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 11.97%, reaching a market size of US$15.355 billion in 2029 from US$8.724 billion in 2024.

The market for electric vehicle battery polymers is forecast to expand considerably owing to the increasing global uptake of electric vehicles (EVs). The demand for polymer in EV batteries is projected to grow upwards, given the EV sales growth every year.

In addition, there is a stiffening rise in the use of polymers in EVs, both to help manufacturers reduce weight from their products and as a result of the government’s encroaching emission regulations. The market's growth is driven by the increasing adoption of electric vehicles in developing countries like China and India, and the expansion of charging infrastructure for new energy vehicles in developing and developed nations.

For the electric vehicle polymers market, the increased acceptance of EVs is the key factor that has pushed its demand. Various governments have stringent measures in the form of laws and policies to curb emissions and encourage more adoption of electric automobiles. This measure addressed the problem of increased revenues from the manufacture and sale of electric motor vehicles and other related industries, creating an upsurge in the popularity of the polymers employed to construct such vehicles. Thus, this factor is likely to enhance the polymers’ market more for EVs with the increasing demand for EVs globally. These are some of the factors that contribute to the weight of polymers in automobiles, particularly powertrain and battery systems.

Polymers are also in demand because of the increased power-to-weight ratio desired by automakers for lighter cars with improved fuel efficiency to range delivery without increasing recharge periods. The increasing usage of polymers in manufacturing power cords and the production of EV’s inner and outer body structures will also aid the market development.

Electric vehicle battery polymer market geographical outlook
The Asia Pacific region will have a significant electric vehicle battery polymer market share.

The major economies of China, Japan, India, and South Korea dominate the regional economic stability. In addition, this region covers some of the greater emerging markets, such as the ASEAN countries. The Asia-Pacific region is also predicted to have the largest market size during the forecast period due to the abovementioned reasons, given that most countries with large production development capacities facilitate the use of these products.

This trend is projected to continue in the Asia Pacific electric vehicle battery polymer market, especially due to the rising rate of EV adoption, particularly in China and India, among other places. The region's efforts towards reducing carbon emissions and increasing cases of green transportation contribute to expanding the regional market.

In addition, the EV battery market in China is expected to witness an upward trend. The major player in the Chinese industry, CATL, announced ambitions towards a new generation of EV battery development with improved energy density parameters in 2023. This will also be an asset for EV battery polymers, forecasted to grow in the Asia Pacific region in the upcoming years.

Additionally, as per government policies in China, the country is likely to embrace EVs, which will further cause the expansion of the electric vehicle battery polymer market. Similarly, India is one of the major countries where battery polymers for EVs are quickly gaining popularity within the Asia-Pacific region. India has set a target for electric car outreach with plans to reach thirty percent of all new car sales being electric cars by 2030. This increase is, however, anticipated to be more specific with the growing number of EVs as people become more aware of the dangers of air pollution.

Some of the growth drivers behind the electric vehicle battery polymer market in the APAC economy include the scale-up of charging infrastructure, lighter-weight materials to enable longer battery life, and less energy to be used within the same vehicle to achieve longer driving range. There are also positive growth factors, like the increasing automotive production sectors in the region and rival companies, which are encouraging this market.

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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

The electric vehicle battery polymer market is analyzed into the following segments:

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
UK
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
UAE
Others
Asia Pacific
China
Japan
India
South Korea
Australia
Vietnam
Indonesia
Others