Electric Vehicle Polymers Market Size & Share, by Type (Engineering Plastics, Elastomers); Component (Synthetic Rubber, Natural Rubber); Application (Exterior, Interior) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3737
  • Published Date: Apr 03, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Electric Vehicle Polymers Market size is projected to surpass USD 650 billion by the end of 2035, growing at a CAGR of 72% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of electric vehicle polymers was over USD 13 billion. The growth of the market can be attributed to the increasing demand for electric vehicles. Further, as customer preference for battery-powered, lightweight cars changes, consumer demand for EVs has increased dramatically over the past several years across the globe are also expected to add to the market growth. Performance polymers are necessary for the overall design and attractiveness of electric automobiles, they are also employed to make them lighter. As of 2026, demand for plug-in EVs for passengers is anticipated to increase by more than 120% to approximately 20 million vehicles globally.

 In addition to these, factors that are believed to fuel the market growth of electric vehicle polymers include increasing government regulations. For instance, in recent years, more governments have focused on growing their nations' electric vehicle (EV) sectors. The adoption of electric cars has increased as a result of favorable government rules. To reduce the cost of electric cars, the government provides a variety of financial incentives. Further, to encourage the policy-driven adoption of plug-in electric cars, government incentives for them have been introduced all over the world.


Electric Vehicle Polymers Market
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Electric Vehicle Polymers Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Demand for Charging Infrastructure – On account of the increasing adoption of electric vehicles, the market is expected to expand more in the upcoming years. According to recent estimates, India would need more than 60,000 electric vehicle charging stations by 2032.
  • Rising Usage of Polymers – Owing to their great performance, affordability, and lightweight, polymers are frequently utilized to replace items made of metal and mineral-based materials. Further, to minimize the total weight of electric automobiles, the majority of manufacturers employ polymers in place of metals. India had an average increase in polymer consumption of approximately 190% between 2019 and 2020.
  • Surging Environmental Awareness – On account of the increasing air pollution, the market is expected to expand more in the upcoming years. Using fossil fuels for transportation emits carbon dioxide (CO2) into the atmosphere which is bad for both human and environmental health. Further, hybrid and electric vehicle (EV) production leads to less noise pollution, better air quality, and fuel savings. According to the most recent data, the growing environmental concern of the vast majority of people globally has increased by over 70% in 2019.
  • Increasing Manufacturing of Electric Cars – It is expected that increasing sales of electric cars are anticipated to drive market growth. It was discovered that 0ver 50% of electric automobiles were sold globally in 2022.

Challenges

  • Exorbitant Cost of Polymers - As compared to ordinary thermoplastics, high-performance polymers are frequently more costly, which is one of the major factors predicted to slow down the market growth. For instance, the increasing demand for insulating materials is being made by increased voltages in electric cars. Further, high-performance polymers such as PEEK are being utilized for this purpose more frequently.
  • Varying Prices of Raw Materials
  • Slow Innovation Rate in EV Manufacturing

Electric Vehicle Polymers Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~72%

Base Year Market Size (2022)

~ USD 13 Billion

Forecast Year Market Size (2035)

~ USD 650 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Electric Vehicle Polymers Segmentation

Type (Engineering Plastics, Elastomers)

The global electric vehicle polymers market is segmented and analyzed for demand and supply by type into engineering plastics, elastomers, and others. Out of the three types, the engineering plastics segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the growing automotive and transportation industry across the globe. Owing to their superior mechanical strength, high temperature, and abrasion engineering plastics are quickly replacing metals in the automobile sector. In addition to lowering weight, they improve fuel economy in automobiles. Further, engineering plastics are in greater demand owing to the fact that they are employed in a variety of transportation-related items, including mechanical components, engines, and fuel systems. As of 2021, worldwide motor vehicle manufacturing climbed by over 2%.

Application (Exterior, Interior)

The global electric vehicle polymers market is also segmented and analyzed for demand and supply by application into exterior, interior, and others. Amongst these three segments, the interior segment is expected to garner a significant share. Electric vehicles have started a new trend in automotive interiors since they aren't constrained by a heavy internal combustion engine or fuel tank. The creation of a wide array of electric vehicles with cutting-edge features and improvements is also projected to increase demand for polymers. For instance, modern electric car interiors are made of polymers rather than metal, which helps lighten the total weight of these cars. Owing to the polymer's durability, visual appeal, and ability to muffle noise, vibration, and harshness, it has become the ideal material for car interior elements. This, as a result, is anticipated to create numerous opportunities for the growth of the segment in the coming years.

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

      By Type

  • Engineering Plastics
  • Elastomers
  • Others

      By Component

      By Application

  • Interior
  • Exterior
  • Others

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Electric Vehicle Polymers Industry - Regional Synopsis

APAC Market Statistics

The Asian Pacific electric vehicle polymers market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the increasing air pollution in the region. A growing awareness of the need to reduce carbon footprints has prompted more individuals to shift to electric automobiles. For instance, the Indian government has put in place a number of strategic programs to reduce pollution across the country. India has ambitions to switch entirely to EVs in the next years, taking into account both its huge population and high levels of air pollution. The need for polymers in electric vehicles will rise as a result. Moreover, the growth in the production of hybrid and electric cars is also anticipated to contribute to the market growth in the region. In addition, the region's rising costs of conventional gasoline, are also anticipated to boost the market growth during the forecast period. According to estimates, over 2 million premature deaths occur each year in the Asia Pacific area as a result of air pollution.

North American Market Forecast

The North American electric vehicle polymers market, amongst the market in all the other regions, is projected to grow with the highest CAGR during the forecast period. The growth of the market can be attributed majorly to the growing use of electric vehicles. For instance, the boom in the usage of polymers in electric cars in the United States is mostly owing to an increase in the adoption and sales of these vehicles. Further, the stringent government regulations to encourage the usage of electric vehicles, are also anticipated to contribute to the market growth in the region. In addition, the region's government plans to improve the EV charging infrastructure over the next years, which is also anticipated to boost the market growth during the forecast period.

Europe Market Forecast

Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the increasing government regulations for the adoption of electric vehicles. For instance, the government of the region is encouraging the owners of diesel vehicles to transition to plug-in electric vehicles, by offering subsidies to them. In addition, some automakers in the area are heavily investing in increasing their facilities for manufacturing, which is also anticipated to boost market growth during the forecast period.

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Electric Vehicle Polymers Market Size
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Companies Dominating the Electric Vehicle Polymers Landscape

top-features-companies
    • 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

In-the-news

In The News

  • BASF SE teamed up with Shanshan to serve the worldwide consumer electronics and energy storage markets. The joint venture is expected to largely concentrate on the fast-expanding electric vehicle (EV) industry.

  • Saudi Basic Industries Corporation introduced thermoplastic solutions for essential EV battery technologies, to aid the sector in enhancing the performance of electric cars (EVs). Further, the company has developed a plastic-intensive EV battery pack concept, to fulfill the crucial industrial demands for flexible design, superior performance, increased safety, and better economics.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 3737
  • Published Date: Apr 03, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing demand of charging infrastructure, and rising usage of polymers are the major factors driving the market growth.

The market is anticipated to attain a CAGR of ~72% over the forecast period, i.e., 2023-2035.

Exorbitant cost of polymers, and varying prices of raw material are estimated to be the growth hindering factors for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are Asahi Kasei Corporation, LG Chem Ltd., Lanxess AG, Celanese Corporation, Solvay S.A., Covestro AG, DuPont de Nemours, Inc., Saudi Basic Industries Corporation, and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, component, application, and by region.

The engineering plastics segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Electric Vehicle Polymers Market Report Scope
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