Electric Vehicle Battery Polymer Market - Forecasts from 2024 to 2029

Electric Vehicle Battery Polymer Market - Forecasts from 2024 to 2029

The electric vehicle battery polymer market is expected to grow at a CAGR of 13.84% during the forecast period (2024-2029).

The electric vehicle battery polymer market is expected to experience significant growth due to the increasing adoption of electric vehicles (EVs) globally. The request for polymer in electric vehicle batteries is expected to rise drastically as electric vehicle sales are on the rise each year. There are increasing calls to adopt polymers in electric vehicles as manufacturers work to reduce the weight of their products and as governments impose more stringent emission standards. The market is mainly subordinate to the increasing demand for electrified vehicles in developing countries such as China and India, as well as the further construction of chargers for new energy vehicles in developed and developing countries.
For the electric vehicle polymers market, the increased acceptance of electric vehicles is the key factor that has put in motion demand in the market. Bureaucracies globally have adopted measures in the form of policies to curb emissions and encourage more uptake of electric automobiles. This has led to increased overall revenue generated through the production and sale of electric vehicles and other industries, which is increasing the demand for polymers that are used in the manufacturing of such vehicles. Therefore, it can be suspected that as the demand for electric vehicles increases, this factor will continue to drive the polymers’ market for electric vehicles.
There are also other factors found as one of the reasons for the electric vehicle polymers market’s growth, such as the new innovations in polymer technology. The technological advancement of new polymer materials and enhanced performance indicators, including strength, durability, and thermal stability, has facilitated their further application areas. These are the factors that are materially contributing to the weight of polymers in electric vehicles, especially the powertrain and battery systems. The demand for polymers is also triggered by the enhanced power-to-weight ratio that is required by car manufacturers in their efforts to create lighter automobiles with better fuel efficiency and longer ranges without frequent recharging. The market growth will be driven by a rising trend of using polymers for the production of charging systems and the interior and exterior of EVs.
There are also certain restrictions placed on the automobile industry by governments and bodies such as the EPA regarding the emissions standards and incentives to encourage the usage of EVs. These are some of the factors that are pushing the market for electric vehicle polymers forward. The Officials are coming up with measures that encourage the use of EVs, which include tax credits, subsidies, and expenditure on charging points. These policies are fostering increased use of green vehicles especially electric cars, and hence increasing demand for polymers in making electric vehicles. This is due to the anticipated increase in demand for electric vehicles in the near future. This increase is being driven by the growing adoption of electric vehicles in specific regions, such as the Asia Pacific. Governments in these regions have set ambitious targets for innovation and for reducing negative environmental impact.

ELECTRIC VEHICLE BATTERY POLYMER MARKET DRIVERS:

The exterior segment by component will likely be the fastest-growing segment during the forecast period.

The exterior wall systems are expected to garner a great amount of demand due to the growing awareness and concern towards sustainability in buildings. The market is divided into types: ventilated and non-ventilated façades, curtain walls, and other products and services. The ventilated façade segment is likely to contribute to a larger growth because this design allows controlling the level of humidity combined with great protection from the outside environment. The curtain wall segment is also likely to expand because, generally, in terms of fabrication and construction time is less than other forms or wall structures. The non-ventilated façade segment will continue to experience growth. This is due to the several advantages it presents to architects, such as freedom of design, fast construction, incredible insulation, and effectiveness at handling noise.

The upsurge in the demand for energy-efficient and sustainable exterior wall systems, especially within developing countries, is a driver of this market's growth. They mentioned that it is expected to grow because of the development of modern constructive models, still focusing on dry construction, and the trend towards green construction.

This research identified the outside region of the electric vehicle polymer market as having huge development potential since the manufacturers of electric vehicles are functioning to incorporate lightweight and strong materials in the production of their vehicles. The exterior segment includes items like those of the body, the bumpers, and the trim. The lightweight construction of these components by means of polymer application not only leads to the observed reduction of fuel consumption and exhaust emissions. Further, polymers offer a higher impact and torsional strength than metal products, which makes polymers a better option when it comes to the design of exteriors. Exterior growth is the major trend as there is a growing demand for electric cars and several government recommendations and policies. These policies encourage the use of light materials and enhanced technologies to improve fuel efficiency and meet the required safety standards.
The elastomers segment by type will likely be the fastest-growing segment during the forecast period.

This is due to the vast potential for growth that the global silicone elastomers market is expected to exhibit in the coming years. The High-Temperature Vulcanize (HTV) segment also contributed to a prominent share of the silicone elastomers market in 2023 and is projected to have the highest growth in the forthcoming years. HTV elastomers have high organic silicone, thermal stability, and high mechanical strength and are practitioner used in the automotive, aerospace, and electronics industries. Issues such as thermal stability, chemical resistance, and mechanical characteristics are some of the main parameters that will direct the HTV and RTV segments of the silicone elastomers market’s growth.

Based on the type of building and construction materials, this segment is also predicted to grow at an impressive CAGR and maintain its dominance in the upcoming years. These materials are used in the building and construction industry, especially as sealants, adhesives, and coatings, due to their suitability to the environment and ability to undergo elastic deformation. Overall, the silicone elastomers market is poised for substantial growth, driven by the increasing demand for high-performance materials in various industries, such as automotive, aerospace, and construction.

ELECTRIC VEHICLE BATTERY POLYMER MARKET GEOGRAPHICAL Outlook

The Asia Pacific region will dominate the electric vehicle battery polymer market during the forecast period.

The major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies are from this region, such as ASEAN countries. The Asia-Pacific region is expected to dominate the market during the forecast period owing to its home to several countries mentioned above, with significant production capacities that drive the demand for eco-friendly materials.

The market for electric vehicle battery polymer in the Asia-Pacific (APAC) is expected to trend upward due to the increased rate of adoption of EVs in countries such as China and India. This growth is supported by the government’s efforts to cut down on carbon output and the instances of green mobility in the country.

The market of EV batteries in China is also predicted to remain on the rise: the leading Chinese industry participant CATL announced the aspirations towards the release of new generation EV batteries with higher energy density in 2023. It will also be a plus for the electric vehicle battery polymers which are expected to be on the rise in the Asia Pacific region in the coming years. Moreover, as per government policy in China, the authorities are willing to introduce electric vehicles in their country, which will also induce the growth of the electric vehicle battery polymer market.

Another major global player, India, is also warming up to the use of electric vehicle battery polymers at a faster pace in the APAC region. Currently, India has its goals to step up the utilization of electric cars, with an expectation of having thirty percent of all new automobile sales be electric models by 2030. This growth is expected to be felt particularly with the trending use of electric cars as society’s awareness of air pollution continues to rise.

The drivers that foster the electric vehicle battery polymer market’s growth in the APAC region include factors such as scaling up of charging infrastructure, the need for lighter materials to enhance the battery life, and the need to achieve greater driving range. There are also growth indicators, such as increased automotive manufacturing industries in the region and competing players, that are driving this market. In conclusion, the electric vehicle battery polymer industry is likely to grow phenomenally in APAC, particularly in China and India. This is supported by high governmental investment and electrification, a rapidly growing market for electric vehicles, and the availability of charging stations.

The electric vehicle battery polymer market is segmented and analyzed as follows:

By Component
Exterior
Interior
By Type
Elastomers
Silicone Elastomer
Synthetic Rubber
Fluoroelastomer
Engineering Plastics
Polyphenylene Sulphide (PPS)
Acrylonitrile Butadiene Styrene (ABS)
Fluoropolymer
Polyurethane
Thermoplastic Polyester
Polycarbonate
Polyamide
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Italy
Spain
Rest of Europe
Middle East and Africa
Saudi Arabia
Saudi Arabia
United Arab Emirates
Rest of Middle East and Africa
Asia-Pacific
China
India
Japan
South Korea
Taiwan
Thailand
Indonesia
Rest of Asia-Pacific