(MENAFN- America News Hour) Electric Vehicle Polymers Market: Global Demand Analysis & Opportunity Outlook 2035 which delivers detailed overview of the global electric vehicle polymers market in terms of market segmentation by type, component, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global electric vehicle polymers market is anticipated to attain a CAGR of ~65% over the forecast period, i.e., 2023 – 2035. The market is segmented on the basis of component into synthetic rubber, natural rubber, and others. Out of these, the synthetic rubber segment is anticipated to hold the notable market share over the forecast period owing to the various advantages of synthetic rubber, including the high electricity and heat resistance. Moreover, synthetic rubber is produced at a lower cost, as compared to natural rubber, which estimated to boost the segment growth.
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The global electric vehicle polymers market is estimated to grow on the back of increasing sales for electric vehicles, backed by growing demand for environment friendly vehicles.
According to the data by the International Energy Agency (IEA), 2,008,024 battery-powered electric vehicles (BEV) were sold in 2020.
Moreover, the need to reduce vehicle weight and cost, by replacing metal with polymers, is anticipated to boost the market growth.
On the basis of geographical analysis, the global electric vehicle polymers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing adoption of electric vehicles in the region.
According to the report by IEA, the sale of battery-powered electric vehicles touched 231,088 in the US in 2020.
Furthermore, the presence of various automotive manufacturers in the region, is estimated to boost the market growth.
Major players include in the global
Electric Vehicle Polymers
market:
BASF SE, Evonik Industries AG, Asahi Kasei Corporation, LG Chem Ltd, Lanxess AG, Celanese Corporation, Solvay S.A., Covestro AG, DuPont de Nemours, Inc., Saudi Basic Industries Corporation.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players' competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rising Need to Reduce Vehicle Weight to Boost the Market Growth
Polymers reduce the overall weight and volume of the vehicle, which increases the overall mileage of the vehicle. As EV batteries are bulky and contribute to a major share of the overall weight of the vehicle, hence, EV manufacturers are increasingly opting for alternate materials that can lower the vehicle's body weight. The growing use of polymer as a replacement for metals and alloys by the EV manufacturers is therefore estimated to boost the market growth.
However, slower rate of innovation in EVs is expected to operate as key restraint to the growth of the global electric vehicle polymers market over the forecast period.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global electric vehicle polymers market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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