Global Electric Vehicle Polymers Market Size By Polymer Type, By Application, By Electric Vehicle Type, By Geographic Scope And Forecast
Published Date: July - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Electric Vehicle Polymers Market Size By Polymer Type, By Application, By Electric Vehicle Type, By Geographic Scope And Forecast
Electric Vehicle Polymers Market Size And Forecast
Electric Vehicle Polymers Market size was valued at USD 22.13 Billion in 2023 and is projected to reach USD 151.63 Billion by 2031,growing at a CAGR of 30% during the forecast period 2024-2031.
Global Electric Vehicle Polymers Market Drivers
The market drivers for the Electric Vehicle Polymers Market can be influenced by various factors. These may include
Harsher Environmental Standards Automakers are being forced to produce electric vehicles as a result of the harsher emissions standards being imposed by governments across the globe. The performance and efficiency of EV components are greatly improved by polymers, which fuels market expansion.
Growing Need for Lightweight Materials As electric car producers work to increase the vehicles’ efficiency and range, there is an increasing need for lightweight materials like polymers. By lowering the vehicle’s overall weight, these materials contribute to increased energy economy and longer battery life.
Technological Advancements Continuous research and development in the field of polymer technology is resulting in the creation of new, high-performing materials designed especially for use in electric vehicle applications. The durability, heat resistance, and safety of EV components are being improved by these developments, which is propelling market growth.
Growing Global deployment of Electric automobiles The demand for EV polymers is being directly stimulated by the growing global deployment of electric automobiles. The demand for polymer-based parts, including as battery casings, interior trim, and charging infrastructure, is rising in tandem with the growth of EV sales.
Emphasis on Recyclable and Sustainable Materials The car industry is moving towards recyclable and sustainable materials as environmental concerns grow. Consumer preferences and business sustainability activities are driving the EV market’s growth of eco-friendly polymers with properties like biodegradability and recyclability.
Global Electric Vehicle Polymers Market Restraints
Several factors can act as restraints or challenges for the Electric Vehicle Polymers Market. These may include
High Initial Investment Costs Research, technology, and manufacturing infrastructure are frequently the subjects of large upfront investments in the development and manufacturing of specialised polymers suited for electric vehicle applications. These expensive start-up expenses may prevent smaller competitors from entering the market and restrict its expansion.
Inadequate Recycling Infrastructure Despite the automobile industry’s rising focus on sustainability, there is a problem with the ineffective recycling infrastructure for polymers. Polymer-based electric vehicle components are difficult and expensive to recycle, which makes it difficult for recovered materials to be widely used and raises environmental concerns.
Price fluctuations for raw materials used in the production of polymers, such as petrochemicals and resins, can have a significant effect on the profitability of producers and cause supply chains to become unstable. It is difficult for businesses to appropriately estimate expenses and sustain competitive pricing strategies when there is uncertainty surrounding the prices of raw materials.
Performance Limitations of Polymers Although polymer technology has advanced, there are still some performance limitations, especially with regard to aspects like mechanical strength, heat resistance, and durability. For producers of polymers, meeting the strict specifications of electric vehicle components—particularly those pertaining to safety and dependability—may provide technological difficulties.
Competition from Alternative Materials Advanced metals, composites, and ceramics are among the alternatives available to electric car makers for lightweighting and improving vehicle performance, in addition to polymers. The competition from these substitute materials, which might have better qualities in some uses, limits the market’s expansion for EV polymers.
Global Electric Vehicle Polymers Market Segmentation Analysis
The Global Electric Vehicle Polymers Market is segmented on the basis of Polymer Type, Application, Electric Vehicle Type, And Geography.
Electric Vehicle Polymers Market, By Polymer Type
Thermoplastics These polymers can be melted and reformed repeatedly, making them suitable for various EV components such as interior trim, exterior body panels, and battery enclosures.
Thermosets These polymers undergo a chemical reaction during curing, resulting in a permanent shape. They are used in applications requiring high heat resistance, such as under-the-hood components and electrical insulation.
Electric Vehicle Polymers Market, By Application
Battery Encapsulation Polymers are used to encapsulate and protect battery cells in electric vehicles, providing thermal and mechanical stability while ensuring safety.
Interior Components Polymers are utilized in interior components like dashboards, door panels, and seating systems to enhance aesthetics, comfort, and durability.
Exterior Components Polymers contribute to lightweighting and aerodynamic efficiency in exterior components such as body panels, bumpers, and spoilers.
Charging Infrastructure Polymers play a role in the construction and insulation of charging connectors, cables, and stations, ensuring reliable and safe charging operations.
Powertrain Components Polymers are employed in powertrain components like motor housings, connectors, and cooling systems to withstand high temperatures and mechanical stresses while reducing weight.
Electric Vehicle Polymers Market, By Electric Vehicle Type
Battery Electric Vehicles (BEVs) These vehicles rely solely on electric power stored in batteries, requiring polymers for various components across the vehicle.
Plug-in Hybrid Electric Vehicles (PHEVs) PHEVs combine an internal combustion engine with an electric motor and battery, utilizing polymers in both electric and traditional vehicle systems.
Hybrid Electric Vehicles (HEVs) HEVs use a combination of an internal combustion engine and an electric motor, employing polymers for components related to both power sources.
Electric Vehicle Polymers Market, By Geography
North America Market conditions and demand in the United States, Canada, and Mexico.
EuropeAnalysis of the Electric Vehicle Polymers Market in European countries.
Asia-Pacific Focusing on countries like China, India, Japan, South Korea, and others.
Middle East and Africa Examining market dynamics in the Middle East and African regions.
Latin America Covering market trends and developments in countries across Latin America.
Key Players
The major players in the Electric Vehicle Polymers Market are
BASF SE
Covestro AG
DuPont de Nemours, Inc.
Evonik Industries AG
Lanxess AG
SABIC
Solvay SA
LG Chem
Asahi Kasei Corporation
Corporation
Covestro AG
Dupont
Celanese Corporation
Asahi Kasei Corporation.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2021-2031
BASE YEAR
2024
FORECAST PERIOD
2024-2031
HISTORICAL PERIOD
2021-2023
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
BASF SE, Covestro AG, DuPont de Nemours, Inc., Evonik Industries AG, Lanxess AG, Solvay SA, LG Chem, Asahi Kasei Corporation, Corporation, Dupont.
SEGMENTS COVERED
By Polymer Type, By Application, By Electric Vehicle Type, And By Geography.
CUSTOMIZATION SCOPE
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