Press release
Electric Vehicle Polymers Market 2024 - By Industry Size, Future Trends, Key Insights, Business Strategies And Outlook By 2033
Electric Vehicle Polymers Market
The Business Research Company presents an extensive market research report on the Electric Vehicle Polymers Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The electric vehicle polymers market size has grown exponentially in recent years. It will grow from $12.73 billion in 2023 to $20.68 billion in 2024 at a compound annual growth rate (CAGR) of 62.4%. The growth in the historic period can be attributed to early ev development, automotive industry shifts, manufacturing advancements, initial r&d in ev components, battery safety concerns..
The electric vehicle polymers market size is expected to see exponential growth in the next few years. It will grow to $126.47 billion in 2028 at a compound annual growth rate (CAGR) of 57.3%. The growth in the forecast period can be attributed to evolving consumer preferences, urbanization and smart city initiatives, increase in range and performance requirements, shift towards sustainable materials, global climate goals and emissions standards.. Major trends in the forecast period include supply chain optimization, adoption of bio-based polymers, nanotechnology in polymer development, integration in interior components, customized polymer composites..
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Key Market Players:
Major companies operating in the electric vehicle polymers market report are BASF SE, Saudi Basic Industries Corporation, LG Chemical Ltd., 3M Co, Sumitomo Chemical Co Ltd., Toray Industries Inc., Evonik Industries AG, Covestro AG, Shin-Etsu Chemical Co Ltd., Asahi Kasei Corporation, Solvay S.A., Mitsui Chemicals Inc., DuPont de Nemours Inc., Arkema SA, Celanese Corporation, Koninklijke DSM NV, Lanxess AG, Tosoh Corporation, DIC Corporation, Teijin Limited, Kumho Petrochemical Co Ltd., Ube Industries Ltd., Zeon Corporation, JSR Corporation, Kuraray Co Ltd., Sumitomo Bakelite Co Ltd., Mitsubishi Engineering-Plastics Corporation, Polyplastics Co Ltd.
Market Drivers:
The increasing demand for electric vehicles is expected to propel the growth of the electric vehicle polymers market going forward. An electric vehicle is a vehicle that runs on one or more electric motors that draw electricity from an external power source. Polymers are used in electric vehicles to reduce weight, boost efficiency, durability, and design flexibility. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, electric car sales set a new high in 2021, climbing by 4%. Sales nearly doubled to 6.6 million, increasing the total number of electric vehicles on the road to 16.5 million. Therefore, the increasing demand for electric vehicles is driving the growth of the electric vehicle polymers market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/electric-vehicle-polymers-global-market-report
The electric vehicle polymers market covered in this report is segmented -
1) By Type: Engineering Plastics, Elastomers
2) By Component: Powertrain System, Exterior, Interior
3) By End User: Hybrid Electric Vehicles (HEV), Plug-In Hybrid Electric Vehicles (PHEV), Battery Electric Vehicles (BEV), Fuel Cell Electric Vehicle (FCEV)
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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