Global Electric Vehicle Polymers Market to Reach US$27.3 Billion by 2026 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 13, 2022--
The “Electric Vehicle Polymers - Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
The manufacture of electric vehicles (EVs) uses materials that are lightweight which can substitute metal parts so as to lessen the vehicle weight. Polymers are used in the making of several exterior and interior vehicle parts such as panel, dashboard, bumper, trim, wheelhouse, powertrain, other components under the hood, roof components, and components in the doors, among others. Battery-powered electric vehicles or BEVs increased production is propelling the advancement of high-performance polymers having enhanced properties to satisfy the requirements of electric propulsion.
BEV sales are anticipated to increase constantly as BEV technology is developing simultaneously with energy density and battery capacity whereas the vehicles are getting more autonomous and more connected. Polymers consumption in the automotive sector is anticipated to grow constantly and the growth rates are anticipated to be based on applications and types of plastic used in automobiles, recycling efforts of various regions, and interpolymer substitution. The plastics’ growth rate such as PA, PP, PE, and PC is estimated to increase with the EVs introduction, whereas the engineering plastics’ consumption is estimated to reduce.
Amid the COVID-19 crisis, the global market for Electric Vehicle Polymers estimated at US$3.9 Billion in the year 2020, is projected to reach a revised size of US$27.3 Billion by 2026, growing at a CAGR of 38.7% over the analysis period.
Engineering Plastics, one of the segments analyzed in the report, is projected to grow at a 40.9% CAGR to reach US$23.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Elastomers segment is readjusted to a revised 35.5% CAGR for the next 7-year period. This segment currently accounts for a 44% share of the global Electric Vehicle Polymers market.
The Electric Vehicle Polymers market in the U.S. is estimated at US$850.1 Million in the year 2021. The country currently accounts for a 17.3% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$8.3 Billion in the year 2026 trailing a CAGR of 43.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 32.4% and 36.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 34.6% CAGR while Rest of European market will reach US$3.1 Billion by the end of the analysis period. Asia-Pacific leads the market, due to increasing concern regarding the environment, increased government initiatives to encourage green transportation, and EV manufacturers’ ambitious business expansion strategies in China, South Korea, and Japan.
Select Competitors (Total 48 Featured):
- AGC Chemicals
- Asahi Kasei
- BASF SE
- China Petrochemical Group (Sinopec Group)
- Daikin Industries
- DSM Engineering Plastics
- Evonik Industries
- JSR Corporation
- LG Chem
- Lyondellbasell Industries
- Mitsubishi Engineering-Plastics Corporation
- Sumitomo Chemicals
- The Goodyear Tire & Rubber Company
Key Topics Covered:
- As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
- Structural Shifts in Automotive Industry Affects the EV Polymers Market
- Disruption to Supply Chains Impacts Electric Vehicle Polymers Market Prospects
- EV Industry Likely to See Significant Changes in Post COVID Period
- Global Chip Shortage Mars the Expected Recovery of the Auto Industry in 2021 & 2022. EVs to Also Feel the Pain
- Polymers Provide Reliability, Performance and Protection
- Plastics & Electric Vehicles: The Power of Two for Greener Transportation
- Plastics Caters to Specific Needs of Electric Vehicles
- Electric Vehicle Makers Hustle to Make Changes by Embracing Polymer Parts
- Polymers Transforming the Global EV Industry
- Increasing Use of Polymers in Automobiles
MARKET TRENDS & DRIVERS
- Transportation Industry in the Spotlight for its Unsustainable Increase in Carbon Footprint
- Stringent Regulations Encompassing Emission Control & Phase-Out of Fossil Fuel Vehicles Prep the Auto Industry for an Electrified Future
- Difficult to Reduce Carbon Footprint of Fossil Fuel Vehicles, Brings the Auto Industry into the Spotlight as a Major Area for Sustainability Action
- Demand for Sustainability to Drive Sales of EVs
- Adoption of Advanced Plastics and Polymer Composites Provides Clear Advantage for EV Uptake
- Polymers to Electrify Vehicle Electrification Trend with Lightweighting & Better Range
- Sophisticated Polymers Set Perfect Stage for Automotive Lightweighting
- Polymers: Bright Future in Manufacturing Electric Vehicle
- Thermal Conductive Polymer Material for EV Market Vrooms with Electric Vehicle Boom
- Advantages Weigh in More with Usage of Polymers in EV and Other Vehicles
- “Smart’ Membrane for Fast Charging of Batteries
- Fewer Distribution Channels - A Key Challenge to Overcome
- Demographic Trends Create Fertile Environment for Long-Term Growth of Electric Vehicles Market
For more information about this report visit https://www.researchandmarkets.com/r/7kq5u8
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
View source version on businesswire.com:https://www.businesswire.com/news/home/20220113005617/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
INDUSTRY KEYWORD: ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE MANUFACTURING MANUFACTURING AUTOMOTIVE CHEMICALS/PLASTICS
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 01/13/2022 09:37 AM/DISC: 01/13/2022 09:38 AM