Dublin, June 19, 2019 (GLOBE NEWSWIRE) -- The "Electric Vehicle (Car) Polymers Market by Type (Engineering Plastics (ABS, PA, PC, PPS, Fluoropolymer), Elastomers (Synthetic Rubber, Natural Rubber, Fluoroelastomer)), Component (Powertrain, Exterior, Interior), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The market size for electric vehicle polymers was USD 2.6 billion in 2018 and is projected to reach USD 52.5 billion by 2024, registering a CAGR of 67% between 2019 and 2024.
The production and sale of electric cars are growing rapidly across the globe. According to the International Energy Agency's (IEA) EV outlook 2018, the battery electric car sales witnessed an annual growth rate of 63%, in terms of volume, between 2016 and 2017. This growth is attributed to the increasing regulations over the production and use of ICE cars, and the rising preference for electric cars over ICE cars by the customers, globally. The electric cars are preferred over ICE cars as they reduce the carbon footprint by not releasing harmful smoke or gases. Hence, the government of major countries are imposing restrictions on car manufacturers to shift toward electric car manufacturing.
This growth is attributed to the increasing demand for electric cars from several countries such as China, the US, and Germany. Increasing regulations to reduce the carbon footprint, developing charging infrastructure, decreasing battery prices and longer driving ranges of electric cars are the major factors augmenting the growth of the market, globally.
Additionally, increasing the use of polymers in components of electric cars is expected to provide growth opportunities for the electric car polymers market. However, the high cost of electric vehicle polymers acts as the restraint for the market. Moreover, rising need for technologically advanced polymers from electric car manufacturers is a challenge for the market players.
The leading players in the electric vehicle polymers market are BASF (Germany), DowDuPont (US), Covestro (Germany), Celanese (US), SABIC (Saudi Arabia), Solvay (Belgium), LANXESS (Germany), LG Chem (South Korea), Asahi Kasei (Japan), and Evonik Industries (Germany).
These players have adopted the strategies of expansion, new product development, and acquisition to increase their product offerings and expand their geographic presence.
Market Dynamics
Drivers
- Increasing Manufacturing and Sales of Electric Cars Globally
- Increasing Use to Reduce the Weight of Electric Cars
Restraints
- High Price of Polymers
Opportunities
- Adoption of Polymers in New Components of Electric Cars
Challenges
- Rising Need for Technologically Advanced Polymers From Electric Car Manufacturers
Companies Mentioned
- AGC Chemicals
- Arkema
- Arlanxeo
- Asahi Kasei
- BASF SE
- Celanese
- China Petrochemical Group (Sinopec Group)
- Covestro
- Daikin Industries
- DowDuPont
- DSM Engineering Plastics
- Elkem
- Evonik Industries
- JSR Corporation
- LANXESS
- LG Chem
- LyondellBasell Industries
- Mitsubishi Engineering-Plastics Corporation
- SABIC
- Solvay
- Sumitomo Chemicals
- The Goodyear Tire & Rubber Company
For more information about this report visit https://www.researchandmarkets.com/r/rnxjsb