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Electric Vehicle Polymers Market: By Component Type (Powertrain system, Exterior and Interior), By Type (Engineering Plastic and Elastomers (Synthetic Rubber, Natural Rubber, Fluoroelastomer and Silicone Elastomer)), And Region - Global Analysis of Market Size, Share & Trends for 2019-2020 And Forecasts To 2031
Electric Vehicle (Car) Polymers to surpass USD 708.6 billion by 2031 from USD 8 billion in 2021 at a CAGR of 56.6% in the coming years, i.e., 2021-31.
Electric vehicle (car) polymers are the polymers used in electric vehicles to minimize their weight while maintaining their efficiency. Polymers are only compounds that can replace steel since they share qualities such as heat resistance, resistance to abrasion, rigidity, toughness, electromagnetic shielding, and heat resistance with metals. The use of polymers to replace metals is a crucial answer for electric car manufacturers looking to reduce the weight of their vehicles. Polymers are mostly used in batteries and the few interior and external components of electric vehicles. Certain metal-based parts of vehicles are currently being replaced with high end engineering electric car polymers, which can withstand a same pressure, load, abrasion, as well as fatigue.
Global Electric Vehicle (Car) Polymers to surpass USD 708.6 billion by 2031 from USD 8 billion in 2021 at a CAGR of 56.6% in the coming years, i.e., 2021-31. The industry for EV (car) polymer is being driven by rising demand for electric vehicle industry in Asia-Pacific emerging economies, rapid increases in government regulations to reduce Carbon emissions, and the advancement of charging stations in both developing and developed countries.
Get More Information - Download Free SampleElectric vehicle (car) polymers sector is divided into three categories based on component type: powertrain system, exterior, & interior. The interior segment section of components is undergoing a considerable revolution as metals are being replaced with polymers, which has lower unintentional risk and safety difficulties. As a result, electric car interiors are made of polymers rather than metals, reducing the overall vehicle weight. Polymer has proved to be the excellent product for automotive interior components as it is both durable and aesthetically beautiful while also minimizing NVH levels in electric vehicles. During the projection period, all of these variables are likely to boost the segment's growth.
The global electric-vehicle (car) polymers sector is bifurcated into engineering plastics and elastomers based on type. Due to a wide range of industrial applications in electric vehicles, such as the production of gasket, housing, or seals for thermal insulation material of various components, the elastomers segment is projected to expand at the fastest growth rate during the forecast, as these offer much better resistance at both high and low temperatures. Elasticity & high elongation against breaking and cracking are the main features of these materials. They are employed in the manufacture of tires and as sealants in electric cars in the format of rubber. The majority of elastomer demand comes from automobile insulation and tire manufacture.
Get More Information - Download Free SampleConcerns about the environmental warming are growing
Concerns over rising emission from fossil fuel powered vehicles, as well as their negative influence on the environment, are leading to a shift in preference toward sustainable alternatives. Various governments throughout the world are participating in electric engine charging infrastructure in order to encourage and create chances for Original Equipment Manufacturers to enhance EV manufacturing, develop company, and support revenue growth. Some of the primary reasons driving industry revenue growth include OEMs' increasing attention on technological breakthroughs in components used to produce electric vehicles, as well as the constant spread of awareness about the benefits of polymeric material among manufacturers & vehicle customers.
Increasing sales of Battery electric vehicles
Battery electric vehicles sales are expected to rise steadily as BEV technology advances in terms of energy density & battery capacity, while vehicles become more autonomous and networked. Polymer production in the automotive industry is expected to rise steadily, with growth rates influenced by applications & types of plastics used in autos, regional recycling efforts, and inter polymer replacement.
Rates of raw materials fluctuate
The global electric vehicles (car) polymer market's revenue growth could be hampered by fluctuating raw material costs. Low adoption of EVs as a result of the high cost of installation and maintenance of Electric vehicles charging infrastructure could also have a negative influence on global market revenue growth.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Electric Vehicle (Car) Polymers market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. During the projection period, Asia-Pacific is expected to lead the entire demand for electric vehicles (car) polymers. Due to the boom in electric vehicle (car) production among other countries, the area has emerged as the main user of electric-vehicle (car) polymers. The Asia-Pacific region's industry for electric vehicles (car) polymer is bolstered by rising concern about carbon footprints, more government backing, and a reduction in the weight and size of electric cars.
Get More Information - Download Free SampleThe COVID-19 problem wreaked havoc on the worldwide Electric Vehicles (Car) Polymers market. Businesses and activities were significantly hampered as a result of social alienation and limitations. Transportation & logistics were disrupted due to lockdown worldwide. Manufacturing and mining businesses around the world have been impacted. It takes its toll on the economies of a number of countries. Caused a sharp and unexpected drop in economic activity. Agriculture, fishing, dairy, and other industries have been disrupted. As a result, there was a loss of work and a financial catastrophe. Due to lower disposable income, the supply effects were amplified. The emergence of variations continues to raise worries and have an impact on daily activities.
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Report Attribute
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Details
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Market size value in 2021 |
USD 8 billion |
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Revenue forecast in 2031 |
USD 709.6 billion |
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Growth Rate |
CAGR of 56.6% from 2021 to 2031 |
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Base year for estimation |
2020 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Type, Component type and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled
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DowDuPont, Covestro AG, Celanese Corporation, SABIC, Solvay S.A., LANXESS AG, LG Chem Ltd., Asahi Kasei Corporation, Evonik Industries AG and Other Prominent Players. |
Electric Vehicle (Car) Polymers market size was estimated at USD 8 billion in 2021 and is expected to reach USD 709.6 billion in 2031.
Electric vehicle (car) polymers are the polymers used in electric vehicles to minimize their weight while maintaining their efficiency. Polymers are only compounds that can replace steel since they share qualities such as heat resistance, resistance to abrasion, rigidity, toughness, electromagnetic shielding, and heat resistance with metals.
Interior and Elastomers segment accounted for the largest Electric Vehicle (Car) Polymers market share.
Key players: DowDuPont, Covestro AG, Celanese Corporation, SABIC, Solvay S.A., LANXESS AG, LG Chem Ltd., Asahi Kasei Corporation, Evonik Industries AG are the key players in the Electric Vehicle (Car) Polymers market.
Concerns about the environmental warming are growing and Increasing sales of Battery electric vehicle to Drive Market Growth.
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