Electric Vehicle Polymers Market to Cross $689.48 billion Revenue by 2030

Electric Vehicle Polymers Market Overview

“The Electric Vehicle Polymers Market Predictable at $6.56 billion in 2022, is estimated to increase at a CAGR of 57.45% from $92.56 billion in 2023 to $689.48 billion by 2030.”

Electric vehicle polymers are lightweight plastics used in electric vehicles to improve performance without compromising performance. These materials offer properties like heat resistance, abrasion resistance, stiffness, and toughness, making them a suitable replacement for metals. Manufacturers use polymers to reduce vehicle weight, which is a significant barrier to running purely on electricity for extended periods. This reduction in weight can improve fuel efficiency, whether the vehicle runs on gasoline or electricity.

Electric vehicles (EVs) offer practicality and long-term performance due to lighter, longer-traveling vehicles with less batteries. Polymers offer weight reduction and improved fuel economy. The automotive market is expected to experience revenue growth due to strict emission reduction regulations and increased demand for lightweight, fuel-efficient vehicles.

A new polymer-based lithium-ion battery pack can enhance battery power, maintain temperature stability, and extend EV range on a single charge. These packs protect automotive batteries from adverse situations. The rising demand for electric vehicles in emerging economies like China and India, government regulations to reduce CO2 emissions, and the development of charging infrastructure are driving the market for electric vehicle polymers.

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Key Takeaways

In 2022, the elastomers sector held a significant market share of more than 69%.

In 2022, the interior segment had the biggest revenue share by component.

In 2022, the Asia-Pacific area accounted for 46% of total income.

North America and Europe are expected to grow significantly during the projection period.

Market Dynamics

Growth Factors

The demand for electric vehicle (EV) polymers is on the rise due to customer preference for battery-powered, lightweight vehicles. Government laws and incentives have boosted EV usage, while the development of advanced electric autos is expected to increase demand for polymers. However, fluctuations in polymer raw material prices may limit the market's revenue growth for EV polymers.

Growth Drivers

Increased adoption of electric vehicles: 

The global rise in electric vehicle production and sales is expected to boost the growth of the electric vehicle polymer market. This growth is attributed to the weight reduction benefits of electric vehicles, favorable government policies, and significant investments in charging infrastructure.

The market for BEVs is expected to steadily increase due to advancements in battery capacity, energy density, and autonomous and networked cars. However, the growth of polymer consumption in the automotive sector is expected to be slow, influenced by vehicle applications, plastic types, regional recycling activities, and inter-polymer substitution.

Growing Demand for Charging Infrastructure – 

India is projected to require over 60,000 electric vehicle charging stations by 2030, as the industry continues to grow due to increasing popularity of electric vehicles.

Polymer Use is Growing –

The use of polymers in vehicle interiors is predicted to grow significantly during the forecast period due to their ability to reduce unintentional risks and safety issues, as well as their increased use by manufacturers to reduce the total weight of electric vehicles.

Polymers are widely used in the production of electric vehicles due to their excellent performance, low cost, and lightweight properties, with an average increase of nearly 190% in polymer consumption between 2019 and 2020 in India.

Rising Environmental Awareness –

The industry is expected to increase due to rising air pollution, as fossil fuels release harmful CO2 into the atmosphere. Hybrid and electric vehicle manufacturing can reduce noise pollution, improve air quality, and save fuel. In 2019, over 70% of individuals worldwide increased their environmental concern.

The category of electric vehicles is expanding due to increased political support for climate-friendly laws and regulations, and manufacturers' focus on long-range electric vehicles. Tesla's 2019 Model Y, which can transport seven passengers and their belongings, features two electric motors to handle front and rear wheel torque.

Competitive Landscape of the Electric Vehicle Polymers Market

• DuPont de Nemours, Inc.
• Evonik Industries AG
• Kumho Polychem
• Lanxess AG
• LG Chem Ltd.
• Saudi Basic Industries Corporation
• Solvay
• Asahi Kasei Corporation
• BASF SE
• Celanese Corporation
• Covestro AG

Recent Developments in Electric Vehicle Polymers Market

Saudi Basic Industries Corp. (SABIC), located in Riyadh, Saudi Arabia, and Heng Hiap Sdn Bhd (HHI), based in Malaysia, joined up in March 2021 to create circular polymers from improved recycling of discarded plastics that are headed for the ocean and recovered mixed plastic. According to SABIC, its clients will use circular polyolefins from the Trucircle range of the company as solutions in new products. SABIC's Trucircle portfolio consists of certified circular goods made from advanced plastic recycling, certified renewables made from bio-based feedstock, and mechanically recycled products.

On March 22, 2022, BASF SE and Zhejian REEF Technology Co Ltd agreed into a strategic cooperation agreement to develop cutting-edge recyclate formulations for application in the packaging, automotive, and consumer industries. Through this arrangement, BASF SE will provide technical assistance and consulting for recycled polymer formulations carried out at BASF's test labs, as well as its recently announced IrgaCycle additive solutions. In a variety of end-use applications, IrgaCycle additive solutions help raise the proportion of mechanically recycled material.

 On March 8, 2022, a new sort of battery pack called a "Pure Performance Battery" was produced by Evonik Industries, which is working to provide lighter, more cost-effective, and more efficient battery EV solutions utilising composites. The novel holistic battery system concept is anticipated to be advantageous to the automobile sector. The fact that this battery pack is built on sheet moulding compound technology makes it a more affordable, secure, and lightweight alternative to metal-based options.

Regional Insights

The Asia-Pacific region is predicted to dominate the global market for electric vehicle polymers due to rapid production expansion in countries like China, Japan, and South Korea. Key drivers include reducing carbon footprints, expanding government support, and reducing the total weight of electric vehicles. North America and Europe also present potential development opportunities during this forecast period.

The North American electric vehicle polymers market is predicted to grow at the fastest CAGR due to the increasing use of electric vehicles. This growth is primarily driven by increased adoption and sales of these vehicles. Government regulations and the development of EV charging infrastructure are expected to support market growth. The region's government's commitment to promoting electric vehicles is also expected to contribute to this growth.

Europe is expected to dominate the electric vehicle market by the end of 2035, driven by increased government regulations and subsidies for electric vehicles. Automakers in the region are also investing in manufacturing facilities, which is expected to support market growth during this period. This expansion is expected to drive the overall growth of the electric vehicle market.

Segments Covered in the Electric Vehicle Polymers Market

Electric Vehicle Polymers Market By Component

• Powertrain System
• Exterior
• Interior

Electric Vehicle Polymers Market By End User

• Hybrid Electric Vehicles (HEV)
• Plug-In Hybrid Electric Vehicles (PHEV)
• Battery Electric Vehicles (BEV)
• Fuel Cell Electric Vehicle (FCEV)

Electric Vehicle Polymers Market By Type

• Engineering Plastics
• Acrylonitrile Butadiene Styrene (ABS)
• Polyamide
• Polycarbonate
• Polyphenylene Sulfide (PPS)
• Polyurethane
• Polypropylene
• Fluoropolymer
• Thermoplastic Polyester
• Others (Polyethylene, Polyacetal, Polyphenylene Ether, Polyphenylene Oxide, Polysulfone, Polyethersulfone, Polyetherimide, Polyphthalamide, Polyetheretherketone)
• Elastomers
• Synthetic Rubber
• Natural Rubber
• Fluoroelastomer
• Silicone Elastomer
• Others (Thermoplastic Olefin, Styrenic Block Copolymer, Thermoplastic Polyurethane, Thermoplastic Vulcanizate, Thermoplastic Copolyester, Polyether Block Amide)

Electric Vehicle Polymers Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Frequently Asked Questions:

What is the current size of electric vehicle polymers market?

The Electric Vehicle Polymers Market Predictable at $6.56 billion in 2022, is estimated to increase at a CAGR of 57.45% from $92.56 billion in 2023 to $689.48 billion by 2030.

What will be the CAGR of global electric vehicle polymers market?

The global electric vehicle polymers market is poised to grow at a CAGR of 57.45% from 2023 to 2030.

Who are the prominent players operating in the electric vehicle polymers market?

The major players operating in the electric vehicle polymers market are Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro AG, DuPont de Nemours, Inc., Evonik Industries AG, Kumho Polychem, Lanxess AG, LG Chem Ltd., Saudi Basic Industries Corporation, Solvay.

Which are the driving factors of the electric vehicle polymers market?

Increase in adoption of electric cars, rising consumer demand for lightweight and fuel-efficient vehicles are driving the growth of the electric vehicle polymers market.