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NEW YORK, Feb. 17, 2021 /PRNewswire/ -- Due to a growing emphasis on a higher fuel economy, heavy materials, such as glass and metals, are being replaced by lighter variants, including polycarbonate (PC), in the automotive industry. As a result, the global polymer market size is expected to increase from $533.6 billion in 2019 to $838.5 billion by 2030, at a 5.1% CAGR between 2020 and 2030, according to P&S Intelligence. This is because PC and other polymers have excellent electrical, mechanical, insulating, optical, and chemical properties, as well as a high strength-to-weight ratio and elasticity and corrosion resistance.
With time, almost 30% of all automotive components are now being made from polymers. Moreover, with the rising demand for electric vehicles, the polymer market will grow further, as these materials are used to make lightweight battery packs. As a result of the growing concerns regarding air pollution, the need for lightweight vehicles, preferably electric variants, is driving the demand for polymers.