According to a new market research report published by Inkwood
Research, the Global Electric Vehicle Polymer Market is projected to evolve at
a CAGR of 34.98% during the forecasting years of 2020-2028.
"Browse 60 market Data Tables and 51 Figures spread over 175
Pages, along with an in-depth TOC on Global Electric Vehicle Polymer Market
Forecast 2020-2028.”
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The need to
achieve feasible transportation has been resulting in the high adoption of
electric vehicles all over the world. The electric vehicles market has been
witnessing considerable growth, primarily driven by the need to meet future
requirements. Due to the increase in the production of electric vehicles, the application
of polymers in electric vehicles is expected to demonstrate rapid growth.
Polymers help in reducing the overall weight of the vehicles without
compromising the efficiency and functionality of the vehicle. Strict
environmental regulations and surging fuel prices have propelled the demand for
electric vehicles, and hence promote the polymer application in its
manufacturing process.
Dynamic Government Policies Favors the Use of
Electric Vehicles
The
formulation of policies and gradual adoption and implementation has made a
major impact on the growth of electric vehicles. A deployment plan includes
procurement programs to promote the demand for electric vehicles and allow
initial public access to the charging stations. Fiscal incentives, combined
with regulatory measures, drive the value proportion of electric vehicles. Economic
incentives bridge the gap between less expensive ICE vehicles and electric
vehicles, and accelerates the development of charging infrastructure. Some of
the other measures offering major incentives to drive the availability of low
or zero fuel emissions vehicles are zero-emission vehicle mandates, fuel
economy standards, and increasing plan of public procurement programs. Japan
aims at reducing 80% of greenhouse gas emissions from vehicles manufactured by
domestic automakers by 2050.
Engineering Plastics Contributes Largest Market Share
and Records Highest Growth Rate
Engineering
plastics are substituting metals in automotive industries due to their multiple
properties such as durability, high strength-to-weight ratios, low densities,
and designing flexibility. Some of the high-performance engineering plastics
are PU, PC, PVC, PP, ABS, and PMMA, which are majorly adopted by the
manufacturers. Three main plastics that constitute more than 60% of the total
high-performance plastics used in a vehicle are PP with about 32%, PU having
more than 15%, and PVC having about 16%. The significant factors fueling the
application of engineering plastics are the demand for lightweight and fuel-efficient
electric vehicles, the implementation of strict rules to reduce CO2 emissions,
subsidies for hybrid and electric vehicles, growth in end-use industries
including automotive.
Asia
Pacific Regon is predicted to Dominate the Global Market
In terms of revenue, Asia Pacific contributed the largest
market share in 2019, which is attributed to the innovation and adoption of
high-performance electric vehicles in Japan, China, and South Korea. In
addition, stringent regulations related to CO2 emissions and subsidies for
electric and hybrid vehicles aided the Asia Pacific region to attain a major
portion of the overall market in the last few years. Moreover, India is
emerging as a developing electric vehicle market. Mahindra Electric and Tata
Motors are the prominent players making huge investments in the industry.
The competitive
rivalry among existing players in the polymer and electric vehicles industry
has become intense. All of the leading firms have announced plans for investing
billions for the development of the market resulting in high competition
between the suppliers. Some of the companies persistently innovating and
promoting their products are Asahi Kasei Corporation, AGC Chemicals Americas
Inc, BASF SE, DuPont, Arkema SA, etc.
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