The global electric vehicle (car) polymers market size is projected to grow from USD 4.1 billion in 2019 to USD 52.5 billion by 2024, at a compound annual growth rate (CAGR) of 67%, during the forecast period. Electric vehicle polymers are the polymers that are used in electric cars to reduce weight without affecting the efficiency of the car. Polymers are the only materials that can replace metals as they have similar properties to those of metals, such as flame retardancy, abrasion resistance, stiffness, toughness, electrical insulation, and heat resistance. Replacing metals with the polymers is a key solution for the electric car manufacturers to reduce the overall weight of the electric cars. The increasing demand for lightweighting the electric cars is a major factor driving the electric vehicle polymers market.
The key players in the electric vehicle polymers market are BASF (Germany), DowDuPont (US), Covestro (Germany), Celanese (US), SABIC (Saudi Arabia), Solvay (Belgium), LANXESS (Germany), LG Chem (South Korea), Asahi Kasei (Japan), and Evonik Industries (Germany). These players have adopted the strategies of expansion, new product development, and acquisition to increase their product offerings and expand their geographic presence.
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DowDuPont (US) used expansion and new product development as its key strategies to increase its geographic presence and strengthen product offering. In November 2018, DowDuPont announced that they would invest more than USD 80 million to build a new manufacturing facility in Jiangsu Province in East China. This facility will produce compounded high-end engineering plastics that will cater to electronics, transportation, and industrial and consumer products markets. In October 2018, the company introduced a new product by the name HTR8745 BK320, which is a new grade of TPC-ET. It has been developed for blow molding of constant velocity joints (CVJ).
Celanese (US) used acquisition and expansion strategies in the recent years to increase its footprint, globally. In October 2018, the company announced that it will acquire Next Polymers Ltd, an India-based engineering thermoplastic manufacturing company, through which it expects to increase its presence in the growing polymer market. In April 2018, the company announced the addition of a new GUR UHMW production line at its production facility in Nanjing, China to support the growth of its engineered material business due to the growing electric cars market. The new production line will increase the production capacity of the company for GUR UHMW-PE by 15 kilotons annually, by 2019.
LANXESS (Germany) adopted the strategies of expansion and new product development to strengthen its geographic presence and product portfolio. In September 2018, the company invested in the construction of a new production plant in Krefeld-Uerdingen, Germany for high-performance plastics. This plant will help the company to increase its production capacity for Durethan and Pocan engineering plastics that are primarily used in automotive industry. In March 2016, the company introduced two new products for the polymer market Pocan BF 4232 HR and Durethan AKV 60 XF. Both the products are high-performance thermoplastics, which can replace metals in electric cars.
Electric Vehicle (Car) Polymers Market by Type (Engineering Plastics (ABS, PA, PC, PPS, Fluoropolymer), Elastomers (Synthetic Rubber, Natural Rubber, Fluoroelastomer)), Component (Powertrain, Exterior, Interior), and Region - Global Forecast to 2024
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