Electric Vehicle (Car) Polymers Market: An Exclusive Study on Upcoming Trends and Growth Opportunities| MarketsandMarkets™
Electric vehicle (car) polymers are the polymers that are used in electric cars to reduce the overall weight of these cars. These polymers are an ideal solution for the replacement of 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 polymers helps electric car manufacturers to reduce the overall weight of electric cars. The rising demand for lightweight electric vehicles is expected to drive the electric vehicle (car) polymers market. MarketsandMarkets expects the global electric vehicle (car) polymers market size to grow from USD 4.1 billion in 2019 to USD 52.5 billion by 2024, at a compound annual growth rate (CAGR) of 67%.
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The growth of these polymers is attributed to the increasing demand for electric cars from several countries including China, the US, and Germany. Increasing regulations to reduce the carbon footprint, developing charging infrastructure, decreasing battery prices, and longer driving ranges of electric cars are the major factors augmenting the growth of electric cars, globally. Electric car manufacturers have to use higher capacity batteries to match the range of the Internal Combustion Engine (ICE) cars. This leads to the increased weight of electric cars and is a major issue faced by these manufacturers. Hence, electric cars require lighter bodies to reduce their overall weight.
The electric vehicle (car) polymers market is projected to register a higher CAGR in the engineering plastics type segment than the elastomers type, during the forecast period. These polymers have superior thermal and mechanical properties that include high-temperature resistance, impact resistance, abrasion resistance, and corrosion resistance. In addition, these polymers have various advantages over metals, such as they can easily produce complex components as one unit, improve performance by reducing vibration and noise, improve aesthetics, and reduce maintenance requirements. Owing to their enhanced properties and advantages, they are used in electric cars as a substitute for metals to fulfill the purpose of lightweight of the cars. The need for lightweight of electric cars around the globe will drive the market of engineering plastics during the forecast period.
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In terms of region, the electric vehicle (car) polymers market has been segmented into, North America, Europe, APAC, and Rest of the World. APAC accounted for the largest share of the market, in 2018. The region has emerged as the largest consumer of electric vehicle (car) polymers owing to the increasing production of electric cars in countries, such as China, Japan, and South Korea. North America was the second-largest electric vehicle polymers market in 2018. The increasingly stringent regulations to reduce carbon emissions are expected to drive the market in North America. Europe was the third-largest market in 2018, accounting for a share of 22%, in terms of value. The European market is expected to witness growth during the forecast period due to the growing electric car production along with the governmental regulations to minimize carbon footprints.
The increasing government regulations to reduce carbon footprints and increase the adoption of electric cars is expected to provide growth opportunities for the electric vehicle (car) polymers market, globally. The key players in the market are focusing on the development of innovative products that cater to the needs of electric car manufacturers. These companies have adopted strategies of expansion, new product development, and acquisition to expand their geographic presence and increase their market shares.
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The leading players in the electric vehicle polymers market are BASF (Germany), DowDuPont (US), Covestro (Germany), Celanese (US), SABIC (Saudi Arabia), Solvay (Belgium), LANXESS (Germany), LG Chem (South Korea), Asahi Kasei (Japan), Evonik Industries (Germany) and others.
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