Press release
Global Electric Vehicle Polymers Market Worth $191.46 Billion by 2029, Growing at 55.4% CAGR
Electric Vehicle Polymers
Electric Vehicle Polymers Market Outlook: What Size And CAGR Are Anticipated By 2025?
In recent years, the market size of electric vehicle polymers has experienced substantial growth. The market, which was valued at $20.49 billion in 2024, is projected to expand to $32.83 billion in 2025, reflecting a compound annual growth rate (CAGR) of 60.3%. This impressive growth during the historical period can be traced back to early efforts in EV development, transformation in the automotive industry, advancements in manufacturing processes, initial R&D in EV components, and concerns over battery safety.
What Is the Expected CAGR for the Electric Vehicle Polymers Market Growth Through 2029?
The polymers market specifically for electric vehicles is projected to experience a major surge in the coming years, with estimates suggesting a market valuation of $191.46 billion by 2029, growing at a compound annual growth rate of 55.4%. Factors contributing to this growth over the prediction period can be associated with changing consumer trends, urbanization, smart city movements, an increase in demand for better performance and range, a shift towards more sustainable materials along with global aims related to climate and emission standards. The market dynamics in the projected period also show trends such as enhancing the efficiency of supply chains, utilization of bio-based polymers, the application of nanotechnology in polymer creation, interior components integration, and the customisation of polymer composites.
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What Are the Primary Drivers Behind Electric Vehicle Polymers Market Growth?
The surge in electric vehicle needs is set to fuel the expansion of the electric vehicle polymers market. An electric vehicle operates using one or more electric motors that source power externally. Polymers, utilized in electric vehicles, help lessen weight, enhance efficiency, durability, and facilitate a flexible design. For instance, the U.S. Energy Information Administration reported in January 2024 that in 2023, 16.3% of the total new light-duty vehicle sales in the US were a combination of hybrid, plug-in hybrid electric, and battery electric vehicles. Furthermore, data from the Department Of Energy revealed in March 2022 that in 2021, electric vehicle sales accounted for 73% of all plug-in electric vehicle sales in the US. Hence, the burgeoning demand for electric vehicles is fostering the evolution of the electric vehicle polymers market.
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What Are the Key Segments Driving Electric Vehicle Polymers Market Growth?
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
What Are the Technological Trends Impacting the Electric Vehicle Polymers Market?
The emergence of product innovations is a significant trend witnessing an upsurge in the electric vehicle polymers industry. Corporations in this sector are bringing forth novel products to uphold their market standing. For instance, Solvay, a chemicals firm based in Belgium, introduced a new polymer, Xydar LCP G-330 HH, specifically for electric vehicle battery module insulation that can withstand high temperatures, in March 2023. This new liquid crystal polymer grade bolsters passenger protection in the event of a battery thermal runaway. Specially created for battery module plates of high-voltage electric vehicles, this pioneering high-heat and flame-proof grade meets the stringent thermal and insulation specifications. It is an injection-molded, glass-filled LCP that can retain its electric insulation despite exposure to 400°C for half an hour. Xydar LCP, which is inherently flame-resistant, does not require the addition of halogen or bromine additives.
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Who Are the Major Competitors in the Global Electric Vehicle Polymers Market?
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.
Which Region Dominates the Electric Vehicle Polymers Market Share in 2025?
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.
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