Electric Vehicle Polymers Market include BASF (Germany), DowDuPont (US), Covestro (Germany), Celanese (US), SABIC (Saudi Arabia), Solvay (Belgium)
— Exactitude Consultancy
LUTON, BEDFORDSHIRE, UNITED KINGDOM, November 13, 2023 /EINPresswire.com/ — According to a Comprehensive Research Report by Exactitude Consultancy, “Electric Vehicle Polymers Market By type (Acrylonitrile Butadiene Styrene (ABS), Polyamide, polycarbonate, Polyurethane, Fluoropolymer, Thermoplastic Polyester, and others.) By Application, and by Region , Global trends and forecast from 2021 to 2028”, The market for Electric Vehicle Polymers to anticipate a rise from USD 49.2 billion in 2021 to USD 62.8 billion by 2028, at 4.2% CAGR over the appraisal period (from 2022 to 2028).
A polymer is a material composed entirely of numerous homogeneous units joined by bonding to form a molecular structure. Polymers have a wide range of characteristics. Polymers, both natural and artificial, are ubiquitous in daily life. The process of polymerization of a few small molecules known as monomers produces the polymers. A car is a type of vehicle with four wheels that is driven on public roads. An electric vehicle, or EV for short, is a car that is propelled by one or more electrical or traction motors.
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• Saudi Basic Industries Corp. (SABIC), located in Riyadh, Saudi Arabia, and Heng Hiap Sdn Bhd (HHI), based in Malaysia, joined up in March 2021 to create circular polymers from improved recycling of discarded plastics that are headed for the ocean and recovered mixed plastic. According to SABIC, its clients will use circular polyolefins from the Trucircle range of the company as solutions in new products. SABIC’s Trucircle portfolio consists of certified circular goods made from advanced plastic recycling, certified renewables made from bio-based feedstock, and mechanically recycled products.
• On March 22, 2022, BASF SE and Zhejian REEF Technology Co Ltd agreed into a strategic cooperation agreement to develop cutting-edge recyclate formulations for application in the packaging, automotive, and consumer industries. Through this arrangement, BASF SE will provide technical assistance and consulting for recycled polymer formulations carried out at BASF’s test labs, as well as its recently announced IrgaCycle additive solutions. In a variety of end-use applications, IrgaCycle additive solutions help raise the proportion of mechanically recycled material.
Electric Vehicle Polymers Market Competitive Landscape:
The major vendors in the Electric Vehicle Polymers industry are
• BASF (Germany)
• DowDuPont (US)
• Covestro (Germany)
• Celanese (US)
• SABIC (Saudi Arabia)
• Solvay (Belgium)
• LANXESS (Germany)
• LG Chem (South Korea)
• Asahi Kasei (Japan)
• Evonik Industries (Germany)
Some Points On How the Report Benefits Stakeholders:
• The Electric Vehicle Polymers Market reports include historical (2018–2020) and forecast (2022–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
• The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
• Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
• The Electric Vehicle Polymers Industry report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
• The report contains company profiles of the top companies operating in the Electric Vehicle Polymers market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
• Electric Vehicle Polymers Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
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The Asia-Pacific region is expected to lead the global market for polymers used in the manufacturing of electric vehicles (cars) during the projected period. The region is now the biggest consumer of electric vehicle (car) polymers due to the sharp rise in the production of electric cars in nations like China, Japan, and South Korea, among others. The Asia-Pacific region’s market for electric vehicle (car) polymers is expanding due to several factors, including growing government support, a decrease in the overall weight of electric cars, and growing concern about carbon footprints. Europe and North America are also expected to offer prospective development opportunities during the projection period.
Global Electric Vehicle Polymers Market Definition
Electric vehicle polymers are plastics that are used in electric vehicles to reduce weight without sacrificing performance. Polymers are the only materials that can replace metals because they have many of the same qualities as metals, including stiffness, toughness, resistance to abrasion, and heat resistance. Polymer substitution for metal is a major strategy employed by electric car makers to lower the overall weight of their vehicles.
Even though some materials are lighter than others without compromising a vehicle’s strength or endurance, a vehicle’s weight is a major obstacle to operating it exclusively on electricity for a prolonged amount of time. Whether a car is powered by gasoline or electricity, its overall weight can be decreased to increase fuel efficiency.
Key Market Segments: Electric Vehicle Polymers Market
Electric Vehicle Polymers Market by Type, 2019-2028, (In USD Million)
• Acrylonitrile Butadiene Styrene (ABS)
• Polyphenylene Sulfide (PPS)
Electric Vehicle Polymers Market by Application, 2019-2028, (In USD Million)
• Commercial Electric Vehicles
• Passenger Electric Vehicles
Electric Vehicle Polymers Market by Region, 2019-2028, (In USD Million)
• North America
• Asia Pacific
• South America
• Middle East and Africa
Frequently Asked Questions
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