Electric vehicle plastics is projected to have considerable CAGR of around 27.5% during the forecast period. The major factors that propels the electric vehicle plastics market include growing demand of light weight plastics in electric vehicle, growing demand of electric vehicle, and others. Lightweight plastics play a significant role in the electric vehicle industry. The application various plastics type such as ABS, and others are likely to increase significantly over the decade owing to the fact that even a 10% reduction in vehicle weight yields 6.5% reduction in fuel consumption. Owing to this, application of plastic components in the electric vehicle industry has been growing over the last decades. The plastics are used mainly to make cars more energy efficient by reducing weight, together with providing durability, corrosion resistance, toughness, design flexibility, resiliency and high performance at low cost.
Plastic components manufactured for electric vehicles may be found in the interior, exterior, baggage part, and bonnet portion of the car. Plastic-based parts are beneficial since they may cover more than half of the space of an electric vehicle while contributing less than 15% of the vehicle’s weight. Some of the main reasons driving the growth of the electric vehicle plastics market in the subsequent years include an increase in electric vehicle sales and manufacturing, as well as government regulations on automotive emissions.
Electric cars and their variants are being made by almost all of the major automotive manufacturers, owing to increasing year-over-year sales of electric vehicles, which is directly influencing the growth of the electric vehicle plastics market. The drop in the price of raw materials needed in the manufacturing of electric cars is another factor driving the market’s growth. One of the key reasons driving the growth of the electric vehicle plastics market is the rising use of plastics as raw materials in the manufacture of automotive components and supplies.
For instance, Covestro found a new composite technique in 2020 that makes it easier to produce thin, lightweight, high-strength, but aesthetically pleasing parts on a large scale. It’s called MaezioTM and is made of Continuous Fiber-Reinforced Thermoplastic Polymers (CFRTP). The substrates are thermoplastics like polycarbonate, and the insulation is carbon or glass fibres.
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Market Coverage
- The market number available for – 2023-2030
- Base year- 2023
- Forecast period- 2024-2031
- Segment Covered-
- By Plastic Type
- By Vehicle Type
- Competitive Landscape: BASF SE, Covestro AG, DuPont de Nemours, Inc., LyondellBasell Industries Holdings B.V., Solvay SA and others.
Electric Vehicle Plastics Market by Segment
By Plastic Type
- Polyvinyl Chloride
- Acrylonitrile Butadiene Styrene
- Polyamide
- Polycarbonate
- Polyurethane
- Polymethylmethacrylate
- Others (Polypropelene)
By Vehicle Type
- Hybrid Electric Vehicles (HEVs)
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicles (PHEVs)
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Electric Vehicle Plastics Market by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- Asahi Kasei Corp.
- Arkema Group
- AGC Chemicals
- BASF SE
- Covestro AG
- Celanese Corp.
- DuPont de Nemours, Inc.
- Evonik Industries AG
- EMS Group
- Formosa Plastics Corp.
- INEOS AG
- Mitsui Chemicals, Inc.
- Mitsubishi Chemical Corp.
- LyondellBasell Industries Holdings B.V.
- LANXESS
- LG Chem
- SABIC
- Solvay SA
- Sumitomo Chemical Co., Ltd.
- UBE INDUSTRIES, LTD.
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