Engineered Polymers In Electric Vehicles Market Size, Share & Trends Analysis Report By Product, By End-use, By Region, And Segment Forecasts, 2021 To 2028

Demand for electric vehicles (EV) has been increasing at a very high rate due to promotional government initiatives to replace combustion engines/conventional vehicles. According to International Energy Agency (IEA), EVs are two to four times efficient when compared to conventional internal combustion engines and henceforth can reduce greenhouse gas omission, carbon footprint and zero tailpipe emission.

Global EV fleet is increasing at a fast pace even across emerging economies. This has reduced the price of batteries, furthermore, assistance by the government to promote its sales by providing subsidy has signaled for a positive market growth in the forecast period. This has improved the manufacturer’s confidence which results into increased number of EVs being produced for the consumers.

Polymers play a very important role in the electric vehicle industry specially in the interiors as there are norms, standards and performance requirements which are expected to be met such as weight reduction, improvement of efficiency among others. Engineered polymers also known as customized polymers henceforth witnesses a positive impact on the market growth during the forecast period.

Engineered polymers market is expected to be driven majorly due to the development of newer and lighter weight vehicles. Lighter the weight is of the vehicle higher is the expected the efficiency. Stringent environmental regimes pertaining to polymer use and development also should impact the market growth in the forecast period.

These polymers can be produced by both injection molded and blow molded technologies. Injection molded plastic parts are generally low priced compared to its metal substitutes. This allows the car manufacturers and OEMs to serve their consumer better by offering cost control and maximizing profit.

Engineered polymers market is also expected to witness strong gains during the period of 2021 to 2028. This growth can be ascertained to high-temperature performance which is offered by the polymer compared to any other substitutes including metal and other alloys. The temperature of the electric vehicle needs to be maintained to protect the machinery installed and also the passengers. This creates the need for high-temperature performance functionality offered.

Increased demand for EVs and technological advances in the sector has led to vehicle electrification. Vehicle electrification in turn creates a challenge for engineers to shield the electromagnetic interference (EMI) and radio frequency interference (RFI). According to current industry trends a huge amount of electrical and electronic circuits have been placed in the confined spaces of the EV, this leads to high probability of radiated and conductive emissions from different parts which may ultimately cause disruption in the final product/fatal vehicular loss.

Technological development with modified thermoplastic materials which can shield EMI and RFI from disrupting processes should bolster demand in the coming years. Engineered polymers also offer other properties such as long-lasting, high chemical stability, excellent weather stability makes it suitable for automotive industry, thus implying a higher demand for electric vehicle application.

In 2020, electric vehicle sales hit 10 million mark witnessing a growth of 43% from 2019. Europe leads the sales with over 1.4 million new registrations. China follows with 1.2 million registrations while U.S. witnessed a sales of over 295,000 new registrations in 2020. The increased sales of electric vehicles can be attributed to competitive ownership cost.

Europe is expected to be one of the major regional market for the sales of engineered polymers in electric vehicles market in 2020. This growth in demand can be ascertained to doubled sales of EV in the region. Germany led the country wise sales of EV, this coupled with the production capacities of engineered polymers should strengthen the market in the country.

According to IEA, in 2020, governments across the world has spent over USD 14 billion a rise of 25% year-on-year on direct purchases and tax deduction for electric vehicles. Since the lighter weight of plastics leads to lowering of vehicular weight, this would increase the distance travelled by the EV which should drive the market size in the coming years.

Key market players operational in the space include TONSAN Adhesive Inc., The Dow Chemical Company, Bostik, Evonik, Wacker Chemie AG, Kaneka Americas Holding, Henkel Ltd. among others. Companies are focused on to develop new products with specific functionalities which can be effective in developing EVs.

Engineered Polymers In Electric Vehicle Market Report Scope