Growing demand for Electric Vehicles across the globe and increasing use to reduce the weight of electric cars are expected to drive the growth of the — Electric Vehicle (car) Polymers Market
According to the International Energy Agency's (IEA), the battery electric vehicle sales witnessed an annual growth rate of 63%, in terms of volume, between 2016 and 2017. Moreover, the growing demand for electric vehicles is ascribed to the increasing regulation of the manufacturing and use of internal combustion engines (ICE) and the increasing preference for electric cars over ICE vehicles by clients worldwide. This expected to enhance the production to meet the growing consumption of electric cars and electric vehicle polymers over the forecast period.
Electric vehicle (car) polymers are the substitute for the metals. These polymers are used in electric cars to reduce their weight without affecting the efficiency of the car. The polymers have similar properties as metals such as abrasion resistance, stiffness, toughness, electrical insulation, heat resistance, and flame retardancy
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Increased demand for electric vehicles around the globe and increased use to decrease the weight of electric cars, as well as strict public laws for the use of ICE vehicles, are the primary drivers for the development of the worldwide market for electric vehicles (cars) polymers over the forecast period. Moreover, the development of metal replacements in multiple parts of electric vehicles and the increasing manufacturing of electric vehicles in developing countries is anticipated to increase the size of the industry. This is also anticipated to open up investment possibilities in the worldwide market for producers in the coming years.
However, volatile raw material prices and increasing demand for polymer products are anticipated to hinder the general development of electric vehicle (car) polymers during the forecast period as the worldwide market for electric vehicle (car) polymers expands. Moreover, the restricted knowledge and increasing need for technologically sophisticated polymers from electric car producers is a major challenge for the worldwide market for electric vehicle (car) polymers throughout the forecast period.
Scope of the Report
• Based on type, the engineering plastics of electric vehicle (car) polymers accounted for approximately 62% of the share in the global electric vehicle (car) polymers market in 2018.
• Based on component, the interior segment is expected to grow at a CAGR of around 18% throughout the forecast period.
• Asia-Pacific accounted for nearly 45% share of the global electric vehicle (car) polymers market in 2018
• In July 2019, BASF introduced a fresh line of polymers containing high-temperature vulcanizing silicone (HTR), room temperature vulcanizing silicone (RTR) and liquid silicone rubber (LSR).
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Release ID: 88917186