Press release
Emerging Trends Fueling Growth in Electric Vehicle Polymers Market: Significant Increase Expected with a CAGR of 61.7% in 2025 and 55.8% by 2029
Electric Vehicle Polymers Market Size
What Is The Projected Market Size Of The Global Electric Vehicle Polymers Market And Its Growth Rate?
• The electric vehicle polymers market was valued at $20.49 billion in 2024 and is expected to reach $33.12 billion in 2025, exhibiting a CAGR of 61.7%.
• Factors influencing this growth include early EV development, automotive industry shifts, and manufacturing advancements.
• By 2029, the market size is predicted to reach $195.04 billion, growing at a robust CAGR of 55.8%.
• Future growth drivers include evolving consumer preferences, urbanization, smart city initiatives, and increased performance requirements.
What Is Driving The Growth In The Electric Vehicle Polymers Market?
The increasing demand for electric vehicles is propelling the growth of the electric vehicle polymers market. Electric vehicles rely on polymers for their lightweight structure, contributing to increased efficiency and design flexibility. Rapidly growing sales of hybrid and electric vehicles, driven by consumer demand and favorable government policies, are significantly driving the market. For instance, the U.S. Energy Information administration reported a steep rise in light-duty vehicle sales, including hybrids, plug-in hybrids, and battery electric vehicles, accounting for 16.3% of total new car sales in 2023.
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Who Are the Key Players Driving Electric Vehicle Polymers Market Growth?
• 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.
What Are The Key Trends In The Electric Vehicle Polymers Market?
• Supply chain optimization
• Adoption of bio-based polymers
• Nanotechnology in polymer development
• Integration in interior components
• Customized polymer composites
What Are The Segments Of The Global Electric Vehicle Polymers Market?
• By Type: Engineering Plastics, Elastomers
• By Component: Powertrain System, Exterior, Interior
• By End User: Hybrid Electric Vehicles (HEV), Plug-In Hybrid Electric Vehicles (PHEV), Battery Electric Vehicles (BEV), Fuel Cell Electric Vehicle (FCEV)
Which Region Leads The Electric Vehicle Polymers Market?
The Asia-Pacific region dominated the electric vehicle polymers market in 2024. The growth in this region can be attributed to an increasing adoption of electric vehicles and significant technological advancements in countries like China, Japan, and South Korea.
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What Is Covered In The Electric Vehicle Polymers Market Global Market Report?
- Market Size Analysis: Analyze the Electric Vehicle Polymers Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Vehicle Polymers Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Vehicle Polymers Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Vehicle Polymers Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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