PUBLISHER: The Business Research Company | PRODUCT CODE: 1669586
PUBLISHER: The Business Research Company | PRODUCT CODE: 1669586
Electric vehicle polymers are structural materials employed in electric cars to reduce their weight while maintaining optimal performance. These polymer solutions aim to enhance the performance, range, and sustainability of electric vehicles by minimizing the overall curb weight.
The primary categories of electric vehicle polymers include engineering plastics and elastomers. Engineering plastics encompass polymer materials with enhanced mechanical, thermal, chemical, and electrical properties. These polymers find application in various components such as powertrain systems, exteriors, and interiors. These components cater to diverse end-users, including hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), battery electric vehicles (BEV), and fuel cell electric vehicles (FCEV).
The electric vehicle polymers market research report is one of a series of new reports from The Business Research Company that provides electric vehicle polymers market statistics, including electric vehicle polymers industry global market size, regional shares, competitors with an electric vehicle polymers market share, detailed electric vehicle polymers market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle polymers industry. This electric vehicle polymers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The electric vehicle polymers market size has grown exponentially in recent years. It will grow from $20.49 billion in 2024 to $33.12 billion in 2025 at a compound annual growth rate (CAGR) of 61.7%. The growth in the historic period can be attributed to early EV development, automotive industry shifts, manufacturing advancements, initial R&D in EV components, battery safety concerns
The electric vehicle polymers market size is expected to see exponential growth in the next few years. It will grow to $195.04 billion in 2029 at a compound annual growth rate (CAGR) of 55.8%. The growth in the forecast period can be attributed to evolving consumer preferences, urbanization, and smart city initiatives, increase in range and performance requirements, shift towards sustainable materials, global climate goals and emissions standards. Major trends in the forecast period include supply chain optimization, adoption of bio-based polymers, nanotechnology in polymer development, integration in interior components, customized polymer composites.
The rising demand for electric vehicles is expected to drive the growth of the electric vehicle polymers market in the future. An electric vehicle operates using one or more electric motors that draw power from an external source. Polymers are utilized in electric vehicles to reduce weight, enhance efficiency, improve durability, and offer design flexibility. For example, in January 2024, the U.S. Energy Information Administration reported that in 2023, hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles (BEVs) together accounted for 16.3% of total new light-duty vehicle sales in the U.S. Additionally, in March 2022, the Department of Energy noted that in 2021, electric vehicle sales made up 73% of all plug-in electric vehicle sales in the U.S. Therefore, the increasing demand for electric vehicles is driving the growth of the electric vehicle polymers market.
The expansion of charging infrastructure is poised to boost the electric vehicle polymers market in the foreseeable future. Charging infrastructure encompasses a network of charging stations and associated equipment essential for charging electric vehicles (EVs). The growth of charging infrastructure significantly contributes to the development of the electric vehicle (EV) polymers market by instilling consumer confidence, extending range and performance, accelerating EV adoption, mitigating range anxiety, and ensuring resilience in challenging environmental conditions. As of January 2023, projections from Twilio Inc., a US-based cloud communications platform, suggest that there will be approximately 12.9 million publicly accessible EV charging stations by 2030. Consequently, the expansion of charging infrastructure propels the growth of the electric vehicle polymers market.
Innovations in product offerings stand out as a prominent trend in the electric vehicle polymers market, with companies striving to introduce novel solutions to maintain their market position. For instance, in March 2023, Solvay, a chemical company based in Belgium, introduced Xydar LCP G-330 HH, a new polymer designed for insulation in high-heat electric vehicle battery modules. This liquid crystal polymer grade enhances passenger safety during a battery thermal runaway event and is specifically crafted for battery module plates in electric vehicles operating on higher voltage systems. Xydar LCP G-330 HH meets stringent thermal and insulation requirements, serving as an injection-molded glass-filled LCP that retains its electrical insulation even after exposure to 400°C for 30 minutes. Notably, it achieves flame resistance without the addition of halogen or bromine additives.
Major players in the electric vehicle polymers market are strategically focusing on innovative products, including new grades within the reSound REC thermoplastic elastomer (TPE) line, to drive revenue growth. These new grades offer a more environmentally friendly TPE option for vehicle interior applications by incorporating post-consumer recycled (PCR) material. For instance, in June 2022, Avient Corporation, a US-based provider of specialized polymer materials and services, introduced Shore-A hardness of 80 and 90 Shore A durometers within the reSound REC TPE range. One grade features a 65 Shore A hardness with 25% PCR content derived from recycled polypropylene (PP). Available in different Shore-A hardness to meet diverse client needs, the remaining grades contain 35% or 45% PCR and have durometers of 80 and 90 Shore A. These TPEs are tailored for various interior applications, such as instrument panels, dashboards, trunk liners, center console trays, and door mats/mat pockets, ensuring consistent aesthetics as they are painted black for a superior finish compared to prime grades.
In September 2022, Meraxis AG, a Switzerland-based company and a leading global distributor of polymers and polymer-related products and services, acquired the French Fournier Polymers Group for an undisclosed amount. This acquisition is intended to strengthen Meraxis's regional presence in Western Europe and North Africa, while also expanding its product offerings and enhancing service capabilities in the polymer industry. The French Fournier Polymers Group specializes in supplying advanced polymer materials that improve the efficiency and sustainability of electric vehicles.
Major companies operating in the electric vehicle polymers market include BASF SE, Saudi Basic Industries Corporation, LG Chemical Ltd., 3M Co, Sumitomo Chemical Co Ltd., Toray Industries Inc., Evonik Industries AG, Covestro AG, Shin-Etsu Chemical Co Ltd., Asahi Kasei Corporation, Solvay S.A., Mitsui Chemicals Inc., DuPont de Nemours Inc., Arkema SA, Celanese Corporation, Koninklijke DSM NV, Lanxess AG, Tosoh Corporation, DIC Corporation, Teijin Limited, Kumho Petrochemical Co Ltd., Ube Industries Ltd., Zeon Corporation, JSR Corporation, Kuraray Co Ltd., Sumitomo Bakelite Co Ltd., Mitsubishi Engineering-Plastics Corporation, Polyplastics Co Ltd.
Asia-Pacific was the largest region in the electric vehicle polymers market in 2024. The regions covered in the electric vehicle polymers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the electric vehicle polymers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The electric vehicle polymers market consists of the sale of polyethylene, polypropylene, polyvinyl chloride, polyamide, acrylonitrile butadiene styrene, synthetic rubber, polyamide, natural rubber, polycarbonate, polyurethane, silicone, and fluoropolymers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Electric Vehicle Polymers Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on electric vehicle polymers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for electric vehicle polymers ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The electric vehicle polymers market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.