Electric Vehicle Polymers Market – Key Regions, Company Profile, Challenges & Forecast 2029

Electric Vehicle Polymers Market: An Overview

Electric vehicle sales increased rapidly in the United States in 2018, accounting for around 6% of countries passenger car sales, a growth of over 80% from 2017. Around a million electric vehicles are running on the road in the United States itself. Electric vehicles which is also known as EV can reduce carbon emissions and usage of petroleum fuel. Since electric vehicles are the future of the automotive industry, the overall performance and efficiencies of these vehicles should be in line with their gasoline counter-parts. Electric Vehicle Polymers play a vital role in the EVs segment owing to their weight reduction capabilities, faster processing and complex part molding.

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Electric vehicle polymers mainly are deployed in batteries and a few interior and exterior components. Certain parts of the vehicles that were manufactured using metals are now replaced with high-end engineering electric vehicle polymers, as they can sustain the same stress, load, abrasion, and fatigue. The major advantage of using electric vehicle polymers is that they are lighter than metals. Thus replacing metals with electric vehicle polymers can reduce the overall weight of the electric cars. Electric Vehicle Polymers find applications in interior parts for their durable and aesthetically pleasing characteristics.

Electric Vehicle Polymers Market: Dynamics

Electric vehicles are designed to reduce the dependence of petroleum fuel and cut down carbon emissions. Global economies have been eying electric vehicle use as a major way to curb greenhouse gas emissions, which will drive demand growth of electric vehicle polymers in the long-term forecast. In countries like Norway, where consumers using electric vehicles enjoy benefits such as no road tax, exemption from vehicle tax, reduced parking costs, and road and ferry tolls. Also, with the electrification of high-use vehicles, including public transport, demand for the electric vehicle polymers is forecast to multiply. Most of the governments have set deadlines to go full electric between 2025 and 2030. To achieve the same, a number of Greenfield investments for electric vehicles have been observed. Volvo, the Swedish automotive maker, is setting up a manufacturing facility in China which remains to be the largest automotive manufacturer globally.

Segmentation Analysis of Electric Vehicle Polymers Market: 

On the basis of end-use, the Electric Vehicle Polymers market is divided into:

• BEV
• HEV
• PHEV

On the basis of application, the Electric Vehicle Polymers market is divided into:

• Exterior
• Interior
• Powertrain

On the basis of its type, the Electric Vehicle Polymers market is divided into:

• Elastomers
  • Thermoplastic Elastomers
  • Fluoroelastomers
  • Others
• Thermoplastics
  • Polypropylene
  • Polyurethanes
  • ABS
  • Polyamides
  • Polycarbonate
  • Polyphenylene Sulfide
  • Fluoropolymers
  • Others

Based on the region, the Electric Vehicle Polymers market is divided into:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• Middle East and Africa

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Electric Vehicle Polymers Market: Regional Outlook

Asia Pacific region is projected to dominate the overall Electric Vehicle Polymers market. China has the largest consumer of Electric Vehicle Polymers, owing to the growth in the production of electric cars in China. The country accounts for the highest demand growth of high-end engineering electric vehicle polymers with global manufacturers expanding their production capabilities with investments in the country. In terms of demand, Europe ranks second followed by North America. Government regulations and incentive schemes support the use of the electric vehicle in Europe. In Norway, sales of electric cars have overtaken traditional vehicles. With already a million electric vehicles sold in the US alone, the EVs market in the region is forecast to rise on a very positive note further complementing the demand of electric vehicle polymers in this region.

Key Players of Electric Vehicle Polymers Market 

Prominent players in the global Electric Vehicle Polymers Market are Mitsubishi Engineering-Plastics Corporation, BASF SE, DowDuPont, LyondellBasell Industries, Arlanxeo, LANXESS, Covestro, AGC Chemicals, DSM Engineering Plastics, China Petrochemical Group (Sinopec Group), LG Chem, SABIC, JSR Corporation, Daikin Industries, Arkema and a .  The Electric Vehicle Polymers market consists of well-diversified global with global vendors ruling the market.

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