(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Jan 13, 2021, 07:55 /Comserve / -- 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)
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The electric vehicle (Car) polymers market size was estimated to be USD 4.1 billion in 2018 and is projected to reach USD 52.5 billion by 2024, at a CAGR of 67%. The market is driven by the growing need for lightweighting the electric car to increase its range. However, the high price of electric vehicle polymers can act as a restraint for the market.
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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).
'The engineering plastics type segment is projected to register a higher CAGR during the forecast period.
The engineering plastics segment is projected to witness higher growth rate than elastomers during the forecast period. Owing to their enhanced properties and advantages they are used in electric cars as substitutes for metals to fulfill the purpose of lightweighting of the cars. The growing production of electric cars and need for lightweighting of components of electric cars around the globe will drive the market of engineering plastic during the forecast period.
'The market in the interior segment to account for the largest share during the forecast period.
The interior segment of components allows easy replacement of metals with polymers as these components have lower accidental risk and safety issues. Hence, most of electric car manufacturers use polymers in place of metals in this segment to reduce the overall weight of the electric cars. Polymer has proven to be the ideal material for the interior components of a car, as it is durable and aesthetically pleasing. In addition, it reduces noise, vibration, and harshness (NVH) levels of an electric car. Both the types of polymers, engineering plastics and elastomers are preferred for this segment of components.
'APAC is estimated to be fastest-growing region during the forecast period.
APAC is projected to be the fastest-growing market of electric vehicle polymers during the forecast period due to the growing production of electric cars in China, Japan, and South Korea. Canada is projected to be fastest-growing country in the North American electric vehicle polymers market followed by Mexico and US. Europe is the second-fastest growing electric vehicle polymers market. Increasing government regulation and consumer-friendly incentive schemes are expected to provide growth opportunities in this region.
Extensive primary interviews were conducted to determine and verify the market size of several segments and subsegments and information gathered through secondary research.
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The breakup of primary interviews is given below:
By Company Type: Tier 1 55%, Tier 2 30%, and Tier 3 15%
By Designation: C level 42%, Director Level 30%, and Others 28%
By Region: APAC 40%, Europe 28%, North America 25%, Rest of the World 7%
Research Coverage:
This research report categorizes the electric vehicle polymers market on the basis of type, component, and region. The report includes detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the market. A detailed analysis of the key industry players has been done to provide insights into business overviews, products, key strategies, and recent developments associated with the market.
Key Benefits of Buying the Report
The report will help leaders/new entrants in this market in the following ways:
1. This report segments the electric vehicle polymers market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.
2. The report will help stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand the major competitors and gain insights to enhance their position in the business. The competitive landscape section includes developments, such as expansion, acquisition, and new product development.
TABLE OF CONTENTS
1 INTRODUCTION 17
1.1 OBJECTIVES OF THE STUDY 17
1.2 MARKET DEFINITION 17
1.3 MARKET SCOPE 18
1.3.1 ELECTRIC VEHICLE POLYMERS MARKET SEGMENTATION 18
1.3.2 REGIONS COVERED 18
1.3.3 YEARS CONSIDERED FOR THE STUDY 19
1.4 CURRENCY 19
1.5 UNITS CONSIDERED 19
1.6 STAKEHOLDERS 19
2 RESEARCH METHODOLOGY 20
2.1 RESEARCH DATA 20
2.1.1 SECONDARY DATA 21
2.1.1.1 Key data from secondary sources 21
2.1.2 PRIMARY DATA 21
2.1.2.1 Key data from primary sources 22
2.1.2.2 Key industry insights 22
2.1.2.3 Breakdown of primary interviews 23
2.2 MARKET SIZE ESTIMATION 23
2.2.1 BOTTOM-UP APPROACH 23
2.2.2 TOP-DOWN APPROACH 25
2.3 DATA TRIANGULATION 26
2.4 LIMITATIONS 27
2.5 ASSUMPTIONS 27
3 EXECUTIVE SUMMARY 28
4 PREMIUM INSIGHTS 32
4.1 ATTRACTIVE OPPORTUNITIES IN THE ELECTRIC VEHICLE POLYMERS MARKET 32
4.2 ELECTRIC VEHICLE POLYMERS MARKET, BY TYPE 32
4.3 ELECTRIC VEHICLE POLYMERS MARKET, BY COMPONENT 33
4.4 APAC ELECTRIC VEHICLE POLYMERS MARKET, BY TYPE AND COUNTRY 33
4.5 ELECTRIC VEHICLE POLYMERS MARKET, BY COUNTRY 34
5 MARKET OVERVIEW 35
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