Menu ×

CHEMICALS AND ADVANCED MATERIALS

Electric Vehicle Polymers Market Segmentation by Type (Engineering Plastics, Elastomers, and Others); by Component (Synthetic Rubber, Natural Rubber, and Others); by Application (Exterior, Interior, and Others); – Global Demand Analysis & Opportunity Outlook 2030

  • Text Size:

Extensive insights into the Growth of Electric Vehicle Polymers Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

Read More

IN THE NEWS

·    October 13, 2021: LANXESS launched high performance sustainable plastic polymer, Durethan BLUEBKV60H2.0EF, which is made of 92% sustainable alternatives.

·    August 2, 2021: Asahi Kasei Corporation launched a premium stretch fiber ROICA, made of elastic polyurethane filament for superior performance.

Global Electric Vehicle Polymers Market Highlights over 2022 – 2030

The global electric vehicle polymers market is estimated to grow at a CAGR of ~65% over the forecast period, i.e., 2022 – 2030. Electric vehicle polymers, or EV polymers are used as a replacement to metals, in order to reduce the weight of the vehicle. Reduced weight will improve the performance and fuel-efficiency of the car, which is the primary growth driver for the market. The growth of the market can be further attributed to the increasing demand for electric vehicles, backed by rising environmental awareness amongst the global population. Moreover, various advantages of EV polymers, such as, abrasion resistance, stiffness, strength, electrical insulation, and heat resistance, are projected to boost the market growth.

Electric Vehicle Polymers MarketIn addition to this, the sale of electric vehicles has increased tremendously over the past few years, baked by fluctuating petroleum prices, which is estimated to boost the market growth. According to the data by the International Energy Agency (IEA), the total sale of battery-powered electric vehicle (BEV) reached 2,008,024 units in 2020, up from 1,542,867 units in 2019.

Global Sales

The market is segmented by component into synthetic rubber, natural rubber, and others, out of which, the synthetic rubber segment is anticipated to hold the notable share in the global electric vehicle polymers market over the forecast period on account of various advantages of synthetic rubber, including resistance to heat and electricity, rigidity, and lower cost of production. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Chemicals Infographic

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Electric Vehicle Polymers Market Regional Synopsis

On the basis of geographical analysis, the global electric vehicle polymers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness modest growth over the forecast period on the back of growing chemical manufacturing industry in the region, backed by cheap labor and raw materials. Moreover, presence of major automobile manufacturers in the region is also projected to propel the market growth.

The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing adoption of electric vehicles in developed countries, such as, the U.S. and Canada. According to the report by IEA, over 231,088 battery-powered electric vehicles were sold in the US in 2020.

Electric Vehicle Polymers Market

The global electric vehicle polymers market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global electric vehicle polymers market includes the following segments:

By Type

  • Engineering Plastics
  • Elastomers
  • Others

By Component

  • Synthetic Rubber
  • Natural Rubber
  • Others

By Application

  • Interior
  • Exterior
  • Others

Growth Drivers

  • Increasing Sales of Electric Vehicles
  • Rising Use of Polymers to Reduce Vehicle Weight

Challenges

  • Slow Rate of Innovation in EV Production
  • High Initial Investment

Top Featured Companies Dominating the Market

  • BASF SE
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Evonik Industries AG
  • Asahi Kasei Corporation
  • LG Chem Ltd.
  • Lanxess AG
  • Celanese Corporation
  • Solvay S.A.
  • Covestro AG
  • DuPont de Nemours, Inc.
  • Saudi Basic Industries Corporation

FREQUENTLY ASKED QUESTIONS


Related Reports


Disclaimer | Privacy Policy | Terms & Conditions

Copyright © 2021 Research Nester. All Rights Reserved