New York, United States , March 29, 2023 (GLOBE NEWSWIRE) -- The Global Electric Vehicle Plastics Market Size is to grow from USD 2.65 billion in 2021 to USD 12.96 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 27.7% during the forecast period. The increasing adoption of polymers and plastics in electric vehicles such as electric vehicles (EVs), hybrid electric vehicles (HEVs), plug-in hybrid vehicles (PHEVs), and battery electric vehicles (BEVs) will boost the demand for the electric vehicle plastics market.
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To reduce greenhouse gas (GHG) emissions, global demand for electric car plastics is increasing. By reducing weight, plastics can help electric vehicles achieve longer operating ranges. The expanding prevalence of electric vehicles, along with the increasing supply of lightweight EVs, are expected to drive market demand over the estimated timeframe. The global market is predicted to arise as a result of technological advancements in electric vehicles. The increasing development of EVs has resulted in a significant increase in demand for the electric vehicle plastics market. The rapid expansion of such plastics in the EV industry is expected to continue during the forecast period. As a result, such factors are projected to increase demand for plastics in the electric car sector.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on “Global Electric Vehicle Plastics Market Size, Share, and COVID-19 Impact Analysis, By Type (PP, PA, PC, PE, PU, PVC, PVB, PBT, ABS, PET, Others), By Components (Battery, Lighting, Steering & Dashboards, Car Upholstery, Bumper, Door Assembly, Connector & Cables, Electric Wiring, Exterior Trim, Interior Trim, Others), By Vehicle Type (EV, HEV, PHEV, BEV), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." Get Detailed Report Description Here:
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The Polypropylene (PP) segment accounted the largest market share over the forecast period.
On the basis of type, the global electric vehicle plastics market is segmented into Polypropylene (PP), Polyamide (PA), Polycarbonate (PC), Polyethylene (PE), Polyurethane (PU), Polyvinyl Chloride (PVC), Polyvinyl Butyral (PVB), Polybutylene Terephthalate (PBT), Acrylonitrile Butadiene Styrene (ABS), Polyethylene Terephthalate (PET), and others. Among these, the polypropylene (PP) segment is dominating the market and is going to continue its dominance over the forecast period. Polypropylene is commonly used as a thermoplastic component binder in natural fiber composites. It is also one of the lightest commercial plastic materials available, making it ideal for producing lighter weight parts.
The interior trim segment is dominating the market with the largest revenue share over the forecast period.
On the basis of component type, the global electric vehicle plastics market is segmented into battery, lighting, steering & dashboards, car upholstery, bumper, door assembly, connector & cables, electric wiring, exterior trim, interior trim, and others. Among these, the interior trim segment is dominating the market with the largest revenue share of 26.5% over the forecast period. Door lining, roof lining, seat trim, steering cover, and other interior trim component segments are included. Polymers lower the cost of battery production and will eventually replace traditional parts and components.
The battery electric vehicle (BEV) segment accounted the largest revenue share of more than 65% over the forecast period.
On the basis of vehicle type, the global electric vehicle plastics market is segmented into electric vehicles (EVs), hybrid electric vehicles (HEVs), plug-in hybrid vehicles (PHEVs), and battery electric vehicles (BEVs). Among these, the battery electric vehicle (BEV) segment accounted for the largest revenue share of over 65% over the forecast period. The rapid rise in population, combined with rising environmental standards, is driving up the demand for plastics in electric vehicles. Automobile producers are emphasizing on automotive safety and durability, as well as using cost-effective plastics for battery compartment portions.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Over the forecast period, Asia Pacific will hold more than 62% of the market. China, Japan, South Korea, and India are the region's major nations in terms of manufacturing capability. China is the primary market for EVs, which is encouraging an increasing number of automakers to expand their presence in China. This is made possible by competent and low-cost labor, as well as the ease with which raw materials may be obtained.
Europe, on the other hand, is predicted to increase the most rapidly in terms of revenue share over the forecast period. The region's EV market is being supported by tax cuts, subsidies, and supporting legislation, which will fuel market expansion for the foreseeable future.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global electric vehicle plastics market include Dow, BASF SE, SABIC, LyondellBasell Industries Holdings B.V., Evonik Industries, Covestro AG, Dupont, INEOS Capital Ltd., Plastic Omnium, Sumitomo Chemicals Co. Ltd., Avient Corporation, Toray Industries Inc., Evonik Industries AG, Kureha Corporation, Covestro AG, Arkema, LG Chem, Asahi Kasei, LANXESS, INEOS Group, Celanese Corp., AGC Chemicals, EMS Chemie Holding, Eastman Chemical Company, Mitsubishi Engineering Plastics Corp., and many others.
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Key Market Developments
On October 2022, Due in part to PA6 high-performance plastics, LANXESS can reduce its carbon impact. LANXESS' Durethan-brand polyamide 6 compounds are not only more cost-effective than polyamide-66-based compounds, but also significantly more environmentally benign. The cover for an on-board battery charger placed in an all-electric small vehicle manufactured by a German automaker demonstrates the extent to which the carbon footprint can be reduced.
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