Global Electric Vehicle (Car) Polymers Market Is Expected to Grow at A CAGR of 14.5% 2019-2026

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.

Electric vehicle (car) polymers are the substitute for the metals. These polymers are used in electric cars to reduce their weight without affecting the efficiency of the car. The polymers have similar properties as metals such as abrasion resistance, stiffness, toughness, electrical insulation, heat resistance, and flame retardancy. The growth of the electric vehicle (car) polymers market is primarily driven by increasing use to reduce the weight of electric cars, increasing manufacturing and sales of electric cars across the globe, and stringent government regulations to reduce the carbon footprint.

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Moreover, changing government policies to increase the sales of electric cars and increasing the use of polymers in components of electric cars are expected to create opportunities for the manufacturers in the global market over the forecast period. However, volatile prices of raw materials and the high price of polymers are expected to hamper the growth of the global electric vehicle (car) polymers market in the coming years. The engineering plastics segment expected to dominate the market throughout the forecast period Based on type, the global electric vehicle (car) polymers market has been segmented into engineering plastics and elastomers.

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. While elastomers segment accounted highest CAGR of around 19.1% in the global electric vehicle (car) polymers market during the forecast period. Elastomers are widely adopted for insulation in the cars and the manufacturing of tires owing to the enhanced properties and advantages.

These benefits are expected to enhance the demand and sales for Elastomers across the developed and developing countries in the global market.Based on component, the interior segment is expected to grow at a CAGR of around 18% throughout the forecast period.Based on the component, the market has been segmented into a powertrain system, exterior, interior, and others.

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The interior segment accounts of the largest share in the market and are expected to grow at a CAGR of around 18% during the forecast period. While the exterior is expected to hold the CAGR of nearly 15% during the forecast period. The increase in the development and easy availability of polymers and replacement of metal alloys in the exterior components, such as bumpers, door pillars, door handles, lights, trunk, window glasses, and windshields with polymers, to reduce the overall weight of the electric cars is expected to grow the demand for exterior components.

The manufacturers DowDuPont (US), BASF (Germany), and Covestro (Germany) are mainly investing in the development of exterior components, which expected the lead the market in the coming years.Asia-Pacific to dominate the electric vehicle (car) polymers market throughout the forecast periodAsia-Pacific accounted for nearly 45% share of the global electric vehicle (car) polymers market in 2018 and is expected to dominate the market throughout the forecast period. The rapid growth in the urbanization and liberalization of foreign direct investment in the automotive industry are the major driving factor for the region in the global market.

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Moreover, the increasing largest consumer of electric car polymers owing to the increasing production of electric cars in China, Japan, South Korea, among other countries.North America is expected to hold the highest CAGR in the global market during the forecast period.

The manufacturers are investing in North American countries to meet the demand for polymers used in electric vehicles. The increasing demand for electric vehicles and the development of metal substitutes used in electric vehicles are expected to enhance the market growth in the global electric vehicle (car) polymers market during the forecast.
Company Profiles and Competitive Intelligence:

The major players operating in the global electric vehicle (car) polymers market are
o DowDuPont (US),
o BASF (Germany) Covestro (Germany),
o Celanese (US),
o SABIC (Saudi Arabia),
o Solvay (Belgium),
o LANXESS (Germany),
o LG Chem (South Korea),
o Asahi Kasei (Japan),
o Evonik Industries (Germany)
o among others.

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This release was published on openPR.