Electric Vehicle Plastic Market

Market Synopsis:

The global Electric Vehicle Plastic market valued at USD 1189.75 Million in 2022 and is projected to reach a value of USD 7703.38 Million by 2030 at a CAGR of 26.30% over the forecast period.

Because of the high versatility and easy mold ability of plastics, thermoplastic polymers can be produced in a variety of shapes and designs to meet the needs of electric vehicles. The use of plastics in electric vehicles reduces the weight of these vehicles, allowing them to travel farther between charges. Plastics have excellent heat resistance, allowing the construction of battery compartments and cooling systems while not compromising the durability and safety of electric vehicles.

During the forecast period, the globalElectric Vehicle Plastic Market is expected to grow significantly. The market's expansion can be attributed to the growing demand for light weight vehicles in the automotive industry. High performance plastics are widely used to make cars more energy efficient by reducing weight while also providing durability. The rise in electric vehicle adoption, combined with the growth of plastic industries in emerging economies are further propelling the market. Government-enforced emission standards and regulations are also motivating manufacturers to reduce the weight of passenger cars and look for environmentally friendly automotive options. Furthermore, the advancement of technologies such as hybrid, plug-in-hybrid, and battery electric vehicles would provide profitable opportunities for the plastics for the electric vehicle market during the forecast period. All of these factors are expected to propel the global Electric Vehicle Plastic market forward.

Market Segmentation:

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The Electric Vehicle Plastic market is segmented on the basis of Plastic Type, Application, Component and Vehicle Type. On the basis of Plastic Type, the market is segmented into Acrylonitrile Butadiene Styrene (ABS), Polyamide (PA), Polycarbonate (PC), polyvinyl butyral, Polyurethane (PU), Polypropylene (PP), Polyvinyl Chloride (PVC), Polymethylmethacrylate (PMMA), High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Polybutylene Terephthalate (PBT) and Other Plastics. On the basis of Application, the market is segmented into Powertrain System/ Under Bonnet, Exterior, Interior and Lighting & Electric Wiring. On the basis of Component, the market is segmented into Dashboard, Seats, Interior trim, Car upholstery, Bumper, Body, Exterior trim, Battery, Engine, Lighting, Electric wiring and Other components. On the basis of Vehicle type, the market is segmented into BEV and PHEV/ HEV.

Based on Application-

The rising trend of replacing metals in interior components with plastics is contributing to an increase in demand for plastics in the interior trim segment. The replacement of metal parts with plastics reduces risk during a crash or accident because these plastics act as an absorbing body, particularly on the legs of vehicle occupants during a crash. Furthermore, the use of plastics improves the vehicle's aesthetics while providing the necessary strength. Throughout the forecast period, demand for plastics in interior trim is expected to dominate the component segment.

Based on Vehicle Type-

Stringent emission regulations and government policies favoring the adoption of electric vehicles are the major factors driving electric vehicle sales and, as a result, bolstering the demand for plastics for electric vehicles. In addition, BEV manufacturers are working to reduce their overall weight, which will likely increase the range of electric vehicles. Automotive OEMs are focusing on metal-to-plastic conversion and injection-molded plastic parts to reduce vehicle weight. Furthermore, OEMs are emphasizing strength and safety, as well as cost-effective plastics with high temperature resistance for the battery compartment area. This trend is likely to open up new opportunities for plastic suppliers, as plastic components are lighter in weight and less expensive than metal components.

Asia Pacific Region to Stand Firm on its Leading Position in the Electric Vehicle Plastic Market

Asia Pacific acquired the largest market share during the year 2021 with a share of 47.20%. APAC has emerged as an electric vehicle hub in recent years, with China and Japan leading the way. Governments in APAC are also attempting to provide incentives to encourage the use of electric vehicles. Increasing demand for electric vehicles as a result of rising environmental consciousness, aided by innovation, government initiatives, and OEM investments, has resulted in a technological revolution in the global automobile industry. The demand for electric vehicles propels allied industries such as plastics, a critical material used in the production of the former. Lightweight materials are required by manufacturers to develop electric vehicles, which is the primary driver of the global Electric Vehicle Plastic Market.

Competitive Landscape:

Key players operating in the global Electric Vehicle Plastic Market include- BASF (Germany), SABIC (Saudi Arabia), Dow (US), Lyondellbasell Industries Holdings B.V (Netherlands), DuPont de Nemours Inc.(US), Covestro (Germany), Solvay (Belgium), LANXESS (Germany), LG Chem (South Korea), Asahi Kasei (Japan).

Segmentation of Electric Vehicle Plastic Market: