Electric Vehicle Battery Polymer Market Size, Share, Opportunities, And Trends 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)), And By Geography - 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.

The automobile industry, however, is controlled by the government and agencies like the EPA, which imposes limits on emissions and provides other policies that promote the usage of EVs. This is one of the reasons for the upward movement in the market of EV polymers. The Authorities are introducing mechanisms that provide incentives, such as tax relief, offer assistance, and construct facilities for installing charging infrastructures. These new rules are encouraging the use of vehicles that are less harmful to the environment, electric-powered ones in particular, creating more of a need to make electric cars with polymers.

This is because some expectations have been made on the growth of electric cars in the future. This growth is taking place due to the increasing uptake of EVs in parts of the world, like the Asia Pacific region. Governments from this region have put in place ambitious goals seeking advanced solutions and reduction of the adverse effects caused to the environment.

Segmentation analysis of the electric vehicle battery polymer market

• The exterior segment by polymer component is expected to expand the EV polymer market.

Due to the increasing awareness and concern for sustainability in buildings, exterior wall systems are likely to witness a huge demand. One of the segments of the market deals with different types of clapboards. They include ventilated and non-ventilated façades, curtain walls, and other products and services. The ventilated facade segment is expected to grow more in this segment because this type of design helps regulate humidity levels better while offering great defense from external factors.

The curtain wall segment is also expected to grow because, more often than not, in wall systems, fabrication, and construction are shorter across them than any other wall structures. The development also is nonventilated façade segment will still grow. This growth is also because of the many benefits it offers the designers, such as creativity in designs, fast construction period, wonderful insulation, and efficiency in dealing with sound.

One factor propelling this market’s expansion is the increasing demand for energy-saving and environmental exterior wall systems, especially in emerging nations. They further explained that it will likely increase due to the advancement of new architectural designs, still on dry construction, and the inclination toward environment-friendly buildings.

Additionally, there is a future perspective in the growing EV polymeric parts market as the weight of automotive parts is decreased through polymer application. Additionally, engine revolutions, as well as fume emissions, are minimized. Besides, plastics have several times better impact and twisting strength than metallic components. Therefore, polymers are preferred when it comes to outer appearance design. The expansion of the exterior is one of the prevalent approaches since the demand for EVs is increasing due to various government recommendations and policies. These policies promote the use of lightweight materials and modern systems that enhance a culture of efficiency without compromising safety standards.

• The elastomers segment by type is predicted to contribute majorly to the market during the forecast period.

The global silicone elastomer market is forecasted to grow enormously in the next few years, which is expected to positively impact the EV polymer market's growth. The High-Temperature Vulcanize (HTV) segment emerged as one of the largest shares of the silicone elastomer market in 2023 and is expected to grow at the fastest rate in the years to come. HTV elastic materials are agents high in organic silicone, which provide thermal stabilization and mechanical strength, and they find application in the automotive, aerospace, and electronics sectors. Thermal stability, chemical endurance, and mechanical properties will propel the HTV and RTV segments of the silicone elastomers market growth.

This segment, established on building type and nature of the constituent materials, is also likely to grow considerably and remain in a leading position in the coming years. These materials have proven helpful in the building and construction industry, mainly as sealants, adhesives, and coatings. After all, they can withstand the environment and get deformed elastically. In summary, the silicone elastomers market will experience considerable expansion owing to fast growth in adopting advanced materials widely used in diverse sectors, like automotive, aerospace, and construction.

Geographical outlook of the electric vehicle battery polymer market

• 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.

Electric Vehicle Battery Polymer Market Scope:

Report Metric	Details
Electric Vehicle Battery Polymer Market Size in 2024	US$8.724 billion
Electric Vehicle Battery Polymer Market Size in 2029	US$15.355 billion
Growth Rate	CAGR of 11.97%
Study Period	2019 to 2029
Historical Data	2019 to 2022
Base Year	2024
Forecast Period	2024 – 2029
Forecast Unit (Value)	USD Billion
Segmentation	Component Type Geography
Geographical Segmentation	North America, South America, Europe, Middle East and Africa, Asia Pacific
List of Major Companies in Electric Vehicle Battery Polymer Market	Asahi Kasei Corporation BASF SE Celanese Corporation Covestro AG LyondellBasell Industries N.V.
Customization Scope	Free report customization with purchase

 

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

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst View

5. ELECTRIC VEHICLE BATTERY POLYMER MARKET BY COMPONENT

5.1. Introduction

5.2. Exterior

5.3. Interior

6. ELECTRIC VEHICLE BATTERY POLYMER MARKET BY TYPE

6.1. Introduction

6.2. Elastomers

6.2.1. Silicone Elastomer

6.2.2. Synthetic Rubber

6.2.3. Fluoroelastomer

6.3. Engineering Plastics

6.3.1. Polyphenylene Sulphide (PPS)

6.3.2. Acrylonitrile Butadiene Styrene (ABS)

6.3.3. Fluoropolymer

6.3.4. Polyurethane

6.3.5. Thermoplastic Polyester

6.3.6. Polycarbonate

6.3.7. Polyamide

6.3.8. Others

7. ELECTRIC VEHICLE BATTERY POLYMER MARKET BY GEOGRAPHY

7.1. Introduction

7.2. North America

7.2.1. By Component

7.2.2. By Type

7.2.3. By Country

7.2.3.1. USA

7.2.3.2. Canada

7.2.3.3. Mexico

7.3. South America

7.3.1. By Component

7.3.2. By Type

7.3.3. By Country

7.3.3.1. Brazil

7.3.3.2. Argentina

7.3.3.3. Others

7.4. Europe

7.4.1. By Component

7.4.2. By Type

7.4.3. By Country

7.4.3.1. UK

7.4.3.2. Germany

7.4.3.3. France

7.4.3.4. Spain

7.4.3.5. Others

7.5. Middle East and Africa

7.5.1. By Component

7.5.2. By Type

7.5.3. By Country

7.5.3.1. Saudi Arabia

7.5.3.2. Israel

7.5.3.3. UAE

7.5.3.4. Others

7.6. Asia Pacific

7.6.1. By Component

7.6.2. By Type

7.6.3. By Country

7.6.3.1. China

7.6.3.2. Japan

7.6.3.3. India

7.6.3.4. South Korea

7.6.3.5. Australia

7.6.3.6. Vietnam

7.6.3.7. Indonesia

7.6.3.8. Others

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis

8.2. Market Share Analysis

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Competitive Dashboard

9. COMPANY PROFILES

9.1. Asahi Kasei Corporation

9.2. BASF SE

9.3. Celanese Corporation

9.4. Covestro AG

9.5. LyondellBasell Industries N.V.

9.6. Saudi Basic Industries Corporation (Saudi Arabian Oil Co)

9.7. Solvay

Asahi Kasei Corporation

BASF SE

Celanese Corporation

Covestro AG

LyondellBasell Industries N.V.

Saudi Basic Industries Corporation (Saudi Arabian Oil Co)

Solvay