New Study From StrategyR Highlights A $27.3 Billion Global Market For Electric Vehicle Polymers By 2026
SAN FRANCISCO, Feb. 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Electric Vehicle Polymers - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 5; Released: February 2022
Executive Pool: 613
Companies: 48 - Players covered include AGC Chemicals; Arkema; Arlanxeo; Asahi Kasei; BASF SE; Celanese; China Petrochemical Group (Sinopec Group); Covestro; Daikin Industries; DowDuPont; DSM Engineering Plastics; Elkem; Evonik Industries; JSR Corporation; LANXESS; LG Chem; Lyondellbasell Industries; Mitsubishi Engineering-Plastics Corporation; SABIC; Solvay; Sumitomo Chemicals; The Goodyear Tire & Rubber Company and Others.
Coverage: All major geographies and key segments
Segments: Type (Engineering Plastics, Elastomers); Component (Interior, Exterior, Powertrain System)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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ABSTRACT-
Global Electric Vehicle Polymers Market to Reach US$27.3 Billion by the Year 2026
The automotive industry serves as a fertile ground for modern polymer technologies and offers lightweight, durability, safety, chemical resistance, style, comfort, aesthetic perfection, and sustainability. And the current towards EVs and autonomous driving are raising the standards of polymers further and the plastic material suppliers are once again innovating to satisfy the demand for innovative polymers. Ford Motor Co. announced a Lightning pickup truck of electric-battery F-150, which is anticipated to be revolutionary, and polymers are estimated to play a critical role in battery technology and various key components, just as the polymers do in all current EVs.
The manufacture of electric vehicles (EVs) uses materials that are lightweight which can substitute metal parts so as to lessen the vehicle weight. Polymers are used in the making of several exterior and interior vehicle parts such as panel, dashboard, bumper, trim, wheelhouse, powertrain, other components under the hood, roof components, and components in the doors, among others. Battery-powered electric vehicles or BEVs increased production is propelling the advancement of high-performance polymers having enhanced properties to satisfy the requirements of electric propulsion. BEV sales are anticipated to increase constantly as BEV technology is developing simultaneously with energy density and battery capacity whereas the vehicles are getting more autonomous and more connected. Polymers consumption in the automotive sector is anticipated to grow constantly and the growth rates are anticipated to be based on applications and types of plastic used in automobiles, recycling efforts of various regions, and interpolymer substitution. The plastics' growth rate such as PA, PP, PE, and PC is estimated to increase with the EVs' introduction, whereas the engineering plastics' consumption is estimated to reduce.
Amid the COVID-19 crisis, the global market for Electric Vehicle Polymers estimated at US$6.4 Billion in the year 2022, is projected to reach a revised size of US$27.3 Billion by 2026, growing at a CAGR of 38.7% over the analysis period. Engineering Plastics, one of the segments analyzed in the report, is projected to grow at a 40.9% CAGR to reach US$23.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Elastomers segment is readjusted to a revised 35.5% CAGR for the next 7-year period. This segment currently accounts for a 44% share of the global Electric Vehicle Polymers market. Engineering plastics offer better physical and mechanical stability, durability, and dimensional stability, and simultaneously give the EVs an aesthetic look. Elastomers are generated by combining polymers using chemical bonds for achieving the crosslinking structure and offer high elongation and elasticity against breaking and cracking. Elastomers are utilized as sealants and rubbers in EVs for tire manufacturing, and the majority of the elastomers' demand is for tire manufacturing and insulation in cars.
The U.S. Market is Estimated at $1 Billion in 2022, While China is Forecast to Reach $8.3 Billion by 2026
The Electric Vehicle Polymers market in the U.S. is estimated at US$1 Billion in the year 2022. The country currently accounts for a 17.3% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$8.3 Billion in the year 2026 trailing a CAGR of 43.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 32.4% and 36.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 34.6% CAGR while Rest of European market (as defined in the study) will reach US$3.1 Billion by the end of the analysis period. Asia-Pacific leads the market, due to increasing concern regarding the environment, increased government initiatives to encourage green transportation, and EV manufacturers' ambitious business expansion strategies in China, South Korea, and Japan.
Big Gains in Store for "Smart' Membrane in Fast Charging of Batteries
The performance limitations faced by today's hybrid and electric cars is attributed to the way charge is stored in batteries. A new thinly designed plastic membrane allows rapid recharging, and also prevents discharging of rechargeable batteries when not in use. This patent-pending technology, which is inspired by the way proteins are transported by living cell membranes within the human body, controls how the charge flows inside the battery. The technology could be useful for applications in high-powered super-capacitors in electric cars, and also help prevent the types of fires that recently plagued some recent hover-board models. This 'smart' membrane is expected to lead to the development of another new category of powerful, fast-charging "redox transistor batteries", which would enable automobiles to travel farther than normal on a single charge. Meanwhile, an analysis of the performance of leading electric car and hybrid batteries showed that makers of the best eco-cars achieved a performance limit of 0.4 miles per minute of charging. This means that, while the most efficient eco-friendly cars of today could travel nearly 200 miles after an 8-hour charge, gas-powered vehicles could cover the same 200 miles after spending just one minute at the pumping station. The new technology developed by researchers is expected to boost the electric car batteries and allow up to some tens of miles per minute of charge. Though this is also in a magnitude far behind the measure equivalent in gasoline, the concept provides a nice platform to start.
The new membrane technology could be the only solution to push the performance limit further until an entirely new battery electrodes system is developed. Over the last five decades, researchers focused on enhancing the chemistry of the battery electrode in order to increase capacity. But this increase of capacity could be achieved at the cost of the ability to quickly charge/discharge batteries, as well as robustness. The design of today's electric vehicles is mature enough to demonstrate that the limit reached is due to the chemistry of the lithium-ion batteries. The technology known as the "ionic redox transistor" is the basis of the development of a new type of battery in which a liquid electrolyte is used to store energy, and this would enable consumers to empty out, recharge, or refill, as with a gas tank. For commuting on a daily basis, the electrolyte could be regenerated by plugging into a power source while parked overnight at the garage. In the case of long road trips, the used electrolyte could be emptied out and the battery refilled to get the same measure of long-drive range that internal combustion engines offer. This flexibility is a compelling case for replacing or weaning dependence solely on the conventional internal combustion engines for transport. More
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