Electric Vehicle Polymers Market By Component (Powertrain System, Exterior, Interior) Elastomers (Hybrid Electric Vehicles, Plug-In Hybrid Electric Vehicles, Battery Electric Vehicles, Fuel Cell Electric Vehicle), By Type (Engineering Plastics, Elastomers), and Regions (North America, Europe, Asia Pacific, Middle East and Africa, and South America), Global Forecast 2020 to 2030.

Electric vehicle (EV) polymers are the structural materials that which are used to increase the efficiency of EV’s by reducing the kerb weight of the vehicle. Being the only replacement to metals such as steel, aluminum, magnesium alloys, materials such as Polypropylene, Acrylonitrile Butadiene Styrene, PVC, Polyamide, Polycarbonate, etc. are likely to show tremendous demand in coming years. With launch of new EV models in emerging economies, automotive manufacturers are constantly focusing on providing highly efficient electric vehicles by either reducing the weight of the car or by increasing the range of EV’s via battery expansion.

The value of the vehicle polymers market is projected to grow to USD 519.1 billion with an estimated CAGR of 58.55% by 2030.

Year 2019 emerged as the most promising year for EV’s in spite of dark clouds ahead. During the year, EV’s accounted for 2.2% of automotive sales worldwide in spite of some models slew on the roads. Manufacturers such as Ford, Tesla, Volkswagen, showcases their upcoming models with highly efficient cost per mile ratio owing to installation of light weight polymers in the body. Dual properties of plastic as an insulator as well as conductor has increased potential application of polymers in the EV market.

In present year 2020, EV launches is likely to hit skies with more than 10 global leaders likely to launch various models. For instance, MG Motors announced that they will launch ZS EV in India this year. Tata is going to launch electric version of its renowned car Nexon as Nexon EV. Additionally Mahindra announced launch of eKUV100 which is an electric version of KUV100. Presently all petrol/diesel fueled cars are heavy and need huge weight reduction when converted to an electric drive system. In such cases, plastics/polymers come in picture and are likely to contribute noticeable share in manufacturing of electric vehicles.

Alone I the U.S. approximately 40 models of EV were available for sale throughout the country and 10 more are likely to launch during 2020. Models namely Nissan Ariya, Fiat 500e, Tesla Cybertruck, Luxus UX 300e, Audi e-tron Sportback, BMW iX3, BMW i4, Ford Mustang Mach-E, VW ID. Space Vizzion, Fisker Ocean, Mini Electric, Volkswagen ID.3, etc. are likely to be launched in 2020 creating large potential business opportunities for automotive polymer manufacturers in future.

Interior segment to emerge as most lucrative EV polymer market segment

Interior is such art of the vehicle which is majorly emphasizes on aesthetic appeal of the vehicle. Locations such as dashboard, door panels, carpets, instruments panels, etc. are made of engineered plastics. Characteristics such as zero corrosion, flexibility, long shelf life, recyclability has been major factors for uptake of use of plastics in interior components. Also easy manufacturing of aftermarket plastic components instead of metal parts has been and will be a major driving factor for segment growth.

Materials such as Polypropylene is used in manufacturing of bumpers, insulations, carpet fibers whereas ABS is used in manufacturing of dashboards, accessories and wheel covers due to its heat resistant properties. Polystyrene finds its applications in manufacturing of buttons, and display bases which have emerged as major component of EV’s ass traditional analog meters have been replaced by screens.

China to dominate the global electric vehicle polymers market

Since 2009, Chinese government has implanted carrot and stick approach to promote EV landscape in the country. With such implementation, EV buyers gained heavy tax benefits and financial incentives on purchasing EV’s.

Talking about china, economies of scale is the major function of Chinese manufacturers. In 2018, china alone accounted for over 34% of ABS production which was highest across the globe. Furthermore, talking about demand, china accounts for over 60% of the global demand making it a completely integrated nation when it comes to production and consumption. Also, china has been dominating the global EV sales recording 0.95 million BEV sold in 2017 and 1.77 million BEV’s sold in 2018 alone. Presence of large base of end use industry is likely to become fruitful investment for EV manufacturers to setup plants in china.

Key Market Players

• BASF SE
• DowDuPont
• Covestro
• Solvay
• SABIC
• LG Chem
• Evonik Industries
• DSM Engineering Plastics
• Mitsubishi Engineering-Plastics Corporation
• Sumitomo Chemicals

Electric Vehicle Polymers Market Scope

Following is a detailed snapshot of most prominent segments in global electric vehicle polymers market:

Segmentation by Material: Global Electric Vehicle Polymers Market

• Engineering Plastics
  • Acrylonitrile Butadiene Styrene
  • Polycarbonate
  • Polyamide
  • Polyurethane
  • Polypropylene
  • Others
• Elastomers
  • Natural Rubber
  • Synthetic Rubber
  • Others

Segmentation by components: Global Electric Vehicle Polymers Market

• Interior
• Exterior
• Powertrain

Regional Segmentation: Global Electric Vehicle Polymers

• North America
• Europe
• Asia
• Central & South America
• Middle East & Africa

Key Market Movements

• Financial benefits from government for manufacturers as well as buyers of EV to promote market growth
• Stringent regulations on reduction of automotive emission to fuel EV polymer sales
• Cost comparison of fossil fuels with electric motors is a major marketing strategy by EV manufacturers
• Automotive manufactures concentrating on weight reduction to increase efficiency to act as a market entry position for polymer manufacturers

Key Questions Answered

• Market valuation in terms of value and volume of the in global electric vehicle polymers market through the forecast span, 2019-25
• Comprehensive market evaluation across major regions based on market segmentation
• A thorough rundown on market dynamics such as drivers, threats, challenges, and opportunities
• A clear analytical review of competition spectrum, highlighting industry forerunners, company as well as product portfolios
• Major highlights on winning marketing strategies adopted by leading players