Global Market for Polymers Used in Electric Vehicles

Report Code: CHM141C

Publish Date: Apr 2025

Publisher: BCC Publishing

Category: Chemicals

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Report Highlights

The global market for polymers used in electric vehicles reached $9.1 billion in 2023. It is expected to grow from $10.4 billion in 2024 to $23.8 billion by 2029, at a compound annual growth rate (CAGR) of 18.1% from 2024 to 2029.

Report Includes

  • 115 data tables and 49 additional tables
  • An analysis of the global market for polymers used in electric vehicles (EVs)
  • Analyses of the global market trends, with sales data for 2023, estimates for 2024, forecasts for 2028, and projections of compound annual growth rates (CAGRs) through 2029
  • Evaluation of the market size for polymer-based EVs and their corresponding market share analysis by type, application, vehicle type and region
  • Discussion of the market potential for polymers used in EVs, and forecasts for the market’s segments and sub-segments
  • Facts and figures concerning market drivers, opportunities, challenges and other demographic and economic factors that will drive market demand
  • Analysis of the key technology issues, industry value chain, Porter’s Five Forces, competitive landscape, and R&D activity
  • Description of polymer properties and discussion of their ability to control carbon footprints
  • A discussion of the industry’s ESG challenges and practices
  • Market share analysis of the key companies and coverage of their proprietary technologies, strategic alliances, and other market strategies
  • Profiles of the leading companies, including BASF, Evonik Industries AG, LyondellBasell Industries Holdings B.V., Arkema and Laxness

Report Scope

This report provides a qualitative as well as quantitative assessment of the global market for polymers in electric vehicles (EVs). The study considers 2023 as the base year; forecasts are provided for revenue from 2024 to 2029 (USD million). The report provides a thorough analysis of the market based on type, application, vehicle and region. Each region is further sub-segmented into key countries.

Specifically, the market is segmented in the following ways:

  • Type:
    • Engineering plastic:
      • Polypropylene (PP).
      • Polyurethane (PU).
      • Polyvinyl Chloride (PVC).
      • Polyamide (PA).
      • Polyethylene (PE).
      • Acrylonitrile Butadiene Styrene (ABS).
      • Others.
    • Elastomers:
      • Silicone.
      • Rubber.
      • Others.
  • Application:
    • Interior.
    • Exterior.
    • Powertrain.
  • Vehicle Type:
    • BEVs (battery EVs).
    • PHEVs (plug-in hybrid EVs).
    • HEVs (hybrid EVs).
  • Region:
    • Asia-Pacific.
    • Europe.
    • North America.
    • Rest of the World (RoW).

Report Synopsis

Report Metrics Details
Base year considered 2023
Forecast period considered 2024-2029
Base year market size $9.1 Billion
Market size forecast $23.8 Billion
Growth rate CAGR of 18.1% from 2024 to 2029
Units considered $ Millions
Segments covered By Polymer Type, Application, Vehicle Type, and Region
Regions covered Asia-Pacific, Europe, North America, and Rest of the World (RoW)
Countries covered China, Japan, South Korea, France, Germany, Spain, Mexico, Canada, and the U.S.
Key Market Drivers
  • Unprecedented growth in electric vehicles sales.
  • Proliferating need for advanced polymers supporting light weighting and electrification trends.
  • Sustainability and cost-effectiveness offered by plastics to EVs.
  • Growing emphasis on plastic circularity and bioplastics.
Companies studied
AGC INC.ARKEMA
BASFCELANESE CORP.
CHT GERMANY GMBHCOVESTRO AG
DAIKIN INDUSTRIES LTD.EVONIK INDUSTRIES AG
LANXESSLG CHEM
LYONDELLBASELL INDUSTRIES HOLDINGS B.V.SABIC
SOLVAYSUMITOMO CHEMICAL CO. LTD.
WACKER CHEMIE AG
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Frequently Asked Questions (FAQs)

The estimated market size of the polymers used in the electric vehicles market is $23.8 billion by the end of 2029. The CAGR is 18.1%.
Key drivers include:
  • Unprecedented growth in electric vehicle sales.
  • Proliferating need for advanced polymers supporting lightweighting & electrification trends.
  • Sustainability and cost-effectiveness offered by plastics to electric vehicles (EVs).
By type, application, vehicle, and region.
The battery-electric vehicles segment will continue to dominate the market by the end of 2029.
Asia-Pacific has the highest market share. China has remained a key contributor in fueling demand within the region’s market. The regional growth is further supplemented by increasing government support and growing investments in EV manufacturing capacities within China and other emerging economies.

Analyst Credentials

Yukti Chaturvedi– Associate Consultant-Advanced Materials Research
Yukti Chaturvedi has over five years of experience in market research. She has a strong knowledge of plastics, chemicals, consumer goods, and advanced materials research. She has handled end-to-end business by providing strategic recommendations and understanding clients’ requirements thoroughly in the market research industry. She demonstrated excellence in working effectively in critical areas − competitor intelligence, product intelligence, market understanding, industry trend analysis, and customer insights. Academically, she is an MBA graduate in International Business.

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Table of Contents

All reports provided in PDF format. For shared licensing options (5+ Users), please call a representative at (+1) 781-489-7301 or contact us at info@bccresearch.com
Title/Chapter NamePagesMember Price
Full Report: Global Market for Polymers Used in Electric Vehicles185Free
Chapter- 1: Executive Summary4Free
Chapter- 2: Market Overview6Free
Chapter- 3: Market Dynamics5Free
Chapter- 4: Emerging Technologies and Developments2Free
Chapter- 5: Market Segment Analysis106Free
Chapter- 6: Competitive Intelligence3Free
Chapter- 7: Sustainability in Polymers Used in EVs: ESG Perspective5Free
Chapter- 8: Appendix54Free
Published - Apr-2022| Analyst - BCC Publishing| Code - CHM141B

Report Highlights

The global market for polymers used in electric vehicles is estimated to increase from $5.0 billion in 2021 to $12.8 billion by 2026, at a compound annual growth rate (CAGR) of 20.8% during the forecast period of 2021-2026.

Report Includes

  • 151 data tables and 69 additional tables
  • An up-to-date review and analysis of the global market for polymers used in electric vehicles (EVs)
  • Analyses of the global market trends, with data from 2020 and 2021, and projections of compound annual growth rates (CAGRs) through 2026
  • Evaluation and forecast the overall market size for polymer based EVs in value and volumetric terms, and their corresponding market share analysis by product segment, application, and region
  • Highlights of the market potential for polymers used in electric vehicles, and areas of focus to forecast this market into various segments and sub-segments
  • In-depth information (facts and figures) concerning market drivers, opportunities, challenges and other demographic and economic factors that will drive future demand for this market
  • Review of the current market status, key technology issues, industry value chain, Porter’s five forces analysis, competitive scenario, R&D activities, and COVID-19 implications on the progress of this market
  • Description of polymer properties and discussion on their ability to control carbon footprints
  • Insight into the key merger and acquisition deals, joint ventures and innovation strategies by leading players in the global electric vehicles and polymers industry
  • Descriptive company profiles of the major global players, including Arkema, Asahi Kasei Corp., BASF SE, Covestro AG, DSM, Evonik Industries, LG Chem, LyondellBasell Industries, and Solvay S.A.
Published - Feb-2020| Analyst - Tanmay Joshi| Code - CHM141A

Report Highlights

The global market for polymers used in electric vehicles should grow from $3.3 billion in 2018 to $14.9 billion by 2023 with a compound annual growth rate (CAGR) of 35.4% for the period of 2018-2023.

Report Includes

  • 99 data tables and 48 additional tables
  • An overview of global market for polymers used in electric vehicles
  • Analyses of the global market trends with data from 2017 and 2018, and projections of compound annual growth rates (CAGRs) through 2023
  • Insights into the govt. regulatory framework, investment analysis, growth indicators and key decision supporting factors
  • Description of polymer properties and discussion on their ability to control carbon footprints
  • Comparative study of engineering plastics and elastomers, and description of their potential applications
  • A look at the mergers and acquisitions, joint ventures, innovations and key market strategies adopted by major players
  • Profile description of the leading market players, including BASF, DSM Engineering Plastics, Evonik, Solvay SA, LyondellBasell Industries and SABIC

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Global Market for Polymers Used in Electric Vehicles
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