Engineered Polymers in Electric Charging Infrastructure Market

Market Synopsis:

The Global Engineered Polymers in Electric Charging Infrastructure Market was valued at USD 197.63 Million in the year 2022 and is forecast to reach a value of USD 2354.13 Million by the year 2030. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 36.30% over the forecast period.

Engineered polymers are anticipated to witness high growth in demand over the coming years across various industry verticals as their application scope expands. The world is seeing a paradigm shift toward electric vehicles, and the world is expected to phase out fossil-powered cars over the coming years. An increasing focus on sustainability is expected to drive the adoption of electric vehicles and increase the demand for robust charging infrastructure. The use of Engineered Polymers in Electric Charging Infrastructure is expected to rise exponentially over the forecast period as the popularity of electric vehicles increases worldwide. Developed nations are anticipated to mention the most lucrative markets for Engineered Polymers in Electric Charging Infrastructure providers. Developing countries are expected to witness new growth opportunities over the coming years as the focus on sustainability and the popularity of electric vehicles increases worldwide.

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Market Segmentation:

The Engineered Polymers in Electric Charging Infrastructure Market is segmented based on application. Based on application, the market is segmented as Engineered Polymer Plastics and Elastomers.

Based on Application:

The market is segmented based on applications: Engineered Polymer Plastics and Elastomers. The use of engineered polymer plastics is expected to lead to the Engineered Polymers in Electric Charging Infrastructure Market growth over the forecast period. In addition, the focus on creating a durable yet sustainable infrastructure is expected to boost demand for engineered polymers, and stringent mandates to reduce the use of plastics are expected to bolster the growth of engineered polymers.

North America Accounts for a Dominant Market Share

North America accounted for a dominant market share of 43.9% in 2021 and is projected to maintain this stance across the forecast period. North America is known for the rapid adoption of novel technologies, which is projected to drive the Engineered Polymers in Electric Charging Infrastructure Market growth across the forecast period. Increasing prices of fossil fuels and rising focus on sustainability are expected to be popular trends that fuel demand for Engineered Polymers in Electric Charging Infrastructure. Canada and the U. S. are anticipated to be the prime markets in this region over the years to come. The presence of critical electric vehicle manufacturers and increasing investments in developing electric vehicle charging infrastructure are expected to bolster further Engineered Polymers in Electric Charging Infrastructure Market potential through 2028.

The Asia Pacific region is expected to hold a significant market share and witness high demand for Engineered Polymers in Electric Charging Infrastructure as the popularity of electric vehicles increases in this region. In addition, increasing focus on sustainability and supportive government initiatives to build a charging infrastructure is expected to boost Engineered Polymers in Electric Charging Infrastructure Market potential across the forecast period. As a result, India and China are expected to be notable markets in this region through 2028.

Competitive Landscape:

The key players in the Global Engineered Polymers in Electric Charging Infrastructure Market include- AGC Chemicals Americas Inc., ASAHI KASEI CORPORATION, BASF SE, Dow Chemical Company, COVESTRO AG, Daikin Industries Ltd., Evonik Industries AG, Royal DSM NV, Mitsubishi Chemical Corporation, Sumitomo Chemical Company Limited, and others.

Segmentation of the Global Engineered Polymers in Electric Charging Infrastructure Market: