PUBLISHER: The Business Research Company | PRODUCT CODE: 1643981
PUBLISHER: The Business Research Company | PRODUCT CODE: 1643981
The electric vehicle plastics market consists of sales, by entities (organizations, sole traders or partnerships), of electric vehicle plastics, including advanced plastics and polymer composites, used in the manufacturing of electric and hybrid vehicles. These materials are integral to various components, including the body, chassis, interior, powertrain and electrical systems of EVs.
EV plastics are primarily produced by companies in the chemical and polymer industries, who manufacture these materials from raw materials like petroleum derivatives. Production involves various polymerization processes to create plastics that meet the exacting specifications required for EV applications, including durability, impact resistance and temperature stability. These manufacturers distribute the finished resins and plastic materials to automotive part manufacturers and EV assemblers through direct sales channels, distribution networks and often through specialized intermediaries in automotive supply chains.
The global electric vehicle plastics market was valued at $1,056.28 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 16.00%.
Increasing Smart City Projects
Increasing smart city projects drove the growth of the electric vehicle plastics market during this historic period. Smart cities prioritize reducing emissions and traffic congestion, with EVs playing a critical role in achieving these goals. As more cities worldwide implement EV-friendly infrastructure such as widespread charging networks, car-sharing programs and designated EV zones the demand for electric vehicles has risen sharply. This uptick in EV adoption has driven the need for specialized plastic materials that improve vehicle efficiency by reducing weight and increasing durability. For instance, in January 2022, the Indian Government disbursed INR284.136 billion ($3.817 billion) for 100 smart cities, with INR236.683 billion ($3.18 billion) already utilized. The Smart Cities Mission (SCM) was launched by the Government of India on June 25, 2015, aiming to enhance urban infrastructure and services across designated cities. Additionally, in November 2021, the federal government announced the Investment and Jobs Act in its annual bill, in which it allocated $500 million for accelerating its smart city initiative and increasing the number of smart cities in the country. Therefore, increasing smart city projects contributed to the growth of the electric vehicle plastics market.
New Era Of Sustainable Materials In Electric Vehicle Production
Companies operating in the electric vehicle plastics market are focused on the new era of sustainable materials in electric vehicle production. This reflects the potential of circular economy principles in the automotive industry, where waste materials are recycled into useful products, reducing the demand for virgin plastics. In October 2024, Kia Corporation, a South Korea-based automobile manufacturer, partnered with The Ocean Cleanup, a Netherlands-based nonprofit environmental engineering organization, to launch the first automobile accessory ever built from ocean trash. This project includes a limited-edition trunk liner constructed of plastic from the Great Pacific Garbage Patch that is intended for the brand-new Kia EV3 (battery electric subcompact crossover SUV (B-segment)). This initiative represents a significant step towards a circular economy, transforming ocean waste into valuable automotive products while promoting environmental stewardship and innovation in the automotive industry.
The global electric vehicle plastics market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 16.99% of the total market in 2023.
Electric Vehicle Plastics Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global electric vehicle plastics market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for electric vehicle plastics? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The electric vehicle plastics market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider electric vehicle plastics market; and compares it with other markets.
Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.