The latest market report published by Credence Research “Global Electric Vehicle Polymers Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global market obtained market size of USD 4.56 billion in 2020 and likely to achieve CAGR of over 62% during the forecast period from 2021 to 2027 to reach around USD 82.42 billion in 2027.
Electric vehicle polymers are a form of polymer that is primarily used in the production of numerous components and products for EV. These polymers mostly contain elastomers or engineering plastics, which provide excellent thermal, stiffness, and mechanical stability, and toughness, as well as dimensional stability.
Browse the full report at https://www.credenceresearch.com/report/electric-vehicle-polymers-market
Key Trends in Global Electric Vehicle Polymers Market
Automotive Electrification has Boosted Market
Automotive electrification has created new opportunities for high-performance polymers to be used, especially in engines and drive systems. The use of polymers changed the way electric vehicles functioned by minimizing their weight and saving energy by replacing heavier materials including glass and metal. According to automotive industry standards, every 10% reduction in vehicle weight results in a 5% increase in fuel efficiency. The use of these materials eliminates friction and guarantees the vehicles’ long-term longevity. They also minimize noise and vibrations, resulting in a peaceful ride.
High Adoption of Passenger Vehicle
The passenger vehicle has acquired large share in the market and is expected to continue in the upcoming years is due to the introduction of electric vehicle charging platforms, as well as increased production of passenger electric vehicles, are all playing crucial role in this segment growth.
Global Market by Type Insights
Engineering Plastics, Elastomers and Others are some of the type of this market. Engineering Plastics dominated the market share. In the upcoming years, engineering plastic-type polymers are expected to develop at the fastest rate. The market’s availability of various types of engineering plastics, such as acrylonitrile butadiene styrene (ABS), fluoropolymer, and thermoplastic polyester, among others, is helping to drive the segment’s development. The target of achieving a lightweight vehicle can be efficiently achieved by substituting engineering plastics for metals, which is a key factor favouring the segment’s development.
Engineering Plastics Segment to Dominate the global market
Global Electric Vehicle Polymers Market by Component Insights
Global market is segmented based on component as Exterior, Powertrain System, Interior, and Others. Interior segment held the highest share in this market. Metals can be easily replaced with polymers in the interior portion of components because these components have lower accidental risk and safety concerns. As a result, most electric car producers use polymers instead of metals in this segment to minimize total vehicle weight. Polymer has proved to be an excellent material for car interior components because it is both durable and attractive.
Global Electric Vehicle Polymers Market by Regional Insights
Over the forecast period, Asia Pacific is expected to be the fastest-growing area. Electric vehicle production is growing in major economies in the region, such as China and Japan, which is driving demand for electric vehicle polymer in the region. Concerns about reducing carbon footprints, which are becoming more prevalent as a result of the use of an internal combustion engine, are driving regional market growth. The rising demand for electric vehicle polymers in the market is being fueled by increased government support in the region.
Global Electric Vehicle Polymers Market Competitive Landscape
Most prominent players in the global market include Covestro AG, Arlanxeo, BASF SE, Daikin Industries Ltd., DSM Engineering Plastics, DowDuPont, Jsr Corporation, Evonik Industries, and Solvay Sumitomo Chemicals. The report covers very detailed profiles of these key players.
Global Electric Vehicle Polymers Market by Type, 2015 – 2027
· Engineering Plastics
Global Electric Vehicle Polymers Market by Component, 2015 – 2027
· Powertrain System
Global Electric Vehicle Polymers Market by Region, 2015 – 2027
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Global Electric Vehicle Polymers Market: Key Players
· BASF SE
· Covestro AG
· Daikin Industries Ltd.
· DSM Engineering Plastics
· Evonik Industries
· Jsr Corporation
. Sumitomo Chemicals