Electric Vehicle (Car) Polymers Market will Grow with CAGR 18% From 2018 to 2026

Author: Suraj Ukarde

Growing demand for electric vehicles across the globe and increasing use to reduce the weight of electric cars are expected to drive the growth of the electric vehicle (car) polymers market. The global electric vehicle (car) polymers market was valued at USD 3,044.4 million in 2018 and is expected to reach USD 8,993.3 million in 2026, growing at a CAGR of 14.5% during the forecast period.

According to the International Energy Agency's (IEA), the battery electric vehicle sales witnessed an annual growth rate of 63%, in terms of volume, between 2016 and 2017. Moreover, the growing demand for electric vehicles is ascribed to the increasing regulation of the manufacturing and use of internal combustion engines (ICE) and the increasing preference for electric cars over ICE vehicles by clients worldwide. This expected to enhance the production to meet the growing consumption of electric cars and electric vehicle polymers over the forecast period.

The Electric Vehicle (Car) Polymers Market report has been segregated based on distinct categories, such as product type, application, end-user, and region. Each segment is evaluated based on CAGR, share, and growth potential.

List of Top Key Players in Electric Vehicle (Car) Polymers Market Report are:

  • DowDuPont (US)
  • BASF (Germany) Covestro (Germany)
  • Celanese (US)
  • SABIC (Saudi Arabia)
  • Solvay (Belgium)
  • LANXESS (Germany)
  • LG Chem (South Korea)
  • Asahi Kasei (Japan)
  • and Evonik Industries (Germany) among others.

Electric Vehicle (Car) Polymers Industry 2021 Market Research Report provides exclusive vital statistics, data, information, trends, and competitive landscape details in this niche sector. This report provides the status of the Electric Vehicle (Car) Polymers market forecast till 2026. Likely, the report also focuses on global major manufacturers of Electric Vehicle (Car) Polymers market share providing information such as company profiles, product picture and specification, capacity, production, price, cost, revenue, and contact information. Upstream raw materials and equipment and downstream demand analysis are also carried out.

Electric Vehicle (Car) Polymers Market Segmentation by Product Type:

  • Engineering Plastics
  • Elastomers

Electric Vehicle (Car) Polymers Market Segmentation by Application:

  • Powertrain System
  • Exterior
  • Interior
  • Others

The report diversifies the global geographical expanse of the Electric Vehicle (Car) Polymers market into five prominent regions such as Europe, APAC, MEA, North and South America.

Increased demand for electric vehicles around the globe and increased use to decrease the weight of electric cars, as well as strict public laws for the use of ICE vehicles, are the primary drivers for the development of the worldwide market for electric vehicles (cars) polymers over the forecast period. Moreover, the development of metal replacements in multiple parts of electric vehicles and the increasing manufacturing of electric vehicles in developing countries is anticipated to increase the size of the industry. This is also anticipated to open up investment possibilities in the worldwide market for producers in the coming years.

However, volatile raw material prices and increasing demand for polymer products are anticipated to hinder the general development of electric vehicle (car) polymers during the forecast period as the worldwide market for electric vehicle (car) polymers expands. Moreover, the restricted knowledge and increasing need for technologically sophisticated polymers from electric car producers is a major challenge for the worldwide market for electric vehicle (car) polymers throughout the forecast period.

Recent News & Key Findings in Electric Vehicle (Car) Polymers Market:

  • Based on type, the engineering plastics of electric vehicle (car) polymers accounted for approximately 62% of the share in the global electric vehicle (car) polymers market in 2018.
  • Based on component, the interior segment is expected to grow at a CAGR of around 18% throughout the forecast period.
  • Asia-Pacific accounted for nearly 45% share of the global electric vehicle (car) polymers market in 2018
  • In July 2019, BASF introduced a fresh line of polymers containing high-temperature vulcanizing silicone (HTR), room temperature vulcanizing silicone (RTR) and liquid silicone rubber (LSR).

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