Government Incentives to Encourage the Electric Vehicle Polymers Market Growth at $47.14 Billion by 2028
According to Triton’s report, in 2019, the global electric vehicle polymers market amounted to $4.19 billion, and is estimated to gain a CAGR of 30.84% by 2028.
A recent study by Triton Market Research titled ‘Global Electric Vehicle Polymers Market’ entails the Global Analysis and Forecasts by Polymer Type (Engineering Plastics [Polyvinyl Chloride (PVC), Acrylonitrile Butadiene Styrene (ABS), Polyamide (PA), Polypropylene (PP), Polymethyl Methacrylate (PMMA), Polyethylene (PE), Polycarbonate (PC), Polyurethane (PU), Other Engineering Plastics], Elastomers [Fluoro Elastomer, Rubber, Silicone Elastomer, Other Elastomers], Other Polymer Types), Application (External, Internal, Powertrain), and by Geography (North America, Asia-Pacific, Europe, Middle East and Africa, Latin America).
Polymers are materials used to replace conventional metals in electric cars to reduce their weight without affecting the vehicles’ efficiency and functionality. These polymers have similar properties as metals such as electrical insulation and flame retardancy, making their usage suitable for electric vehicles.
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Triton’s report evaluates the global electric vehicle polymers market to attain a CAGR of 30.84% during the anticipated years of 2019-2028, while generating a revenue of $47.14 billion by 2028.
Vehicles that are hybrid or entirely electric need to have very effective thermal management, which includes ideal heating and cooling. Furthermore, the use of higher rank polymers is necessary for the correct operation of high voltage components. The implementation of policies like early charging roll-out, financial incentives, public procurement, and standard-setting are other EV projects that are showing notable advancements. Therefore, the main drivers propelling the growth of the studied market are the need for high-performance polymers in EVs and government incentives to encourage the adoption of electric vehicles. However, the growth of the electric vehicle polymers market is being hampered by the volatility of raw material costs.
The market for polymers used in electric vehicles is divided into two segments: type and application. Elastomers, engineering plastics, and other polymer kinds are the different categories of polymer types. Acrylonitrile Butadiene Styrene (ABS), Polyamide (PA), Polypropylene (PP), Polymethyl Methacrylate (PMMA), Polyethylene (PE), Polycarbonate (PC), Polyurethane (PU), and other engineering plastics are further subdivided under the engineering plastics section. Rubber, silicone, fluoro, and other elastomers are the several categories into which elastomers are also separated. It is separated into exterior, internal, and powertrain categories according on application.
Globally, Asia-Pacific is anticipated to become the fast-growing electric vehicle polymers market in the projected phase. It also holds the highest share worldwide owing to the innovation and adoption of high-performance electric vehicles in Japan, South Korea, and China. Moreover, the government regulations to lower CO2 emission along with grants for hybrid and electric cars has also assisted the region in gaining shares in the electric vehicles market. Additionally, many manufacturers have come forward to launch more plug-in hybrid versions in existing models as their demand increases in the region. The trend in electric vehicles will increase the demand for polymers for numerous external and internal components of these vehicle models, fueling the APAC EV polymers market’s growth.
Saudi Basic Industries Corporation (SABIC), Lanxess AG, Elkem ASA, LyondellBasell Industries NV, Evonik Industries AG, China Sinopec (China Petrochemical Corporation), Daikin Industries Ltd, Royal DSM NV, Mitsubishi Chemical Corporation, AGC Chemicals Americas Inc, Solvay SA, LG Chem Ltd, JSR Corporation, DuPont, Sumitomo Chemical Company Limited, Arkema SA, Covestro AG, BASF SE, Asahi Kasei Corp, and Celanese Corporation are the key players in this market.
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Question & Answer: Electric Vehicle Polymers Market
Question 1: What major factors are driving the growth of the electric vehicle polymers market?
Answer: Hybrid and fully electric vehicles require extremely efficient thermal management, which includes optimum heating and cooling. Moreover, the proper functioning of high voltage components needs the implementation of superior rank of polymers. Further, the policy implementation such as
early charging roll-out, economic incentives and public procurement, and formulation of standards are the EVs initiatives that are observing significant progress. Hence, the demand for high-performance polymers in EVs and government incentives to encourage electric vehicles’ adoption are the major factors driving the growth of the studied market.
Question 2: What factors are obstructing the electric vehicle polymers market expansion?
Answer: Factors such as the uncertainty in the prices of raw materials is obstructing the electric vehicle polymers market’s expansion.
Question 3: Which region is likely to become the fastest-growing market for electric vehicle polymers globally?
Answer: Globally, Asia-Pacific is anticipated to become the fast-growing electric vehicle polymers market in the projected phase. It also holds the highest share worldwide owing to the innovation and adoption of high-performance electric vehicles in Japan, South Korea, and China. Moreover, the government regulations to lower CO2 emission along with grants for hybrid and electric cars has also assisted the region in gaining shares in the electric vehicles market.
Additionally, many manufacturers have come forward to launch more plug-in hybrid versions in existing models as their demand increases in the region. The trend in electric vehicles will increase the demand for polymers for numerous external and internal components of these vehicle models, fueling the APAC EV polymers market’s growth.
Question 4: Which are the key players in the electric vehicle polymers market?
Answer: Saudi Basic Industries Corporation (SABIC), Lanxess AG, Elkem ASA, LyondellBasell Industries NV, Evonik Industries AG, China Sinopec (China Petrochemical Corporation), Daikin Industries Ltd, Royal DSM NV, Mitsubishi Chemical Corporation, AGC Chemicals Americas Inc, Solvay SA, LG Chem Ltd, JSR Corporation, DuPont, Sumitomo Chemical Company Limited, Arkema SA, Covestro AG, BASF SE, Asahi Kasei Corp, and Celanese Corporation are the key players in this market.
Related Report:
Global Wireless Charging Market
The global wireless charging market is likely to rise during the forecast period of 2019-2028 at a CAGR of 24.89%, while generating $28.61 billion in revenue by 2028.
Wireless charging is the technology that facilitates a power source to transmit electromagnetic energy to an electric load without interconnecting electric cords. The wireless charging technology is used in a wide range of applications, including low power toothbrush and high-power electric vehicles, as it offers convenience and better experience to the consumer. Also, wireless charging offers a suitable and reliable charging method, powering numerous electrical devices at a different location.
The need for convenience and effective charging systems, a rise in the number of smartphones and wearable devices, and growth in electric vehicles are propelling the market’s growth. However, the high
cost, lower efficiency, and slower charging speed are hampering wireless charging market development worldwide.
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