Electric Vehicle (Car) Polymers Market | Key players operating in the market include BASF, DowDuPont, Covestro, Celanese, SABIC, Solvay, LANXESS, LG Chem, Asahi Kasei, and Evonik Industries

According to recent market research "Electric Vehicle (Car) Polymers Market by Type (Engineering Plastics (ABS, PA, PC, PPS, Fluoropolymer), Elastomers (Synthetic Rubber, Natural Rubber, Fluoroelastomer)), Component (Powertrain, Exterior, Interior), and Region - Global Forecast to 2024", The electric vehicle (car) polymers market size is estimated to be USD 4.1 billion in 2019 and projected to reach USD 52.5 billion by 2024, at a CAGR of 67%.

The growing demand for electric cars due to increasing regulations to reduce the carbon footprint; developing charging infrastructure; decreasing battery prices; and longer driving ranges of electric cars is expected to drive the market.

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Electric vehicle (car) polymers are the polymers that are used in electric cars to reduce the overall weight of these cars. These polymers are an ideal solution for the replacement of metals, as they have similar properties to those of metals, such as flame retardancy, abrasion resistance, stiffness, toughness, electrical insulation, and heat resistance. Replacing metals with the polymers helps the electric car manufacturers to reduce the overall weight of the electric cars. The rising demand for lightweighting electric vehicles is expected to drive the electric vehicle (car) polymers market. MarketsandMarkets expects the global electric vehicle (car) polymers market size to grow from USD 4.1 billion in 2019 to USD 52.5 billion by 2024, at a compound annual growth rate (CAGR) of 67%.

The growth of these polymers is attributed to the increasing demand for electric cars from several countries including China, the US, and Germany. Increasing regulations to reduce the carbon footprint, developing charging infrastructure, decreasing battery prices, and longer driving ranges of electric cars are the major factors augmenting the growth of electric cars, globally. The electric car manufacturers have to use higher capacity batteries to match the range of the Internal Combustion Engine (ICE) cars. This leads to the increased weight of electric cars and is a major issue faced by these manufacturers. Hence, electric cars require lighter bodies to reduce their overall weight.

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The global electric vehicle (car) polymers market size is projected to grow from USD 4.1 billion in 2019 to USD 52.5 billion by 2024, at a compound annual growth rate (CAGR) of 67%, during the forecast period. Electric vehicle polymers are the polymers that are used in electric cars to reduce weight without affecting the efficiency of the car. Polymers are the only materials that can replace metals as they have similar properties to those of metals, such as flame retardancy, abrasion resistance, stiffness, toughness, electrical insulation, and heat resistance. Replacing metals with the polymers is a key solution for the electric car manufacturers to reduce the overall weight of the electric cars. The increasing demand for lightweighting the electric cars is a major factor driving the electric vehicle polymers market.

The key players in the electric vehicle polymers market are BASF (Germany), DowDuPont (US), Covestro (Germany), Celanese (US), SABIC (Saudi Arabia), Solvay (Belgium), LANXESS (Germany), LG Chem (South Korea), Asahi Kasei (Japan), and Evonik Industries (Germany). These players have adopted the strategies of expansion, new product development, and acquisition to increase their product offerings and expand their geographic presence.

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DowDuPont (US) used expansion and new product development as its key strategies to increase its geographic presence and strengthen product offering. In November 2018, DowDuPont announced that they would invest more than USD 80 million to build a new manufacturing facility in Jiangsu Province in East China. This facility will produce compounded high-end engineering plastics that will cater to electronics, transportation, and industrial and consumer products markets. In October 2018, the company introduced a new product by the name HTR8745 BK320, which is a new grade of TPC-ET. It has been developed for blow molding of constant velocity joints (CVJ).

Celanese (US) used acquisition and expansion strategies in the recent years to increase its footprint, globally. In October 2018, the company announced that it will acquire Next Polymers Ltd, an India-based engineering thermoplastic manufacturing company, through which it expects to increase its presence in the growing polymer market. In April 2018, the company announced the addition of a new GUR UHMW production line at its production facility in Nanjing, China to support the growth of its engineered material business due to the growing electric cars market. The new production line will increase the production capacity of the company for GUR UHMW-PE by 15 kilotons annually, by 2019.

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