Press release
Electric Vehicle Polymers Market Poised for 56 % Growth, Set to Hit $195.04 Billion by 2029
Electric Vehicle Polymers Market
The growth of the electric vehicle polymers market is projected to be driven by the rising consumer demand for electric vehicles. An electric vehicle, powered by one or more electric motors and gains electricity from an external source, employs polymers to enhance weight reduction, efficiency, durability, and design flexibility. To illustrate, the U.S. Energy information administration reported in January 2024 that hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles collectively accounted for 16.3% of all new light-duty vehicle sales in the US in 2023. Furthermore, in March 2022, the U.S. Department Of Energy statistics showed that in 2021, 73% of all plug-in electric vehicle sales in the US were electric vehicles. Consequently, the burgeoning demand for electric vehicles is fueling the expansion of the electric vehicle polymers market.
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What Is the projected market size and growth rate for the electric vehicle polymers market?
In recent times, the market size of electric vehicle polymers has seen a significant expansion. The market is projected to expand from $20.49 billion in 2024 to $33.12 billion in 2025, showcasing a compound annual growth rate (CAGR) of 61.7%. The past growth of this market can be traced back to the early stages of EV development, transitions within the automotive industry, advancements in manufacturing, preliminary research and development in EV parts, along with concerns surrounding battery safety.
An enormous surge in growth is anticipated in the electric vehicle polymers market over the next few years, reaching a value of $195.04 billion in 2029, with a compound annual growth rate (CAGR) of 55.8%. This growth during the projected period is fueled by factors such as changing consumer preferences, urbanization, initiatives towards smart cities, enhanced performance requirements, shift towards sustainable materials, and global climate and emission objectives. Key trends for the forecast period also include optimizing supply chain processes, embracing bio-based polymers, implementing nanotechnology in polymer production, integration into interior components, and development of custom polymer composites.
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What are the most significant trends transforming the electric vehicle polymers market today?
One significant trend in the electric vehicle polymers market is the increase in product innovation. Businesses in this sector are creating new merchandise to maintain their market presence. For example, Solvay, a Belgium-based chemical company, unveiled Xydar LCP G-330 HH, a novel polymer designed for high-heat insulation of electric vehicle battery modules, in March 2023. This new grade of liquid crystal polymer, Xydar LCP G-330 HH, enhances passenger safety by preventing battery thermal runaway. This unique high-heat and flame-resistant grade is designed specifically for the battery plate modules of electric vehicles that utilize high voltage systems. It meets all rigorous thermal and insulation requirements. This injection-molded, glass-filled LCP retains its electrical insulating properties even after exposure to temperatures of 400°C for half an hour. With no addition of halogen or bromine additives, Xydar LCP is a naturally flame-resistant polymer.
What major market segments define the scope and growth of the electric vehicle polymers market?
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)
Subsegments:
1) By Engineering Plastics: Polycarbonate (PC), Polyamide (PA), Polyethylene Terephthalate (PET), Polypropylene (PP), Acrylonitrile Butadiene Styrene (ABS)
2) By Elastomers: Thermoplastic Elastomers (TPE), Ethylene Propylene Diene Monomer (EPDM), Silicone Elastomers, Natural Rubber
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Which region dominates the electric vehicle polymers market?
Asia-Pacific was the largest region in the electric vehicle polymers market in 2024. The regions covered in the electric vehicle polymers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the electric vehicle polymers industry growth?
Major companies operating in the electric vehicle polymers market include 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.
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What Is Covered In The Electric Vehicle Polymers Global Market Report?
• Market Size Forecast: Examine the electric vehicle polymers market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the electric vehicle polymers market for a structured understanding.
• Key Players Overview: Analyze major players in the electric vehicle polymers market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electric vehicle polymers market.
• Segment Contributions: Evaluate how different segments drive overall growth in the electric vehicle polymers market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electric vehicle polymers market.
• Industry Challenges: Identify potential risks and obstacles affecting the electric vehicle polymers market.
• Competitive Landscape: Review strategic developments in the electric vehicle polymers market, including expansions, agreements, and new product launches.
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