EV) polymers market because it boosts consumer confidence, extends range and performance, accelerates electric vehicle adoption, reduces range anxiety, and can withstand harsh environmental conditions. For instance, Twilio Inc., a cloud communications platform based in the United States, forecasted that by 2030, there would be 12.9 million publicly accessible electric vehicle charging stations. As a result, expanding charging infrastructure drives the electric car plastics industry ahead.
Electric Vehicle (Car) Polymers Market- Key Insights
Our research analyst estimates that the global market will develop at a CAGR of approximately 71.20% from 2024-2032.
According to Components segmentation, in 2023, the worldwide electric vehicle (car) polymers market will see the fastest growth in the interior sector.
According to Type segmentation, the Elastomers category is expected to expand rapidly during the forecast period
On the basis of region, Asia Pacific was the leading revenue generator in 2023
Electric Vehicle (Car) Polymers Market- Segmentation Analysis:
The Global Electric Vehicle (Car) Polymer Market is segmented into three parts: Component, Type, and region.
The market is divided into three divisions based on Components: Powertrain System, Exterior, and Interior. The interior segment of the global electric vehicle (car) polymers market is expected to grow the fastest throughout the projected period. Interior components are growing more popular as the general public's understanding of sustainability and the environment expands. As governments and people become increasingly worried about climate change and carbon emissions, there is a clear preference for electric vehicles as a more ecologically friendly alternative to traditional internal combustion engine automobiles. This change involves the development of interior components that are lightweight, robust, and environmentally responsible.
The market is segmented into two segments according to Type: Elastomers and Engineering Plastics. The elastomers category is predicted to grow substantially throughout the projection period. Elastomers are essential in the electric vehicle (EV) polymer sector because to their distinctive features and adaptability. Elastomers are a type of polymer known for its exceptional elasticity and durability, making them ideal for a variety of EV applications. Furthermore, the market is being driven by an increased use of polymers in electric vehicle components such as tires, gaskets, seals, and suspension systems. Furthermore, elastomers have excellent sealing qualities, which ensures optimal insulation and protection for essential EV components. Elastomers play an essential role in the development of electric vehicles, which is another driver of growth.
Electric Vehicle (Car) Polymers Market- Geographical Insights
Geographically, this market is distributed over Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa. These regions are further segmented according to the countries bringing commerce.
Asia-Pacific is predicted to have the largest share of the global electric vehicle (car) polymers market in the future years. The growing use of electric vehicles in Asia Pacific is driving up demand for lightweight, high-performance materials like polymers, which can increase EV efficiency and range. Furthermore, the desire to minimize carbon emissions, as well as increased consumer awareness of environmental sustainability, are raising demand for electric vehicles, which in turn increases demand for the polymers used to manufacture them.
North America is expected to have the fastest growth in the global electric vehicle (car) polymers market throughout the forecast period. Continuous improvements in polymer technology, such as increased durability, thermal stability, and electrical conductivity, are boosting the North American EV polymer market as manufacturers seek creative materials to improve the performance and efficiency of their electric vehicles. The demand for polymers for electric vehicles (EVs) is rising as a result of their ability to insulate occupants and absorb energy during collisions, both of which enhance overall EV safety.
Electric Vehicle (Car) Polymers Market- Competitive Landscape:
The competitive landscape in the electric car polymers market is quite diverse. It involves strong presence in the essential players, including the giant corporations like BASF, DuPont, and Covestro, who popularly produce innovative polymer solutions tailored for the automotive sector. These companies are strictly focused on developing lightweight, durable, and high-performance materials to enhance vehicle efficiency and sustainability. Besides that, new specialized companies will now be found to specialize on high-performance polymers specifically tailored for electric vehicle parts components, such as the casing of a battery, as well as interior part elements. Some of the key strategies involve strategic partnerships and investments in research and development with a continued thrust for sustainability to be able to compete in such an expanding market as electric vehicles.
Recent Developments:
In March 2022, BASF SE and Zhejian REEF Technology Co Ltd have entered into a strategic collaboration agreement to create cutting-edge recyclate formulations for use in the packaging, automotive, and consumer industries. Through this agreement, BASF SE will provide technical help and consultancy for recycled polymer compositions developed in BASF's test labs, as well as its recently announced IrgaCycle additive solutions. IrgaCycle additive solutions contribute to increasing the proportion of mechanically recycled material in a wide range of end-use applications.
SCOPE OF THE REPORT
This report's scope includes the following important market segments:
GLOBAL ELECTRIC VEHICLE (CAR) POLYMERS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Asahi Kasei Corporation
BASF SE
Kumho Polychem
Celanese Corporation
Covestro AG
DuPont de Nemours, Inc.
Evonik Industries AG
Lanxess AG
LG Chem Ltd.
Saudi Basic Industries Corporation
Solvay
Others
GLOBAL ELECTRIC VEHICLE (CAR) POLYMERS MARKET, BY COMPONENT- MARKET ANALYSIS, 2019 - 2032
Powertrain System
Exterior
Interior
GLOBAL ELECTRIC VEHICLE (CAR) POLYMERS MARKET, BY TYPE- MARKET ANALYSIS, 2019 - 2032
Elastomers
Engineering Plastics
GLOBAL ELECTRIC VEHICLE (CAR) POLYMERS MARKET, BY REGION- MARKET ANALYSIS, 2019 - 2032
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1. Electric Vehicle (Car) Polymers Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. Electric Vehicle (Car) Polymers Market Snippet by Component
2.1.2. Electric Vehicle (Car) Polymers Market Snippet by Type
2.1.3. Electric Vehicle (Car) Polymers Market Snippet by Country
2.1.4. Electric Vehicle (Car) Polymers Market Snippet by Region
2.2. Competitive Insights
3. Electric Vehicle (Car) Polymers Key Market Trends
3.1. Electric Vehicle (Car) Polymers Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Electric Vehicle (Car) Polymers Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Electric Vehicle (Car) Polymers Market Opportunities
3.4. Electric Vehicle (Car) Polymers Market Future Trends
4. Electric Vehicle (Car) Polymers Industry Study
4.1. PEST Analysis
4.2. Porter's Five Forces Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. Electric Vehicle (Car) Polymers Market: COVID-19 Impact Analysis
5.1. Pre-COVID-19 Impact Analysis
5.2. Post-COVID-19 Impact Analysis
5.2.1. Top Performing Segments
5.2.2. Marginal Growth Segments
5.2.3. Top Looser Segments
5.2.4. Marginal Loss Segments
6. Electric Vehicle (Car) Polymers Market Landscape
6.1. Electric Vehicle (Car) Polymers Market Share Analysis, 2023
6.2. Breakdown Data, by Key Manufacturer
6.2.1. Established Players' Analysis
6.2.2. Emerging Players' Analysis
7. Electric Vehicle (Car) Polymers Market - By Component
7.1. Overview
7.1.1. Segment Share Analysis, By Component, 2023 & 2032 (%)
7.1.2. Powertrain System
7.1.3. Exterior
7.1.4. Interior
8. Electric Vehicle (Car) Polymers Market - By Type
8.1. Overview
8.1.1. Segment Share Analysis, By Type, 2023 & 2032 (%)
8.1.2. Elastomers
8.1.3. Engineering Plastics
9. Electric Vehicle (Car) Polymers Market- By Geography
9.1. Introduction
9.1.1. Segment Share Analysis, By Geography, 2023 & 2032 (%)
9.2. North America
9.2.1. Overview
9.2.2. Electric Vehicle (Car) Polymers Key Manufacturers in North America
9.2.3. North America Market Size and Forecast, By Country, 2019 - 2032 (US$ Million)
9.2.4. North America Market Size and Forecast, By Component, 2019 - 2032 (US$ Million)
9.2.5. North America Market Size and Forecast, By Type, 2019 - 2032 (US$ Million)