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IN THE NEWSOctober 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.
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.
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In 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.
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.
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.
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.
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The global electric vehicle polymers market is further classified on the basis of region as follows:
Our in-depth analysis of the global electric vehicle polymers market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing adoption of electric vehicles is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~65% over the forecast period, i.e., 2022 – 2030.
Slower rate of innovation in EVs is estimated to hamper the market growth.
The market in the North America region is estimated to provide most growth opportunities over the forecast period, owing to the increasing adoption of EVs in the region.
The major players in the market are Evonik Industries AG, Asahi Kasei Corporation, LG Chem Ltd, Lanxess AG, Celanese Corporation, Solvay S.A., Covestro AG, 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 hold largest market size over the forecast period and display significant growth opportunities.
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