$52.5 Bn Electric Vehicle (Car) Polymers Market - Global Forecast to 2024

Wednesday, 19. June 2019 17:52

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

CONTACT: ResearchAndMarkets.com
         Laura Wood, Senior Press Manager
         press@researchandmarkets.com
         For E.S.T Office Hours Call 1-917-300-0470
         For U.S./CAN Toll Free Call 1-800-526-8630
         For GMT Office Hours Call +353-1-416-8900
Related Topics: Electric and Hybrid Vehicles

22157.jpg

Related Links: 
Author:
Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.