Electric Vehicle Polymers Global Market Report 2024

The electric vehicle polymers market size has grown exponentially in recent years. It will grow from $12.73 billion in 2023 to $20.68 billion in 2024 at a compound annual growth rate (CAGR) of 62.4%. The growth in the historical period can be ascribed to the early development of electric vehicles, shifts in the automotive industry, advancements in manufacturing, initial research and development in electric vehicle components, and concerns regarding battery safety.

The electric vehicle polymers market size is expected to see exponential growth in the next few years. It will grow to $126.47 billion in 2028 at a compound annual growth rate (CAGR) of 57.3%. The growth in the forecasted period can be credited to changing consumer preferences, smart city initiatives and urbanization, rising demands for improved range and performance, a shift toward sustainable materials, and global climate goals with adherence to emissions standards. Major trends in the forecasted period encompass supply chain optimization, the embrace of bio-based polymers, the incorporation of nanotechnology in polymer development, integration into interior components, and the utilization of customized polymer composites.

The rising demand for electric vehicles is anticipated to drive the growth of the electric vehicle polymers market in the future. Electric vehicles, powered by one or more electric motors drawing electricity from external sources, utilize polymers to enhance features such as reduced weight, improved efficiency, durability, and design flexibility. For example, as reported by the International Energy Agency in September 2022, global electric car sales reached a record high in 2021, experiencing a 4% increase. Sales nearly doubled to 6.6 million units, contributing to a total of 16.5 million electric vehicles on the road. Hence, the increasing demand for electric vehicles acts as a catalyst for the growth of the electric vehicle polymers market.

The expansion of charging infrastructure is poised to boost the electric vehicle polymers market in the foreseeable future. Charging infrastructure encompasses a network of charging stations and associated equipment essential for charging electric vehicles (EVs). The growth of charging infrastructure significantly contributes to the development of the electric vehicle (EV) polymers market by instilling consumer confidence, extending range and performance, accelerating EV adoption, mitigating range anxiety, and ensuring resilience in challenging environmental conditions. As of January 2023, projections from Twilio Inc., a US-based cloud communications platform, suggest that there will be approximately 12.9 million publicly accessible EV charging stations by 2030. Consequently, the expansion of charging infrastructure propels the growth of the electric vehicle polymers market.


Innovations in product offerings stand out as a prominent trend in the electric vehicle polymers market, with companies striving to introduce novel solutions to maintain their market position. For instance, in March 2023, Solvay, a chemical company based in Belgium, introduced Xydar LCP G-330 HH, a new polymer designed for insulation in high-heat electric vehicle battery modules. This liquid crystal polymer grade enhances passenger safety during a battery thermal runaway event and is specifically crafted for battery module plates in electric vehicles operating on higher voltage systems. Xydar LCP G-330 HH meets stringent thermal and insulation requirements, serving as an injection-molded glass-filled LCP that retains its electrical insulation even after exposure to 400°C for 30 minutes. Notably, it achieves flame resistance without the addition of halogen or bromine additives.

Major players in the electric vehicle polymers market are strategically focusing on innovative products, including new grades within the reSound REC thermoplastic elastomer (TPE) line, to drive revenue growth. These new grades offer a more environmentally friendly TPE option for vehicle interior applications by incorporating post-consumer recycled (PCR) material. For instance, in June 2022, Avient Corporation, a US-based provider of specialized polymer materials and services, introduced Shore-A hardness of 80 and 90 Shore A durometers within the reSound REC TPE range. One grade features a 65 Shore A hardness with 25% PCR content derived from recycled polypropylene (PP). Available in different Shore-A hardness to meet diverse client needs, the remaining grades contain 35% or 45% PCR and have durometers of 80 and 90 Shore A. These TPEs are tailored for various interior applications, such as instrument panels, dashboards, trunk liners, center console trays, and door mats/mat pockets, ensuring consistent aesthetics as they are painted black for a superior finish compared to prime grades.

In August 2021, Danimer Scientific Inc., a US-based biopolymer manufacturer, completed the acquisition of Novomer Inc. for $152 million. This strategic move is expected to accelerate Danimer Scientific's commitment to delivering high-quality biopolymer products to its clients. Novomer Inc., the acquired company, is a US-based producer of chemicals and polymers, including polypropylene (PP), a material extensively used in the manufacturing of electric vehicles.

Major companies operating in the electric vehicle polymers market report are BASF SE, Saudi Basic Industries Corporation, LG Chemical Ltd., 3M Co, Sumitomo Chemical Co Ltd., Toray Industries Inc., Evonik Industries AG, Covestro AG, Shin-Etsu Chemical Co Ltd., Asahi Kasei Corporation, Solvay S.A., Mitsui Chemicals Inc., DuPont de Nemours Inc., Arkema SA, Celanese Corporation, Koninklijke DSM NV, Lanxess AG, Tosoh Corporation, DIC Corporation, Teijin Limited, Kumho Petrochemical Co Ltd., Ube Industries Ltd., Zeon Corporation, JSR Corporation, Kuraray Co Ltd., Sumitomo Bakelite Co Ltd., Mitsubishi Engineering-Plastics Corporation, Polyplastics Co Ltd.

Asia-Pacific was the largest region in the electric vehicle polymers market in 2023. The regions covered in the electric vehicle polymers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric vehicle polymers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of electric vehicle polymers include engineering plastics and elastomers. Engineering plastics encompass polymer materials with enhanced mechanical, thermal, chemical, and electrical properties. These polymers find application in various components such as powertrain systems, exteriors, and interiors. These components cater to diverse end-users, including hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), battery electric vehicles (BEV), and fuel cell electric vehicles (FCEV).

The electric vehicle polymers market research report is one of a series of new reports that provides electric vehicle polymers market statistics, including electric vehicle polymers industry global market size, regional shares, competitors with an electric vehicle polymers market share, detailed electric vehicle polymers market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle polymers industry. This electric vehicle polymers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electric vehicle polymers market consists of the sale of polyethylene, polypropylene, polyvinyl chloride, polyamide, acrylonitrile butadiene styrene, synthetic rubber, polyamide, natural rubber, polycarbonate, polyurethane, silicone, and fluoropolymers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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