The Global Electric Vehicle Polymers Market to Acquire $47.14 Billion in Revenue by 2028

As per Triton's research report, the global electric vehicle polymers market gained $4.19 billion in 2019. It is further set to display growth at 30.84% of CAGR by 2028.

A recent study by Triton Market Research titled ‘Global Electric Vehicle Polymers Market’ comprises the Global Analysis and Forecasts by Application (Powertrain, Internal, External), Polymer Type (Elastomers [Silicone Elastomer, Rubber, Fluoro Elastomer, Other Elastomers], Engineering Plastics (Acrylonitrile Butadiene Styrene (ABS), Polypropylene (PP), Polyurethane (PU), Polyamide (PA), Polyethylene (PE), Polyvinyl Chloride (PVC), Polycarbonate (PC), Polymethyl Methacrylate (PMMA), Other Engineering Plastics], Other Polymer Types), and by Geography (Europe, Latin America, Middle East and Africa, Asia-Pacific, North America).

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Triton's report estimates that the electric vehicle polymers market would grow at a CAGR of 30.84% during the forecast years 2019-2028. It will further register revenue growth valued at $47.14 billion by 2028.

Polymers are used to lighten the weight of electric vehicles by replacing conventional metals without hampering the vehicle's functionality and efficiency. The usage of polymers in the external and internal parts have made electric cars more ergonomic and quieter.

Electric vehicles require highly efficient thermal management, which consists of optimum heating and cooling. Hence, the proper functioning of high voltage components needs the deployment of a higher quality of polymers. Apart from exceptional motor performance, the polymers also guarantee easy formability and low weight of the vehicles that ensure extended electric range. This demand for high-performing polymers in electric cars is one of the major factors driving the electric vehicle market. However, the fluctuations in the prices of raw material will hinder the growth of the electric vehicle polymers market.

The electric vehicle polymers market is divided into two major categories, application and polymer type. The application segment is sub-divided into powertrain, internal, and external. Based on polymer type, the division is into elastomer, engineering plastics, and other polymer types. Additionally, elastomers are further branched into silicone elastomer, rubber, fluoro elastomer, and other elastomers. Similarly, engineering plastics are categorized into Acrylonitrile Butadiene Styrene (ABS), Polypropylene (PP), Polyurethane (PU), Polyamide (PA), Polyethylene (PE), Polyvinyl Chloride (PVC), Polycarbonate (PC), Polymethyl Methacrylate (PMMA), and other engineering plastics.

The Asia-Pacific region is leading the electric vehicle polymers market globally, owing to the surge in the adoption of high-performance electric vehicles in countries such as China, South Korea, and Japan. The government regulations and policies to eliminate the pollutants and subsidies for electric vehicles are also assisting in the adoption of electric vehicles in the region. Furthermore, several leading manufacturers are launching more plug-in hybrid versions in the existing vehicle models as the demand for plug-in hybrid vehicles surge in the region's market. The increase in the demand for electric vehicles will promote the need for polymers used in the internal and external components of these vehicles. This will simultaneously boost the studied market growth in the APAC region.

China Sinopec (China Petrochemical Corporation), LyondellBasell Industries NV, Daikin Industries Ltd, Asahi Kasei Corp, Celanese Corporation, Saudi Basic Industries Corporation (SABIC), Royal DSM NV, Mitsubishi Chemical Corporation, AGC Chemicals Americas Inc, Sumitomo Chemical Company Limited, Solvay SA, Lanxess AG, BASF SE, Evonik Industries AG, Covestro AG, Arkema SA, LG Chem Ltd, Elkem ASA, JSR Corporation, and DuPont are the eminent companies in the market.

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Question & Answer: Electric Vehicle Polymers Market

Question 1: What elements are responsible for the growth of global electric vehicle polymers market?
Answer: Electric vehicles require highly efficient thermal management, which consists of optimum heating and cooling. Hence, the proper functioning of high voltage components needs the deployment of a higher quality of polymers. Apart from exceptional motor performance, the polymers also guarantee easy formability and low weight of the vehicles that ensure extended electric range. This demand for high-performing polymers in electric cars is one of the major factors driving the electric vehicle market.

Question 2: What factors are hindering the growth of the electric vehicle polymers market?
Answer: Fluctuations in the prices of raw material will hinder the growth of the electric vehicle polymers market.

Question 3: Which region is leading the electric vehicle polymers market?
Answer: The Asia-Pacific region is leading the electric vehicle polymers market globally, owing to the surge in the adoption of high-performance electric vehicles in countries such as China, South Korea, and Japan. The government regulations and policies to eliminate the pollutants and subsidies for electric vehicles are also assisting in the adoption of electric vehicles in the region.
Furthermore, several leading manufacturers are launching more plug-in hybrid versions in the existing vehicle models as the demand for plug-in hybrid vehicles surge in the region's market. The increase in the demand for electric vehicles will promote the need for polymers used in the internal and external components of these vehicles. This will simultaneously boost the studied market growth in the APAC region.

Question 4: Which are the key establishments present in the electric vehicle polymers market?
Answer: China Sinopec (China Petrochemical Corporation), LyondellBasell Industries NV, Daikin Industries Ltd, Asahi Kasei Corp, Celanese Corporation, Saudi Basic Industries Corporation (SABIC), Royal DSM NV, Mitsubishi Chemical Corporation, AGC Chemicals Americas Inc, Sumitomo Chemical Company Limited, Solvay SA, Lanxess AG, BASF SE, Evonik Industries AG, Covestro AG, Arkema SA, LG Chem Ltd, Elkem ASA, JSR Corporation, and DuPont are the eminent companies in the market.

Related Report:
Global Wireless Charging Market

The global wireless charging market is expected to display growth in its revenue value during 2019-2028 at a CAGR 24.89%. It will generate revenue worth $28.61 billion by 2028.

The wireless charging technology assists in enabling power sources to transfer electromagnetic energy to the electric load across the air gap without the interconnecting cords. As compared to the traditional charging cord, wireless charging eliminates the hassle caused by the connecting cables, and thus proves to be consumer-friendly. The wireless charging technology is beneficial in applications ranging from low-power toothbrushes to high-power electric vehicles, owing to its convenience capabilities.

Furthermore, wireless charging offers a reliable and suitable charging process, facilitating the efficient powering of electronic devices in various locations. This technology provides benefits such as efficiency, cost, and safety over traditional charging cables. The adoption of smart homes and offices, along with the provision of in-built charging options in several devices, is generating multiple opportunities for the growth of the market. Whereas, lack of electric vehicle charging infrastructure and the deficiency of unified standards regarding conformity are hampering the wireless charging market growth.

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