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Electric Vehicle Polymers Market Report 2024 Latest Insights, Growth Rate, Future Trends And Forecast | Key Players : BASF SE, Saudi Basic Industries Corporation, LG Chemical Ltd., 3M Co, Sumitomo Chemical Co Ltd., Toray Industries Inc.
Electric Vehicle Polymers Global Market Report 2024
As per the report, 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 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%.
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Driving Forces Behind The Surge Is The Intersection Of Electric Vehicles And Polymer Innovations
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.
Revolutionizing Electric Vehicle Battery Module Insulation For Enhanced Safety
Product innovations are a key trend gaining popularity in the electric vehicle polymers market. Companies operating in the electric vehicle polymers market are innovating new products to sustain their position in the market. For instance, in March 2023, Solvay, a Belgium-based chemical company, launched Xydar LCP G-330 HH, a new polymer for high-heat electric vehicle battery module insulation. A new liquid crystal polymer grade, Xydar LCP G-330 HH, will boost passenger safety during a battery thermal runaway. It is a brand-new high-heat and flame-resistant grade explicitly designed for the battery module plates of electric vehicle models running on higher voltage systems. It fulfills demanding thermal and insulation requirements. It is an injection-molded glass-filled LCP that can maintain its electrical insulation after being exposed to 400°C for 30 minutes. Without the addition of halogen or bromine additives, Xydar LCP is a naturally flame-resistant polymer.
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)
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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.
Contents of the report:
1. Executive Summary
2. Electric Vehicle Polymers Market Report Structure
3. Electric Vehicle Polymers Market Trends And Strategies
4. Electric Vehicle Polymers Market - Macro Economic Scenario
5. Electric Vehicle Polymers Market Size And Growth
…..
27. Electric Vehicle Polymers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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