Emphasis on Type (Engineering Plastics and Elastomers); Component (Powertrain System, Exterior, and Interior); and Region/Country
The Electric Vehicle Polymer market was valued at approximately USD 34.7 Billion in 2023 and is expected to grow at a robust CAGR of around 19.04% during the forecast period (2024-2032) owing to the increasing demand for lightweight, durable materials that enhance vehicle efficiency and range. Additionally, stringent environmental regulations and government incentives for sustainable automotive solutions further propel the market forward.
Electric Vehicle Polymers are defined as the polymers that are used in electric vehicles to minimize their weight while maintaining vehicle efficiency. In addition, these polymers are the only materials that can replace metals as they share many of their characteristics, including heat resistance, abrasion resistance, stiffness, and toughness. In recent years, the demand for electric vehicle polymers has risen dramatically due to the rising awareness of lightweight vehicles while maintaining their efficiency, performance, and aesthetics. For instance, according to IEA, sales of electric vehicles (EVs) doubled in 2021 from the previous year to a new record of 6.6 million.
Major companies in the market offer EV polymer for the automotive sector with technologically advanced features. For instance, in March 2022, BASF SE had a partnership arrangement with Zhejiang REEF Technology Co., Ltd. to develop cutting-edge recyclate formulations for use in automotive, packaging, and consumer industries.
This section discusses the key market trends influencing the electric vehicle polymer market segments as identified by our research experts.
Engineering plastics type Transforming Industry
Engineering plastics held a dominant share of the market in 2023. This is mainly due to their superior properties, including high strength-to-weight ratios, thermal stability, and resistance to wear and corrosion. It also allows automaking companies to develop cars that are lighter and more energy efficient, which is very important to setting the range and reflexiveness of EVs and even their overall performance as cars. Moreover, engineering plastics’ characteristics, such as high temperature and challenging environment suitability, make them suitable for EVs in critical places. The automotive industry’s change to sustainable production increases the need for recyclable and green engineering plastics even more. Advanced engineering plastics are being unveiled by mergers and acquisitions of rising companies in polymer technology. On January 31, 2020, BASF acquired Solvay’s polyamide (PA 6.6) business. The transaction broadens BASF’s polyamide capabilities with innovative and well-known products such as Technyl. This will allow BASF to support its customers with even better engineering plastics solutions, e.g., for autonomous driving and e-mobility.
Asia Pacific led the market in 2023
APAC held a significant share of the market in 2023. As the region has become the largest consumer of polymers for electric vehicles (automobiles) due to increased electric vehicle production in developing countries such as China, Japan, South Korea, and others. Additionally, the rising concerns about reducing carbon dioxide emissions, increasing government support, and reducing the overall weight of electric vehicles are the factors boosting the growth of the electric vehicle polymer market in the region. Furthermore, the growing trend of self-driving autonomous and semi-autonomous vehicles creates opportunities for polymers and composite materials in China. Moreover, increasing awareness of greenhouse gas emissions and rising focus on reducing the weight of electric cars are key factors expected to drive revenue growth of the market in this region.
The electric vehicle polymer market is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are BASF SE, Celanese Corporation, Covestro AG, DuPont de Nemours Inc., Saudi Basic Industries Corporation, LG Chem Ltd., Asahi Kasei Corporation, Evonik Industries AG, Solvay S.A., LANXESS AG.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Executive Summary
4. Market Dynamics
5. Pricing Analysis
6. Global Electric Vehicle Polymer Market Revenue (usd Bn), 2022-2032f
7. Market Insights By Type
8. Market Insights By Component
9. Market Insights By Region
10. Value Chain Analysis
11. Competitive Landscape
12. Company Profiled
13. Acronyms & Assumption
14. Annexure
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Electric Vehicle Polymer market were the three major steps undertaken to create and analyze the adoption of Electric Vehicle Polymer in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Electric Vehicle Polymer market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the Electric Vehicle Polymer market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the electric vehicle polymer market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as type, component, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Electric Vehicle Polymer market. Further, we conducted factor analysis using dependent and independent variables such as type, component, and regions. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Electric Vehicle Polymer market sector across the globe.
Current Market Sizing: Based on actionable insights from the above three steps, we arrived at the current market size, key players in the global Electric Vehicle Polymer market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global electric vehicle polymer market. Data was split into several segments and sub-segments after studying various parameters and trends in the type, component, and regions of the global Electric Vehicle Polymer market.
The current & future market trends of the global electric vehicle polymer market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the global electric vehicle polymer market's current size and growth potential?
Q2: What are the driving factors for the growth of the global electric vehicle polymer market?
Q3: Which segment has the largest share of the global electric vehicle polymer market by type?
Q4: What are the emerging technologies and trends in the global electric vehicle polymer market?
Q5: Which region will dominate the global electric vehicle polymer market?
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