NEW YORK, Jan. 13, 2022
Rapid adoption of electric vehicles across the globe, increasing use of polymers in interiors of EVs, and increasing focus on manufacturing lightweight electric vehicles are some factors expected to drive market growth
NEW YORK, Jan. 13, 2022 /PRNewswire/ -- Reports and Data has recently published its latest report titled "Electric Vehicle (Car) Polymers Market Size, Share, Trends, By Type (Engineering Plastics, and Elastomers), By Component (Exterior, Interior, and Powertrain System), By Application (Commercial EVs, and Passenger EVs), and By Region Forecast to 2028."
According to the latest report by Reports and Data, the global electric vehicle (car) polymers market size was USD 6.91 billion in 2020 and is expected to reach USD 418.27 billion in 2028 and register a revenue CAGR of 66.9% during the forecast period, 2021-2028.
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Drivers, Restraints, and Opportunities
The technology of electric vehicles is dependent on high efficiency and good strength to weight ratio which has increased use of lightweight materials. Polymers provide long-term performance and efficiency gains and have proven to improve fuel efficiency by 5%. Rapid advancement in polymer science have further broadened their application scope in automotive applications. Polymers have been widely used in sensor shields, brackets, insulation, EV charging stations, and in battery separators and coatings. Increasing use of polymers to reduce noise, vibration, and harshness level and to boost efficiency and performance of electric vehicles are some key factors expected to drive market revenue growth over the forecast period.
Over the recent past, role of plastic in design and manufacturing of automotive vehicles has become more essential with the implementation of stringent regulations and rapidly changing consumer preferences for affordable, lightweight, and fuel-efficient vehicles. One third components of vehicles are made of plastics and over 70% plastic used in the automobiles comes from four main polymers such as polyamides, polypropylene, polyurethane, and PVC. Application of polymers in electric vehicles has increased due to increasing focus of manufacturers on reducing costs and overall weight of the vehicles. Polymers are widely being used in interior and exterior of car and under the hood as an alternative to metal parts. In addition, flame-retardant polymers such as adhesives and fabrics are used in cars to reduce the risk of fires from spreading. Engineered thermoplastics are designed to withstand high heat and electrical currents generated by electric vehicles. Polymers have also significantly reduced weight of the batteries and has improved battery safety by minimizing the risk of short circuits. These key factors have created greater demand for polymers in electric vehicles and is expected to continue to drive market growth going ahead.
In addition, advanced polymer-based battery pack protection separators used for lithium ion batteries in the EVs can boost battery power radically, can ensure temperature stability, and extend range of EV over a single charge. These battery pack protection systems can protect vehicle batteries during impact. These are some other key factors expected to fuel revenue growth of the market going ahead. However, fluctuations in raw material prices of polymers can potentially hamper market revenue growth to a significant extent over the forecast period.
To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/electric-vehicle-car-polymers-market
COVID-19 Impact Analysis
Elastomers Segment to Register Rapid Revenue Growth Rate:
Elastomers segment is expected to register rapid revenue growth rate over the forecast period attributable to increasing applications of elastomers in electric vehicles for the production of gaskets, housing, and seals for thermal insulation.
Interior Segment to Account for Largest Revenue Share:
Interior segment is expected to dominate other component segments in terms of revenue share over the forecast period. Polymer materials are widely used in interior of electric vehicles to enhance safety and lower risks of accidents. Increasing demand for lightweight materials due to growing focus on durability and demand for aesthetically pleasing interiors are some key factors expected to contribute to revenue growth of this segment.
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Asia Pacific Market Revenue to Expand Significantly:
Asia Pacific is expected to register robust revenue CAGR over the forecast period attributable to increasing adoption of electric vehicles, growing initiatives by government to encourage adoption of EVs, rising investment to develop electric vehicle charging infrastructure, and availability of technologically advanced electric vehicles.
Europe to Account for Significantly Large Revenue Share:
Europe is expected to account for a significantly large revenue share over the forecast period attributable to robust presence of major market players in the countries in the region, growing initiatives to promote electric mobility, and increasing investments by OEMs to develop advanced polymer-based electric vehicle components.
Major Companies in the Market Include:
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For this study, Reports and Data has segmented the electric vehicle (car) polymers market based on type, component, application, and region:
Type Outlook (Revenue, USD Billion; 2018–2028)
Component Outlook (Revenue, USD Billion; 2018–2028)
Application Outlook (Revenue, USD Billion; 2018–2028)
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Regional Outlook (Revenue, USD Billion; 2018–2028)
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