Electric Vehicle (Car) Polymers Market : DowDuPont, BASF, Covestro, Celanese, SABIC are the major players

Growing demand for electric vehicles across the globe and increasing use to reduce the weight of electric cars are expected to drive the growth of the electric vehicle (car) polymers market. 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.

According to the International Energy Agency's (IEA), the battery electric vehicle sales witnessed an annual growth rate of 63%, in terms of volume, between 2016 and 2017. Moreover, the growing demand for electric vehicles is ascribed to the increasing regulation of the manufacturing and use of internal combustion engines (ICE) and the increasing preference for electric cars over ICE vehicles by clients worldwide. This expected to enhance the production to meet the growing consumption of electric cars and electric vehicle polymers over the forecast period.

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Company Profiles and Competitive Intelligence:

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

Increased demand for electric vehicles around the globe and increased use to decrease the weight of electric cars, as well as strict public laws for the use of ICE vehicles, are the primary drivers for the development of the worldwide market for electric vehicles (cars) polymers over the forecast period. Moreover, the development of metal replacements in multiple parts of electric vehicles and the increasing manufacturing of electric vehicles in developing countries is anticipated to increase the size of the industry. This is also anticipated to open up investment possibilities in the worldwide market for producers in the coming years.

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However, volatile raw material prices and increasing demand for polymer products are anticipated to hinder the general development of electric vehicle (car) polymers during the forecast period as the worldwide market for electric vehicle (car) polymers expands. Moreover, the restricted knowledge and increasing need for technologically sophisticated polymers from electric car producers is a major challenge for the worldwide market for electric vehicle (car) polymers throughout the forecast period.

Electric Vehicle (Car) Polymers Market Segmentation
By Type
1. Engineering Plastics
2. Elastomers

By Component
1. Powertrain System
2. Exterior
3. Interior
4. Others

By Region
1. North America (US and Canada)
2. Europe (UK, Germany, France and Rest of Europe)
3. Asia Pacific (China, Japan, India and Rest of Asia Pacific)
4. Latin America (Brazil, Mexico and Rest of Latin America)
5. Middle East & Africa (GCC and Rest of Middle East & Africa)

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This release was published on openPR.