FACTS AT A GLANCE
Editing: 4; Posted: November 2021
Executive pool: 613
Companies: 48 – Players covered include AGC Chemicals; Arkema; Arlanxeo; Asahi Kasei; BASF SE; Celanese; Petrochemical Group of China (Sinopec Group); Covestro; Daikin Industries; DowDuPont; DSM engineering plastics; Elkem; Evonik Industries; JSR Company; LANXESS; LG Chem; Lyondellbasell Industries; Mitsubishi Engineering-Plastics Corporation; SABIC; Solvay; Sumitomo Chemicals; The Goodyear Tire & Rubber Company et al.
Blanket: All major geographies and key segments
Segments: Type (engineering plastics, elastomers); Component (interior, exterior, transmission system)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; and rest of Europe); Asia Pacific; Rest of the world.
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Global Electric Vehicle Polymers Market To Reach US $ 27.3 billion by 2026
Electric vehicle (EV) manufacturing uses lightweight materials that can replace metal parts to reduce vehicle weight. Polymers are used in the manufacture of several exterior and interior parts of vehicles such as panel, dashboard, bumper, trim, wheelhouse, powertrain, other components under the hood, components roof and door components, among others. The increased production of battery-powered electric vehicles or BEVs is propelling the advancement of high performance polymers with improved properties to meet the demands of electric propulsion. BEV sales are expected to increase steadily as BEV technology grows simultaneously with energy density and battery capacity as vehicles become more autonomous and connected. The consumption of polymers in the automotive sector is expected to increase steadily and growth rates are expected to be based on the applications and types of plastics used in automobiles, recycling efforts from various regions, and substitution of interpolymers. The growth rate of plastics such as PA, PP, PE and PC is expected to increase with the introduction of electric vehicles, while the consumption of engineering plastics is expected to decrease.
In the midst of the COVID-19 crisis, the global market for polymers for electric vehicles is estimated at 3.9 billion US dollars in 2020, is expected to reach a revised size of US $ 27.3 billion by 2026, with a CAGR of 38.7% during the analysis period. Engineering Plastics, one of the segments analyzed in the report, is expected to grow at a CAGR of 40.9% to reach US $ 23.8 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the elastomers segment is readjusted to a revised CAGR of 35.5% for the next 7 year period. This segment currently represents a 44% share of the global market for polymers for electric vehicles. Engineering plastics provide better physical and mechanical stability, durability and dimensional stability, while giving electric vehicles an aesthetic appearance. Elastomers are generated by combining polymers using chemical bonds to achieve the crosslinking structure and provide high elongation and elasticity against breaking and cracking. Elastomers are used as sealants and rubbers in electric vehicles for the manufacture of tires, and the majority of the demand for elastomers is in tire manufacturing and car insulation.
The US market is estimated at $ 850.1 million in 2021, when China is expected to reach $ 8.3 billion by 2026
The market for polymers for electric vehicles in the United States is estimated at 850.1 million US dollars in 2021. The country currently represents a 17.3% share of the world market. China, the world’s second-largest economy, is expected to reach an estimated market size of 8.3 billion US dollars during the year 2026, with a CAGR of 43.4% throughout the analysis period. Other notable geographic markets include Japan and Canada, each projects growth of 32.4% and 36.5% respectively during the analysis period. In Europe, Germany is expected to grow by around 34.6% CAGR while the rest of the European market (as defined in the study) will reach 3.1 billion US dollars at the end of the analysis period. Asia Pacific dominates the market, due to growing concerns about the environment, increasing government initiatives to encourage green transportation, and ambitious business expansion strategies by electric vehicle manufacturers in China, South Korea, and Japan. Following
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