Engineered Polymers In Electric Charging Infrastructure Market Overview
As per MRFR analysis, the Engineered Polymers In Electric Charging Infrastructure Market Size was estimated at 0.66 (USD Billion) in 2022. The Engineered Polymers In Electric Charging Infrastructure Market Industry is expected to grow from 0.77(USD Billion) in 2023 to 3.04 (USD Billion) by 2032. The Engineered Polymers In Electric Charging Infrastructure Market CAGR (growth rate) is expected to be around 16.45% during the forecast period (2024 - 2032).
Key Engineered Polymers In Electric Charging Infrastructure Market Trends Highlighted
The global market for engineered polymers in electric charging infrastructure is propelled by the rising demand for electric vehicles (EVs) and government initiatives to promote EV adoption. Additionally, the increased focus on sustainability and the need to reduce carbon emissions are driving the demand for EV charging infrastructure.Key market drivers include the growing adoption of EVs, the expansion of EV charging infrastructure, and the development of new technologies and materials for EV charging. Opportunities lie in the development of advanced engineered polymers that meet the specific requirements of EV charging applications, such as high-temperature resistance, electrical insulation, and mechanical strength.Recent trends in the market include the increasing use of bio-based engineered polymers and the development of self-healing materials for EV charging infrastructure. The market is expected to continue to grow in the coming years, driven by the increasing demand for EVs and the need for efficient and reliable charging infrastructure.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Engineered Polymers In Electric Charging Infrastructure Market Drivers
Growing Demand for Electric Vehicles
The increasing demand for electric vehicles is one of the key drivers for the growth of the Engineered Polymers In Electric Charging Infrastructure Market Industry. With the increasing number of electric vehicles on the roads, the demand for electric charging infrastructure also increases. Engineered polymers like polyether ether ketone are used in a number of components of electric charging stations, such as connectors, cables and enclosures.These polymers have quite a few advantages over the other materials, like high strength and durability, to name a few. In conclusion, the increasing demand for electric vehicles is directly proportional to the demand for engineered polymers in electric charging infrastructure.
Government Regulations and Incentives
Government regulations and incentives are another key driver of the growth of the Engineered Polymers In Electric Charging Infrastructure Market Industry. Many governments around the world are implementing regulations that require the installation of EV charging stations in public places. In addition, many governments are offering financial incentives to businesses and individuals who purchase and install EV charging stations. These regulations and incentives are helping to create a more favorable environment for the adoption of EVs and EV charging infrastructure.
Technological Advancements
Technological advancements are also driving the growth of the Engineered Polymers In Electric Charging Infrastructure Market Industry. The development of new and more efficient engineered polymers is making it possible to produce EV charging stations that are smaller, lighter and more durable. In addition, the development of new technologies, such as wireless charging, is making it easier and more convenient to charge EVs.
Engineered Polymers In Electric Charging Infrastructure Market Segment Insights
Engineered Polymers In Electric Charging Infrastructure Market Type of Engineered Polymer Insights
In terms of Type of Engineered Polymer, the Global Engineered Polymers In the Electric Charging Infrastructure Market are divided into Thermoplastics, Thermosets and Elastomers. The former segment accounted for the highest market share in 2023, and such a trend is expected to continue in the forthcoming period. Such a state of affairs can be explained by a high strength-to-weight ratio, resistance to corrosion and ease of process. As for the Thermosets segment, the sub-market is forecast to demonstrate the highest growth rates because of great thermal stability, high electrical insulation properties, and superior resistance to chemicals.The last segment is set to become more popular resultant of its flexibility, resilience and resistance to wear and tear. Moreover, the increasing governmental incentives and environmental policies have boosted the popularity of electric vehicles. The market growth is also fueled by the popularity of electric vehicles and the tendency to use renewable sources of energy. Key vendors operating in the market are BASF SE, Covestro AG, SABIC, Solvay, and Evonik Industries, which tend to conduct active research in terms of new product launches and expansion of their product portfolios.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Engineered Polymers In Electric Charging Infrastructure Market Application Insights
The Engineered Polymers In Electric Charging Infrastructure Market is segmented into Connectors, Insulators, Enclosures and Cables. Among these, the Connectors segment is expected to hold the largest market share in 2023, owing to the increasing demand for electric vehicles and the need for robust and reliable connectors to ensure efficient charging. The Insulators segment is also expected to witness significant growth due to the rising need for high-performance insulation materials to protect electrical components from harsh environmental conditions.The Enclosures segment is poised to grow steadily, driven by the growing demand for durable and weather-resistant enclosures to protect charging stations from external factors. The Cables segment is expected to witness a steady growth rate, supported by the increasing installation of charging stations and the demand for high-quality cables to ensure safe and efficient power transmission.
Engineered Polymers In Electric Charging Infrastructure Market End-use Industry Insights
The Engineered Polymers In Electric Charging Infrastructure Market is segmented based on end-use industry into automotive, energy, transportation and industrial. The automotive segment is expected to hold the largest market share of 45.2% in 2023, primarily due to the increasing demand for electric vehicles. The energy segment is projected to witness the fastest growth rate of 18.5% during the forecast period, driven by the growing need for renewable energy sources and the expansion of electric charging infrastructure. The transportation segment is expected to account for a significant market share, owing to the increasing adoption of electric buses and trains.The industrial segment is anticipated to hold a steady market share, driven by the demand for engineered polymers in charging stations and other industrial applications.
Engineered Polymers In Electric Charging Infrastructure Market Charging Level Insights
The Engineered Polymers In Electric Charging Infrastructure Market is segmented by Charging Level into Level 1, Level 2 and Level 3. Among these, the Level 2 segment is expected to hold the largest market share in 2023, accounting for over 50% of the Engineered Polymers In Electric Charging Infrastructure Market revenue. This is due to the increasing adoption of Level 2 charging stations in both residential and commercial applications. Level 2 charging stations offer faster charging speeds than Level 1 stations, making them a more convenient option for electric vehicle owners.The Level 3 segment is expected to grow at the highest CAGR during the forecast period, driven by the increasing demand for fast-charging stations in public places. Level 3 charging stations can charge electric vehicles in as little as 30 minutes, making them ideal for long-distance travel.
Engineered Polymers In Electric Charging Infrastructure Market Charging Mode Insights
The Engineered Polymers In Electric Charging Infrastructure Market are segmented by Charging Mode into AC Charging, DC Charging and Wireless Charging. The AC Charging segment is expected to account for the largest revenue share in 2023, owing to its cost-effectiveness and wide availability. The DC Charging segment is expected to grow at a higher CAGR during the forecast period due to its faster charging times and higher power output. The Wireless Charging segment is expected to account for a small market share in 2023 but is expected to grow rapidly in the coming years due to its convenience and lack of cables.The growth of the Engineered Polymers In Electric Charging Infrastructure Market is driven by the increasing adoption of electric vehicles, government regulations promoting the use of electric vehicles, and rising consumer awareness about environmental sustainability.
Engineered Polymers In Electric Charging Infrastructure Market Regional Insights
The regional segmentation of the Engineered Polymers In Electric Charging Infrastructure Market offers crucial insights into the market's geographic distribution. North America is projected to hold a significant market share due to the presence of major automotive manufacturing hubs and government initiatives supporting electric vehicle adoption. Europe is also a key region driven by stringent emission regulations and a growing consumer preference for electric vehicles. The Asia Pacific region is expected to witness substantial growth, fueled by rapidly developing economies, increasing urbanization, and government incentives for electric charging infrastructure.South America, Middle East and Africa regions are anticipated to have a moderate market share, with growth potential driven by infrastructure development and increasing adoption of electric vehicles.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Engineered Polymers In Electric Charging Infrastructure Market Key Players And Competitive Insights
Industry players leading the Engineered Polymers In Electric Charging Infrastructure Market are concentrating on coming up with new products and technologies to serve the increasing demand for electric vehicles. Besides, they are expanding production to cater to the increasing demand for engineered polymers for electric charging infrastructure. Additionally, leading Engineered Polymers In Electric Charging Infrastructure Market players are investing in research and development to improve the performance and efficiency of their products and also developing new materials. Lastly, market players are partnering with other companies that operate in the electric vehicle industry to design new solutions for the electric charging infrastructure.
SABIC is a prime Engineered polymer in the Electric Charging Infrastructure Market and is focused on developing new materials and technologies for the electric charging infrastructure. The company produces a vast range of engineered polymers utilized in electric vehicle charging stations, including polycarbonate based on Lexan, ABS, PPE and PBT. Additionally, SABIC is focused on coming up with materials that are less weighty, stronger compared to traditional materials and overall, more durable and effective for the electric charging infrastructure.
A second prime Engineered Polymers In Electric Charging Infrastructure Market player, DuPont, is concentrating on developing new materials and types of technology for the electric charging infrastructure. The company produces and sells a broad range of engineered polymers incorporated in electric vehicle charging stations, such as Zytel, Delrin and Minlon, all of which are based on nylon. Additionally, Fastion POM, Rynite PET, DuPont’s Polysulfone and PPS are applied in the electric vehicle charging stations. Moreover, the company is focused on developing materials that can resist heat and chemicals.
Key Companies in the Engineered Polymers In Electric Charging Infrastructure Market Include
- PolyOne Corporation
- Solutia
- Solvay
- Huntsman Corporation
- Lanxess
- Dow
- Sabic
- BASF
- Toray Industries
- DSM
- SABIC
- Covestro
- Evonik Industries
- LyondellBasell Industries Holdings B.V.
Engineered Polymers In Electric Charging Infrastructure Market Industry Developments
The Engineered Polymers in Electric Charging Infrastructure Market is projected to grow significantly from 2024 to 2032, driven by the increasing adoption of electric vehicles (EVs) and the expanding EV charging infrastructure. Government initiatives promoting EV adoption, technological advancements, and rising consumer awareness of sustainability are also contributing to market growth.
Key players in the market are focusing on developing innovative engineered polymers with improved properties, such as high-temperature resistance, flame retardancy, and durability, to meet the specific requirements of EV charging infrastructure components. Recent developments include the launch of new engineered polymer materials tailored for EV charging applications and strategic partnerships between market participants to strengthen supply chains and enhance product offerings.
Engineered Polymers In Electric Charging Infrastructure Market Segmentation Insights
- Engineered Polymers In Electric Charging Infrastructure Market Type of Engineered Polymer Outlook
- Thermoplastics
- Thermosets
- Elastomers
- Engineered Polymers In Electric Charging Infrastructure Market Application Outlook
- Connectors
- Insulators
- Enclosures
- Cables
- Engineered Polymers In Electric Charging Infrastructure Market End-use Industry Outlook
- Automotive
- Energy
- Transportation
- Industrial
- Engineered Polymers In Electric Charging Infrastructure Market Charging Level Outlook
- Level 1
- Level 2
- Level 3
- Engineered Polymers In Electric Charging Infrastructure Market Charging Mode Outlook
- AC Charging
- DC Charging
- Wireless Charging
- Engineered Polymers In Electric Charging Infrastructure Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
0.66(USD Billion) |
| Market Size 2023 |
0.77(USD Billion) |
| Market Size 2032 |
3.04(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
16.45% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
PolyOne Corporation, Solutia, Solvay, Huntsman Corporation, Lanxess, Dow, Sabic, BASF, Toray Industries, DSM, SABIC, Covestro, Evonik Industries, LyondellBasell Industries Holdings B.V. |
| Segments Covered |
Type of Engineered Polymer, Application, End-use Industry, Charging Level, Charging Mode, Regional |
| Key Market Opportunities |
1. High growth in electric vehicle sales 2. Growing demand for durable and lightweight materials 3. Government incentives for EV charging infrastructure 4. Rise in smart grid applications |
| Key Market Dynamics |
1. Government regulations 2. technological advancements 3. rising EV adoption infrastructure 4. expansion material innovation |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Engineered Polymers In Electric Charging Infrastructure market was expected to grow from USD 0.77 billion in 2023 to USD 3.04 billion by 2032, at a CAGR of 16.45%.
Asia Pacific is expected to account for the largest market share, owing to the increasing adoption of electric vehicles and the presence of major automotive manufacturing hubs in the region.
Engineered Polymers are used in various applications within electric charging infrastructure, including connectors, cables, insulators, and housings.
Key competitors include BASF, SABIC, DuPont, Covestro, and Evonik.
The growth of the market is driven by factors such as the increasing demand for electric vehicles, government initiatives to promote sustainable transportation, and the need for reliable and efficient charging infrastructure.
The market faces challenges such as the high cost of raw materials, the need for specialized manufacturing processes, and the stringent regulatory requirements.
