LOS ANGELES, Nov. 20, 2019 (GLOBE NEWSWIRE/KOREA IT TIMES) -- The global electric vehicle polymers market is expected to grow at a CAGR of around 64.9% over the forecast period 2019 to 2026 and reach the market value of around 159 billion by 2026.
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The Asia Pacific region is expected to register the fastest growth over the forecast period. The increasing investment of electric vehicle manufacturers in the region is driving the regional market growth. In addition, the government of major economies of the region has implemented emission rules and regulations to combat the continuously rising environmental concern. For instance, Korea and Taiwan have adopted European based standards for diesel vehicles and US-based stringent standards for gasoline vehicles. China has also adopted European Stage V emission standards for emission regulation of large cities.
Manufacturers are extensively using engineering plastic for electric vehicles due to their enhanced properties and advantages. Engineering plastic is continuously replacing metal for reducing the weight of the electric vehicle thereby supporting the growth of the segment. Moreover, DowDuPont has announced an investment of more than US$ 80 Mn for building a new manufacturing plant in Jiangsu Province in East China. The new facility is the expansion of the company in Asia Pacific region in 2018. The facility aims to produce compound high-end engineering plastic that serve the transportation, electronics and industrial & consumer products market.
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By component, the interior segment is expected to experience substantial growth over the forecast period. Both engineering plastics and elastomers are used in interiors of the electric vehicles. The use of polymers can increase the durability of the interior and also improves the aesthetic appearance, which is an important factor propelling the segment growth. In addition, polymers have a lower accidental risk and safety issue, which makes it a preferable choice in the interiors of the vehicle.
Passenger electric vehicles are expected to experience the highest market growth over the forecast period. The increasing focus of manufacturers for developing electric cars is driving the segment growth. The globally increasing governmental regulations for combating the rapidly increasing environmental issues are further favoring the segment growth.
Some of the leading competitors of electric vehicle polymers include 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), and Mitsui Chemicals (Japan). The major players are involved in research & development activities for providing more advanced and energy-efficient solutions to the customers and also for the expansion of their product portfolio. The companies are also involved in strategic collaborations for strengthening their foothold in the existing and new markets.
- Electric Vehicle Market - The global market size is expected to reach over USD 568.2 billion by 2026 and growing at CAGR 25.6% during the forecast period, 2019-2026.
- Electric Vehicle Charging Station Market - The global market is expected to grow at CAGR 40.5% during the forecast period, 2019-2026 and will reach over USD 30.8 billion by 2026.
- Automotive Power Electronics Market - The global market is bifurcated on the basis of application, vehicle type, electric vehicle, component and geography. The global automobile sales have been increased to 96.8 million in 2017 with a growth rate of 3.2% and such growing automotive industry has been driving the market growth.
Some of the key observations regarding electric vehicle polymers industry include:
- Celanese Corporation has acquired Next Polymers Ltd. of India in 2019. Next Polymers Ltd. is an engineering thermoplastic manufacturing company. Through this acquisition, Celanese is expanding its presence in compounding polymers of Asia Pacific region.
- Arkema is likely to expand its capacity of high-performance polymer PVDF (polyvinylidene difluoride) at its Changshu, China-based plant to approximately 50%. The investment is looking forward to stimulating the growth of advanced materials.
- A project focused on the development of the world's first commercially viable, lightweight, low cost, all-composite wheel for electric and niche vehicles like driverless cars win the funding of £135,500 in 2019. The project named ACRIM (All Composite Reduced Inertia Modular Wheels) was succeeded with the resin formulation partner Bitrez Ltd. a Europe based manufacturer of specialist polymers and chemicals.
- Victrex secured the automotive quality standard for the manufacturing gears. The gear solution of the company includes high precision gear design, prototyping, testing, and manufacturing capabilities by using Victrex HPG polymers. The Victrex HPG for electric vehicles offers benefits such as improved noise, vibration, and harshness performance and enhanced efficiency with a reduction in CO2 and system cost.
- Hyundai showcased Zero-emission models at the 2019 Frankfurt Motor Show, which includes 2nd model evolution Hyundai IONIQ Electric, 2020 Hyundai Kona Electric, and hydrogen fuel cell Hyundai NEXO. Hyundai IONIQ Electric has included a 38.3 kWh lithium-ion polymer battery.