The global electric vehicle polymer market is evaluated to grow at a CAGR of 34.98% over the estimated period of 2020-2028. Increasing adoption of high-performance polymers in electric vehicles, positive outlook for the electric vehicle industry, and favorable government policies encouraging the use of electric vehicles are the factors augmenting the growth of the market.
The electric vehicles help to reduce the emission of pollutants and other greenhouse gases. Automakers prefer the application of polymers over metals and glass to develop lightweight and energy-efficient electric autonomous and hybrid vehicles. The use of polymers ensures superior motor performance, thereby saving energy. Every 10% of vehicle weight reduction leads to fuel efficiency by about 5%. The use of superior quality polymers is fueling the market growth.
Crude oil is used in the production of virgin plastics. The demand for crude oil is expected to decrease due to the increase in production and abundance of supply, thereby resulting in a drastic decline in crude oil prices. Fluctuating raw material prices hampers the growth of plastics or polymer for the electric vehicle market. The polymer suppliers are aggressively innovating and promoting their products, thereby creating huge potential for the market. Engineering plastics captured the largest market share in 2019,, and also estimated to record the highest growth rate due to their versatile properties such as high-strength to-weight ratios, durability, low densities, and easy formability.
The global electric vehicle market is regionally analyzed with regard to markets situated in the regions of North America, Europe, and the Asia Pacific. The region of Asia Pacific is expected to be the fastest-growing market, majorly propelled by innovation and adoption of high-performance vehicles in Japan, China, and South Korea.
Competitive rivalry is highly intensive in the market, with the major players planning to make huge investments for the development of mass-market of electric vehicles. Some of the leading players are Daikin Industries, Ltd, BASF SE, Mitsubishi Chemical Holdings Corporation, LG Chem, Ltd, etc.
Our report offerings include:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments