Electric Vehicle Polymers Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on Type (Engineering Plastics and Elastomers); Component (Powertrain System, Exterior, and Interior); and Region/Country
Global Electric Vehicle Polymers Market is expected to grow at a significant rate of around 56% during the forecast period. 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.
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 are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, Elastomers Electric Vehicle Polymers category to witness higher CAGR during the forecast period”
Based on type, the market is segmented into engineering plastics and elastomers. Elastomers Electric Vehicle Polymers category to witness higher CAGR during the forecast period. As these are the materials that connect polymers with chemical bonds to create a crosslinked structure. The main properties of these materials are their resilience to cracking and breaking and high elongation. They are used in rubber form in the manufacture of electric vehicle tires and as sealants. Most demand for elastomers is in the manufacture of automotive insulation and tires.
“Amongst components, the interior to hold a significant share in the market in 2020”
On the basis of components, the market is categorized into powertrain system, exterior, and interior. Among these, the interior to hold a significant share in the market in 2020. This is mainly because the components allow metals to be easily replaced by polymers as it helps in reducing the risk of accidents and safety issues. Additionally, most electric vehicle manufacturers in this segment are using polymers instead of metals to reduce the overall weight of their electric vehicles. Interior polymers have proven to be ideal materials for automotive interior components due to their durability and aesthetic appeal. In addition, it reduces noise, vibration, and harshness (NVH) levels in electric vehicles.
“APAC to hold a significant share in the market”
In 2020, APAC is anticipated to grow at a substantial CAGR during the forecast period. 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.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|2.1.||Research Process of the Electric Vehicle Polymers Market|
|2.2.||Research Methodology of the Electric Vehicle Polymers Market|
|5||IMPACT OF COVID-19 ON THE ELECTRIC VEHICLE POLYMERS MARKET|
|6||ELECTRIC VEHICLE POLYMERS MARKET REVENUE (USD BN), 2020-2028F|
|9.1.3.||Rest of North America|
|9.2.6.||Rest of Europe|
|9.3.4.||Rest of Asia-Pacific|
|9.4.||Rest of World|
|11||ELECTRIC VEHICLE POLYMERS MARKET OPPORTUNITIES|
|12||ELECTRIC VEHICLE POLYMERS MARKET TRENDS|
|13.1.||Demand Side Analysis|
|13.2.||Supply Side Analysis|
|14||VALUE CHAIN ANALYSIS|
|15.1.1.||Porters Fiver Forces Analysis|
|16.4.||DuPont de Nemours Inc.|
|16.5.||Saudi Basic Industries Corporation|
|16.6.||LG Chem Ltd.|
|16.7.||Asahi Kasei Corporation|
|16.8.||Evonik Industries AG|
Research Methodology for the Electric Vehicle Polymers Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global electric vehicle polymers market were the three major steps undertaken to create and analyze the adoption of electric vehicle polymers in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global electric vehicle polymers 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 pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the electric vehicle polymers 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 polymers 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 as type and component. 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 polymers market. Further, we conducted factor analysis using dependent and independent variables such as various type and component of electric vehicle polymers. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the electric vehicle polymers market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global electric vehicle polymers 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 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the electric vehicle polymers market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global electric vehicle polymers market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
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.
Split of Primary Participants in Different Regions
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 polymers market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and component in the global electric vehicle polymers market.
The main objective of the Global Electric Vehicle Polymers Market Study
The current & future market trends of the global electric vehicle polymers 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:
- Analyze the current and forecast market size of the electric vehicle polymers market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type and component.
- Define and analysis of the regulatory framework for the electric vehicle polymers
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the electric vehicle polymers market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the electric vehicle polymers market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry