PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238826
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238826
Electric Vehicle Plastics Market size was valued at USD 2,908.6 Million in 2022, expanding at a CAGR of 26.8% from 2023 to 2030.
Engineering plastics for electric vehicles are essentially the plastics that are used for these vehicles and decrease their weight, which typically gives them a long range between recharges. The engineering plastics used in electric vehicle building also provide exceptional heat resistance, making it possible to build battery compartments and cooling systems while maintaining the strength and safety of electric vehicles.
Nearly all of the major automakers are producing electric vehicles and their variants as part of a shift towards creating cars that emit fewer greenhouse gases and are more fuel-efficient, and the increased year-over-year sales of electric vehicles directly influence the growth of the electric vehicle plastics market. Another factor fueling the market expansion is the decline in the cost of the raw materials used to make electric cars. The growing use of plastic as a raw material in the production of automotive components and accessories is one of the key factors driving the growth of the electric vehicle plastics market.
In addition, the market for plastics used in manufacturing electric vehicles is being driven by the move towards lightweight plastic applications. The battery electric vehicle (BEV) range and fuel efficiency are both increased by the use of lightweight plastics in electric cars. The largest contributor to the global market growth for electric vehicle plastics is anticipated to come from the BEV industry. The plastics industry for electric vehicles is driven by the advantages of plastics like reduced carbon emissions and less reliance on petroleum.
Polypropylene (PP), Polyamide (PA), Polycarbonate (PC), Polyethylene (PE), Polyurethane (PU), Polyvinyl Chloride (PVC), Polyvinyl Butyral (PVB), Polybutylene Terephthalate (PBT), Acrylonitrile Butadiene Styrene (ABS), and Polyethylene Terephthalate are the resin-based divisions of the business (PET). In 2022, the PU segment dominated the business globally. It has improved chemical resistance, durability, radiation resistance, water resistance, and other properties. In EV batteries, polyurethane increases power and encourages crash safety. Additionally, it is utilized in foam seating, cushions, electrical compounds, suspension bushings, and insulation panels. Over the projection period, these factors are anticipated to fuel the demand for plastics in EVs. The PP segment, on the other hand, is anticipated to expand at the fastest rate during the forecast period. Different grades of polypropylene are being developed by manufacturers to decrease the weight of the car and increase the range of electric vehicles. Its use extends to both internal and exterior components as well as structural and non-structural components. Additionally, it's used in products like carpet strands, bumpers, tailgates, and cable insulation.
The Asia Pacific is expected to dominate the market during the forecast period. The main countries with strong production capacities in the region are China, Japan, South Korea, and India. The simple accessibility of raw materials and the affordable, skilled workforce support this. One of the biggest Electric markets in the world is China. Over the forecast period, it is anticipated that an increase in disposable income and rising demand for EVs from the middle-class populace in emerging economies like China and India will propel the industry's development. On the other hand, Europe holds a significant market share over the forecast period. On a big scale, chemical companies in the region produce plastics for EVs. The region's market for EVs is product growth to tax exemptions, subsidies, and supportive policies, which will fuel product demand over the projection period.
In May 2022, a cutting-edge plastic product created by LG Chem aids in preventing heat runaway in EV batteries. The product is constructed using a variety of hybrid materials, including PA and PPO resin.
This proposed research study on the Electric Vehicle Plastics market provides market size (US$ Million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains an attractive investment proposition matrix for the Electric Vehicle Plastics market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain the Electric Vehicle Plastics market
The impact of COVID-19 on the Electric Vehicle Plastics market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight into the Electric Vehicle Plastics market post-COVID will also be covered.
To give the users of this report a comprehensive view of the Electric Vehicle Plastics market, we have also included a competitive landscape and key innovator analysis for the Electric Vehicle Plastics market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand the financial information and strategic initiatives of players operating in the Electric Vehicle Plastics market.
In addition, the report also unveils the important acquisitions & mergers, collaborations & joint ventures, new launches, research & development, and regional expansion of major participants involved in the market on global as well as regional levels.
The global Electric Vehicle Plastics market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows: