Global Polymers in Electric Vehicles Market is segmented By Type (Polyurethane, Polypropylene, Polycarbonate, Polyethylene, ABS, PVC, Others (PMMA, PA, and many more)), By Application (Interior, Exterior), By End-User (Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), Plug-in Hybrid Electric Vehicles (PHEV), Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Polymers in Electric Vehicles Market Overview
The global polymers in electric vehicles market reached USD YY million in 2023 and is projected to witness lucrative growth by reaching up to USD YY million by 2031. The market is growing at a CAGR of 69.5% during the forecast period (2024-2031).
Polymers are crucial for electric vehicle interiors, meeting regulations, standards, and performance requirements. With the development of newer, lighter-weight vehicles, the use of polymers in electric vehicles is expected to increase. The global polymers in electric vehicles market is expected to experience significant growth in the coming years, driven by the increasing demand for electric vehicles and the need for weight reduction and improved efficiency. Additionally, the market is driven by the rising demand for sustainable and eco-friendly materials in the automotive industry. North America and Europe are expected to lead the market due to their significant investments in electric vehicle production and advanced automotive technologies.
Polymers in Electric Vehicles Market Scope and Summary
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Metrics |
Details |
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CAGR |
69.5% |
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Size Available for Years |
2022-2031 |
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Forecast Period |
2024-2031 |
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Data Availability |
Value (US$) and Volume (Tons) |
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Segments Covered |
Type, Application, End-User and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
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Fastest Growing Region |
Asia-Pacific |
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Largest Region |
North America |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Polymers in Electric Vehicles Market Dynamics and Trends
Global EV sales growth has increased the demand for polymers used to make different vehicle parts
Due to their minimal negative economic and environmental effects, electric vehicles (EVs) have been demonstrating to be a significant revolution and part of the future auto market. Global EV sales growth has increased the demand for polymers used to make different vehicle parts. The International Energy Agency (IEA) reports that sales of electric vehicles hit 6.6 million in 2021, up from 3 million in 2020, and there are currently an estimated 16 million electric vehicles on roads worldwide.
In order to achieve high efficiency and a decent strength-to-weight ratio, which are the foundations of the majority of EV technologies, lightweight materials are crucial. An increasing use of polymers in electric car components, increasing government initiatives encouraging the use of eco-friendly vehicles, including EVS, and a growing focus on reducing the heft of electric cars while improving the range and energy efficiency of batteries and motors are the key factors controlling market revenue growth. Polymers are also used in EVS to decrease overall weight while keeping strength, effectiveness, efficiency, and aesthetics. It is the only known substance with qualities that make it an excellent substitute for metals in electric vehicles (EVs), including stiffness/rigidity, hardness, electrical insulation, heat and flame/temperature resistance and abrasion resistance.
The high cost of raw materials and production
The high cost of polymers is primarily due to the cost of raw materials and the cost of production. The raw materials used to produce polymers are expensive, and the process of producing these materials is also energy-intensive and requires specialized equipment, which adds to the cost. The high cost of producing materials, such as polyurethane and polypropylene, makes it difficult for manufacturers to produce them at a competitive price point. Thus, the high cost of polymers in electric vehicles (EVs) is a significant factor restraining the market growth.
Segmentation analysis
The global polymers in electric vehicles market is segmented based on type, application, end-user and region.
Developing new and advanced polymers specifically for BEV applications and the increasing focus on sustainability
The polymers in the electric vehicles market by end-user are segmented into battery electric vehicles (BEV), hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV) and others. Battery electric vehicles are the largest end-user of global polymers in the electric vehicles market due to their growing popularity and demand. Developing new and advanced polymers specifically for BEV applications also drives the market growth. With the advancement of technology and the increasing focus on sustainability, the demand for BEVs is expected to continue to grow, which will drive the growth of the global polymers in EV market.
Source: DataM Intelligence Analysis (2023)
Polymers in Electric Vehicles Market Geographical Penetration
The rising regional popularity of electric vehicles and the presence of many international and local players in the electric vehicles and polymer markets
Asia-Pacific has a leading regional share in the global polymers in the electric vehicles market. It has the greatest market share because of its rising regional popularity. The market share there is the highest due to the region's significant emerging markets, including China, India, Japan, and South Korea. Additionally, many international polymers in the electric vehicles market companies are based in Asia-Pacific, so it is expected to influence the polymers and electric vehicles market in the future.
Source: DataM Intelligence Analysis (2023)
Polymers in Electric Vehicles Companies and Competitive Landscape
The major global players include BASF SE, Celanese Corporation, Covestro AG, DuPont de Nemours, Inc., Evonik Industries AG, Asahi Kasei Corporation, Kumho Polychem, Lanxess AG, Saudi Basic Industries Corporation, and Solvay.
Key Developments
- On March 12, 2023, Berkeley Lab researchers developed a conductive polymer covering known as HOS-PFM, which may allow more powerful, long-lasting lithium-ion batteries for electric vehicles. The breakthrough paves the way for the development of more cheap and simple-to-manufacture EV batteries.
- Apollo Tire launched two tire brands for electric automobiles and two-wheelers on August 1, 2022. The company is already in talks with multiple OEMs in India about supplying these tires for electric vehicles, and it plans to dominate the EV market in India, in both the PV and two-wheeler segments.
- Borealis and Borouge, two leading providers of innovative, value-added plastics solutions, announced the introduction of a number of new polypropylene (PP) compounds in the Daplen family of PP thermoplastic olefin (TPO) compounds and the Fibremod range of PP fiber reinforced compounds on March 3, 2020.
Why Purchase the Report?
- To visualize the global polymers in electric vehicles market segmentation based on type, application, end-user and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of polymers in electric vehicles market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global polymers in electric vehicles market report would provide approximately 61 tables, 62 figures and 183 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
