Press release
Electric Vehicle Polymers Industry - Key Market Dynamics and Trends 2024-2033
Electric Vehicle Polymers
The electric vehicle polymers market size is expected to see exponential growth in the next few years. It will grow to $126.47 billion in 2028 at a compound annual growth rate (CAGR) of 57.3%. The growth in the forecast period can be attributed to evolving consumer preferences, urbanization and smart city initiatives, increase in range and performance requirements, shift towards sustainable materials, global climate goals and emissions standards.. Major trends in the forecast period include supply chain optimization, adoption of bio-based polymers, nanotechnology in polymer development, integration in interior components, customized polymer composites..
Market Overview -
Electric vehicle polymers refer to structural materials utilized in electric cars to reduce their weight without compromising their performance. These polymer solutions are designed to improve the performance, range, and sustainability of electric cars by reducing the vehicle's kerb weight.
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Driving Forces Behind The Surge Is The Intersection Of Electric Vehicles And Polymer Innovations
The increasing demand for electric vehicles is expected to propel the growth of the electric vehicle polymers market going forward. An electric vehicle is a vehicle that runs on one or more electric motors that draw electricity from an external power source. Polymers are used in electric vehicles to reduce weight, boost efficiency, durability, and design flexibility. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, electric car sales set a new high in 2021, climbing by 4%. Sales nearly doubled to 6.6 million, increasing the total number of electric vehicles on the road to 16.5 million. Therefore, the increasing demand for electric vehicles is driving the growth of the electric vehicle polymers market.
Competitive Landscape -
Major companies operating in the electric vehicle polymers market report are 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.
Revolutionizing Electric Vehicle Battery Module Insulation For Enhanced Safety
Product innovations are a key trend gaining popularity in the electric vehicle polymers market. Companies operating in the electric vehicle polymers market are innovating new products to sustain their position in the market. For instance, in March 2023, Solvay, a Belgium-based chemical company, launched Xydar LCP G-330 HH, a new polymer for high-heat electric vehicle battery module insulation. A new liquid crystal polymer grade, Xydar LCP G-330 HH, will boost passenger safety during a battery thermal runaway. It is a brand-new high-heat and flame-resistant grade explicitly designed for the battery module plates of electric vehicle models running on higher voltage systems. It fulfills demanding thermal and insulation requirements. It is an injection-molded glass-filled LCP that can maintain its electrical insulation after being exposed to 400°C for 30 minutes. Without the addition of halogen or bromine additives, Xydar LCP is a naturally flame-resistant polymer.
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Key Segments -
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)
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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