Electric Vehicle (Car) Polymers Market worth $52.5 billion by 2024 | Key players BASF, DowDuPont, Covestro, Celanese, SABIC

According to recent market research "Electric Vehicle (Car) Polymers Market by Type (Engineering Plastics (ABS, PA, PC, PPS, Fluoropolymer), Elastomers (Synthetic Rubber, Natural Rubber, Fluoroelastomer)), Component (Powertrain, Exterior, Interior), and Region - Global Forecast to 2024", The electric vehicle (car) polymers market size is estimated to be USD 4.1 billion in 2019 and projected to reach USD 52.5 billion by 2024, at a CAGR of 67%. The growing demand for electric cars due to increasing regulations to reduce the carbon footprint; developing charging infrastructure; decreasing battery prices; and longer driving ranges of electric cars is expected to drive the market.

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Engineering plastics is the larger than elastomers type segment of the electric vehicle (car) polymers market. Owing to their enhanced properties and advantages, they are used in electric cars as a substitute for metals for lightweighting of the cars. These polymers can be used in all three segments of components, namely powertrain, exterior, and interior. Some of the majorly used engineering plastics are acrylonitrile butadiene styrene, polyamide, polycarbonate, and polyphenylene sulfide.

Exterior body of an electric car accounts for the second largest share in the overall weight of the electric car. Earlier, metal alloys were used in exterior parts, which are prone to dents, corrosion, and add to the weight of the cars. But, in recent times, major electric car manufacturers have replaced 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.

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The global electric vehicle (car) polymers market size is projected to grow from USD 4.1 billion in 2019 to USD 52.5 billion by 2024, at a compound annual growth rate (CAGR) of 67%, during the forecast period. Electric vehicle polymers are the polymers that are used in electric cars to reduce weight without affecting the efficiency of the car. Polymers are the only materials that can replace metals as they have similar properties to those of metals, such as flame retardancy, abrasion resistance, stiffness, toughness, electrical insulation, and heat resistance. Replacing metals with the polymers is a key solution for the electric car manufacturers to reduce the overall weight of the electric cars. The increasing demand for lightweighting the electric cars is a major factor driving the electric vehicle polymers market.

The key players in the electric vehicle polymers market are BASF (Germany), DowDuPont (US), Covestro (Germany), Celanese (US), SABIC (Saudi Arabia), Solvay (Belgium), LANXESS (Germany), LG Chem (South Korea), Asahi Kasei (Japan), and EvonikIndustries (Germany). These players have adopted the strategies of expansion, new product development, and acquisition to increase their product offerings and expand their geographic presence.

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DowDuPont (US) used expansion and new product development as its key strategies to increase its geographic presence and strengthen product offering. In November 2018, DowDuPont announced that they would invest more than USD 80 million to build a new manufacturing facility in Jiangsu Province in East China. This facility will produce compounded high-end engineering plastics that will cater to electronics, transportation, and industrial and consumer products markets. In October 2018, the company introduced a new product by the name HTR8745 BK320, which is a new grade of TPC-ET. It has been developed for blow molding of constant velocity joints (CVJ).

Celanese (US) used acquisition and expansion strategies in the recent years to increase its footprint, globally. In October 2018, the company announced that it will acquire Next Polymers Ltd, an India-based engineering thermoplastic manufacturing company, through which it expects to increase its presence in the growing polymer market. In April 2018, the company announced the addition of a new GUR UHMW production line at its production facility in Nanjing, China to support the growth of its engineered material business due to the growing electric cars market. The new production line will increase the production capacity of the company for GUR UHMW-PE by 15 kilotons annually, by 2019.

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