Electric Vehicle Polymers Market Trends

Growth Drivers

• Growing Demand for Charging Infrastructure – On account of the increasing adoption of electric vehicles, the market is expected to expand more in the upcoming years. According to recent estimates, India would need more than 60,000 electric vehicle charging stations by 2032.
• Rising Usage of Polymers – Owing to their great performance, affordability, and lightweight, polymers are frequently utilized to replace items made of metal and mineral-based materials. Further, to minimize the total weight of electric automobiles, the majority of manufacturers employ polymers in place of metals. India had an average increase in polymer consumption of approximately 190% between 2019 and 2020.
• Surging Environmental Awareness – On account of the increasing air pollution, the market is expected to expand more in the upcoming years. Using fossil fuels for transportation emits carbon dioxide (CO2) into the atmosphere which is bad for both human and environmental health. Further, hybrid and electric vehicle (EV) production leads to less noise pollution, better air quality, and fuel savings. According to the most recent data, the growing environmental concern of the vast majority of people globally has increased by over 70% in 2019.
• Increasing Manufacturing of Electric Cars – It is expected that increasing sales of electric cars are anticipated to drive market growth. It was discovered that 0ver 50% of electric automobiles were sold globally in 2022.

Challenges

• Exorbitant Cost of Polymers - As compared to ordinary thermoplastics, high-performance polymers are frequently more costly, which is one of the major factors predicted to slow down the market growth. For instance, the increasing demand for insulating materials is being made by increased voltages in electric cars. Further, high-performance polymers such as PEEK are being utilized for this purpose more frequently.
• Varying Prices of Raw Materials
• Slow Innovation Rate in EV Manufacturing