Redding, California, Jan. 24, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled “EV Charging Station Raw Materials Market by Material Type (Metals & Alloys (Stainless Steel, Carbon Steel, Aluminum, Copper, Other), Polymers (PC Resins, PC Blends, Elastomers, Polyurethanes, TPU)), Application, and Charging Type - Global Forecast to 2028”, published by Meticulous Research®, the electric vehicle charging station raw materials market is expected to grow at a CAGR of 34.1% from 2021 to 2028 to reach $4.91 billion by 2028.
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An electric vehicle charging station is a platform that supplies electric energy to charge electric vehicles. The rising levels of carbon emissions and other harmful gases stemming from transportation have triggered the necessity of adopting EVs. As a result, the demand for an EV charging infrastructure among commercial and residential applications is rising.
Factors such as supportive government policies for establishing EV charging stations, increasing adoption of EVs and increasing initiatives by private companies for deploying EV charging infrastructure are driving the growth of the market. However, the potential shortfall in mining capabilities and environmental effects of illegal mining in ecologically sensitive regions are likely to hinder the market’s growth. In addition, the increasing adoption of electric mobility in emerging economies is projected to provide significant growth opportunities for vendors operating in this market.
The COVID-19 pandemic outbreak has caused a widespread economic downturn. Several countries imposed strict lockdowns to contain the infection, thereby leading to the shutdown of manufacturing industries and disruptions in supply chains and production schedules. As a result, there has been a significant impact on technology supply chains globally. The economic slowdown has significantly disrupted the automotive industry, causing rapid declines in light vehicle sales. As a result, the light vehicles market suffered a decline in revenue close to 20% in 2020. Furthermore, shifts in consumer purchasing behavior due to uncertainty surrounding the pandemic are expected to have significant consequences for the industry's near-future growth. Meanwhile, shortfall and cash crunch have already affected fleet operators' sales, which is expected to widen further in the coming months.
In North America, automobile players are facing a major setback from the demand side due to stringent federal, state, or provincial, and local measures restricting travel and social interactions. As a result, the sale of automobiles is expected to see a 15% decline in North American countries due to COVID-19.
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Automobile industries in Asia-Pacific countries were the first to feel the brunt of the COVID-19 outbreak. Most countries in Asia-Pacific immediately reported a double-digit drop in car sales due to production halts and marketing activities cancellation. The Chinese automobile industry has been hit twice in 24 months due to the China-US trade war and later due to COVID-19. Manufacturing units in South Korea and Japan were either temporarily shut down or reported production loss due to disruption in the automotive supply chain from China. The Indian automotive industry is expected to witness a total production loss of USD 16.09 billion.
However, several governments are investing in charging infrastructure as part of their economic stimulus programs. These packages range from direct investments for public charging stations to subsidies for the installation of private charging stations at homes and workplaces. For instance, in April 2020, China announced over USD 1.4 billion to subsidize the construction of charging stations on top of existing programs that promote the sale of EVs.
The inclusion of EV infrastructure investment into COVID-19-related stimulus packages by European and Asian governments is expected to boost the growth of EV charging stations in the future, which will directly impact the electric vehicle raw material market. The demand for materials such as stainless steel, aluminum, copper, and polycarbonate resins is also expected to grow due to infrastructure developments. For instance, in June 2020, Germany proposed a EUR 130 billion (USD 145.8 billion) stimulus future package, featuring at least EUR 50 billion (USD 56 billion) for climate-related spending. The program includes an extra EUR 2.5 billion (USD 2.8 billion) for EV infrastructure, including EV charging stations. This will increase the demand for materials such as stainless steel, aluminum, copper, and polycarbonate resins in Germany during the forecast period
In December 2020, Japan unveiled a USD 708 billion economic stimulus package. The package will comprise about USD 384.5 billion in direct fiscal spending, with initiatives aiming to reduce carbon emissions and foster digital innovation. There has been a proposed temporary increase in subsidies for purchasing electric vehicles like BEVs, PHEVs, and FCVs. The maximum incentives for plug-ins will double for BEVs (JPY 400,000 to 800,000), i.e., USD 7,743, and for PHEVs (JPY 200,000 to 400,000), i.e., USD 3,872. Mass adoption of electric vehicles will boost demand for EV charging stations in Japan, directly impacting the demand for raw materials required to build electric vehicle charging stations during the forecast period.
In March 2021, the French government announced a EUR 100 million (USD 120.7 million) funding program to support the installation of fast-charging stations for electric cars. This funding support will be provided to companies who plan to invest in EV charging stations in service areas located along public motorways and the national road network. This funding aims to equip all service areas with fast charging stations by the end of 2022. Furthermore, the French government had announced in October 2020 that it aims to have 100,000 public charging points in operation by the end of 2021.
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Electric vehicle fleets require charging infrastructure solutions different from passenger vehicles. These vehicles’ requirements range from multiple mega-watt depo charging to overhead catenaries for charging on the move. Wireless EV charging systems are potentially an economical and feasible solution for fleet charging requirements. Electric bus fleets are expected to increase during the forecast period since electric buses do not have tailpipe emissions and produce less noise. Governments worldwide are prioritizing the adoption of electric buses to help improve air quality. For instance, in January 2021, the Government of India allocated USD 486 million in incentives for adopting 7,090 e-buses.
With the increasing initiatives to boost the adoption of electric mobility across the world, the requirement of ancillary services, such as EV charging stations, is also expected to rise during the forecast period. Increasing demand for EV charging stations will directly impact the requirements of raw materials, such as stainless steel, copper, aluminum, polycarbonates, elastomers, and thermoplastics polyurethanes used for critical manufacturing components of EV charging stations, such as enclosures, cables, connectors, cable insulation and jacketing, and flexible conduits.
Based on material type, the overall EV charging station raw materials market is segmented into metals & alloys and polymers. In 2021, the metals & alloys segment accounted for the largest share of the overall EV charging station raw materials market. The metals and alloys have the required physical and aesthetic properties that enable manufacturers to comply with all the design and operational standards for electric vehicles and charging stations at optimum prices. However, the polymers segment is expected to grow at the highest CAGR of 35.6% during the forecast period. This is because polymers have excellent heat resistance, weather resistance, strength, lightweight, and can be easily molded into any shape and size.
Based on region, the global EV charging station raw material market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, Asia-Pacific commanded the largest share of the EV charging station raw material market, followed by Europe and North America. The large share of this region is mainly attributed to the growing demand for electric vehicles in countries such as China and Japan and rising government initiatives to reduce greenhouse gas emissions, which, in turn, is poised to increase the adoption of electric vehicles.
However, Europe is expected to grow at the highest CAGR during the forecast period. The high growth of this market in Europe is primarily attributed to the government initiatives to develop charging infrastructure across the region. As a result, countries like France, Germany, and the U.K. are the front-runner countries for electric vehicles and charging points across the region.
Some of the key players operating in the global EV charging stations raw materials market are Ryerson Holding Corporation (U.S.), DOMO Chemicals GmbH (Germany), DuPont de Nemours, Inc. (U.S.), SABIC (Saudi Arabia), BASF SE (Germany), Thyssenkrupp AG (Germany), Covestro AG (Germany), Evonik Industries AG (Germany), POSCO (South Korea), Trinseo S.A. (U.S.), Celanese Corporation (U.S.), and Lanxess AG (Germany) among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/ev-charging-station-raw-materials-market-5200
Scope of the Report
EV Charging Station Raw Materials Market, by Material Type
- Metals and Alloys
- Copper
- Stainless Steel
- Carbon Steel
- Aluminum
- Nickel
- Chrome
- Titanium
- Other Metals and Alloys
- Polymers
- Thermoplastic Polyurethanes
- Polycarbonate Blends
- Polyurethanes
- Elastomers
- Polycarbonate Resins
EV Charging Station Raw Materials Market, by Application
- Cords
- Internal Wiring
- Enclosures
- Connector Guns
- Thermal Switches
- Displays
- Flexible Conduits
- Electric Circuit Breakers
- Energy Meter and Timers
- Cable Hangers
- Charger Plug Holsters
- Nylon Glands/Lock Nuts
- Other Applications
EV Charging Station Raw Materials Market, by Charging Type
- Level 1
- Level 2
- DC Fast Charging
EV Charging Station Raw Materials Market, by Geography
- Asia-Pacific (APAC)
- China
- Japan
- South Korea
- Singapore
- India
- Rest of Asia-Pacific (RoAPAC)
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Morocco
- Rest of Europe (RoE)
- North America
- U.S.
- Canada
- Mexico
- Latin America
- Middle East & Africa
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