The global electric vehicle plastics market size was estimated at USD 13.33 billion in 2030 and is anticipated to grow at a compound annual growth rate (CAGR) of 28.0% from 2024 to 2030. The industry is projected to witness significant growth in terms of consumption, on account of high application scope and increasing demand from the growing population. The Polypropylene (PP) resin demand in the Asia Pacific region is estimated to grow at the fastest CAGR over the forecast period. Strong government support & initiatives regarding emissions and increasing investment by manufacturers are propelling the growth of the region.
Electric Vehicle Plastics Market Report Highlights
- The Asia Pacific region is estimated to grow at the fastest CAGR from 2022 to 2030. Increasing demand from the growing population coupled with environmental concerns among others are anticipated to drive market growth in the region
- The battery segment is anticipated to register the fastest CAGR from 2022 to 2030. Batteries are one of the significant components of an EV and, in comparison to combustion engines, battery vehicles do not produce any emissions and are eco-friendly. The growing demand for EVs has promising growth for EV batteries
- The exterior application segment accounted for the largest revenue share in 2021 and is estimated to continue its dominance over the forecast period due to the high demand in aesthetics
- The BEV vehicle type segment led the industry in 2021 and it is anticipated to continue growing over the forecast period as PHEVs have higher maintenance costs than BEVs
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Furthermore, EVs are efficient and require less maintenance as compared with traditional vehicles. These factors are expected to boost the demand for EVs, which is expected to drive the demand for plastics over the forecast period. Increasing utilization of plastics in EVs is anticipated to boost industry growth positively over the forecast period. Plastics have proven to perform well under harsh conditions through their resistance to shock, moisture, oxidation, and further maintaining their chemical and mechanical properties. Plastics will be crucial material for manufacturing lightweight and energy-efficient EVs. Based on resin type, PP is expected to witness major demand during the projected years.
Polypropylene is used in many components of the vehicle including bumpers, carpet fibers, cable insulation, and others. Properties, such as good heat, chemical & fatigue resistance, and others, are anticipated to drive the demand for PP in the industry. Major manufacturers are adopting expansion strategies, such as new product development, production facility expansions, mergers & acquisitions, and joint ventures. For instance, in October 2021, DuPont launched a new extension of its existing Zytel HTN range, named as Zytel 500 series. These products are developed to provide enhanced retention properties in e-mobility oils, electrically friendly characteristics, and a high Comparative Tracking Index (CTI).
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List of Major Companies in the Market
- BASF SE
- SABIC
- LyondellBasell Industries Holdings B.V.
- Evonik Industries
- Covestro AG
- Dupont
- Sumitomo Chemicals Co. Ltd.
- LG Chem
- Asahi Kasei
- LANXESS
Segmented the global electric vehicle plastics market report based on resin, application, components, vehicle type, and region.
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Table of Contents
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. GVR’s Internal Database
1.3.3. Secondary Applications & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
Chapter 2. Executive Summary
2.1. Market Snapshot, 2023 (USD Million)
2.2. Segmental Snapshot, 2023
2.3. Competitive Snapshot
Chapter 3. Market Variables, Trends, and Scope
3.1. Market Lineage Outlook
3.1.1. Global Plastic Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.2.1. Raw Material Trend Analysis
3.3. Electric vehicle plastics market- Demand supply analysis
3.4. Technology Overview
3.4.1. Manufacturing Technology
3.5. Regulatory Framework
3.5.1. Standard & Compliances
3.5.2. Safety
3.6. Market Dynamics
3.6.1. Market Driver Analysis
3.6.2. Market Restraint Analysis
3.6.3. Market Challenge Analysis
3.6.4. Market Opportunity Analysis
3.7. Industry Analysis - Electric vehicle plastics market
3.7.1. Porter’s Five Force Analysis
3.7.1.1. Bargaining Power of Supplier
3.7.1.2. Bargaining Power of Buyer
3.7.1.3. Threat of Substitution
3.7.1.4. Threat from New Entrant
3.7.1.5. Competitive Rivalry
3.7.2. Macroeconomic Analysis
3.7.2.1. Political Analysis
3.7.2.2. Environmental Analysis
3.7.2.3. Social Analysis
3.7.2.4. Technology Analysis
3.7.2.5. Economic Analysis
3.7.2.6. Legal Analysis
3.7.3. Impact Of Russia & Ukraine Geopolitical Implications On Electric Vehicle Plastics Market
3.7.4. Impact of COVID-19 on Electric Vehicle Plastics Market
Chapter 4. Electric Vehicle Plastics Market: Resin Estimates & Trend Analysis
4.1. Resin Movement Analysis & Market Share, 2023 & 2030
4.2. Polypropylene (PP)
4.2.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Polypropylene (PP), 2018 - 2030 (Kilotons) (USD Million)
4.3. Polyamide (PA)
4.3.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Polyamide (PA), 2018 - 2030 (Kilotons) (USD Million)
4.4. Polycarbonate (PC)
4.4.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Polycarbonate, 2018 - 2030 (Kilotons) (USD Million)
4.5. Polyethylene (PE)
4.5.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Polyethylene (PE), 2018 - 2030 (Kilotons) (USD Million)
4.6. Polyurethane (PU)
4.6.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Polyurethane (PU), 2018 - 2030 (Kilotons) (USD Million)
4.7. Polyvinyl Chloride (PVC)
4.7.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Polyvinyl Chloride (PVC), 2018 - 2030 (Kilotons) (USD Million)
4.8. Polyvinyl Butyral (PVB)
4.8.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Polyvinyl Butyral (PVB), 2018 - 2030 (Kilotons) (USD Million)
4.9. Polybutylene Terephthalate (PBT)
4.9.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Polybutylene Terephthalate (PBT), 2018 - 2030 (Kilotons) (USD Million)
4.10. Acrylonitrile Butadiene Styrene (ABS)
4.10.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Acrylonitrile Butadiene Styrene (ABS), 2018 - 2030 (Kilotons) (USD Million)
4.11. Polyethylene Terephthalate (PET)
4.11.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Polyethylene Terephthalate (PET), 2018 - 2030 (Kilotons) (USD Million)
4.12. Others
4.12.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Others, 2018 - 2030 (Kilotons) (USD Million)
Chapter 5. Electric Vehicle Plastics Market: Application Estimates & Trend Analysis
5.1. Application Movement Analysis & Market Share, 2023 & 2030
5.2. Interior
5.2.1. Electric Vehicle Plastics Market, Estimate and Forecasts, by Interior, 2018 - 2030 (Kilotons) (USD Million)
5.3. Exterior
5.3.1. Electric Vehicle Plastics Market, Estimate and Forecasts, by Exterior, 2018 - 2030 (Kilotons) (USD Million)
5.4. Powertrain System/Under Bonnet
5.4.1. Electric Vehicle Plastics Market, Estimate and Forecasts, by Powertrain System/Under Bonnet, 2018 - 2030 (Kilotons) (USD Million)
5.5. Lighting & Electric Wiring
5.5.1. Electric Vehicle Plastics Market, Estimate and Forecasts, by Lighting & Electric Wiring, 2018 - 2030 (Kilotons) (USD Million)
Chapter 6. Electric Vehicle Plastics Market: Components Estimates & Trend Analysis
6.1. Components Movement Analysis & Market Share, 2023 & 2030
6.2. Steering & Dashboards
6.2.1. Electric Vehicle Plastics Market, Estimate and Forecasts, by Steering & Dashboards, 2018 - 2030 (Kilotons) (USD Million)
6.3. Car Upholstery
6.3.1. Electric Vehicle Plastics Market, Estimate and Forecasts, by Car Upholstery, 2018 - 2030 (Kilotons) (USD Million)
6.4. Bumper
6.4.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Bumper, 2018 - 2030 (Kilotons) (USD Million)
6.5. Door Assembly
6.5.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Door Assembly, 2018 - 2030 (Kilotons) (USD Million)
6.6. Exterior Trim
6.6.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Exterior Trim, 2018 - 2030 (Kilotons) (USD Million)
6.7. Interior Trim
6.7.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Interior Trim, 2018 - 2030 (Kilotons) (USD Million)
6.8. Connector & Cables
6.8.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Connector & Cables, 2018 - 2030 (Kilotons) (USD Million)
6.9. Battery
6.9.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Battery, 2018 - 2030 (Kilotons) (USD Million)
6.10. Lighting
6.10.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Lighting, 2018 - 2030 (Kilotons) (USD Million)
6.11. Electric Wiring
6.11.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Electric Wiring, 2018 - 2030 (Kilotons) (USD Million)
6.12. Others
6.12.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Others, 2018 - 2030 (Kilotons) (USD Million)
Chapter 7. Electric Vehicle Plastics Market: Type Estimates & Trend Analysis
7.1. Type Movement Analysis & Market Share, 2023 & 2030
7.2. Battery Electric Vehicle (BEV)
7.2.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Battery Electric Vehicle (BEV), 2018 - 2030 (Kilotons) (USD Million)
7.3. Hybrid Electric Vehicle (HEV)/Plug-In Hybrid Vehicle (PHEV)
7.3.1. Electric Vehicle Plastics Market, Estimate and Forecasts, By Hybrid Electric Vehicle (HEV)/Plug-In Hybrid Vehicle (PHEV), 2018 - 2030 (Kilotons) (USD Million)
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With increase in demand of enhanced fuel economy and rising fuel prices in vehicle are anticipated to drive vehicle electrification Industry growth globally.
Stringent government policies on harmful emissions from Carbon dioxide and rise in pollution are driving the electrification industry from past few years.
This market is likely to experience high growth due to rising requirement for electric systems in tax exemptions, vehicles and subsidies by the government with increase in diesel and petrol prices.
Major Products in Electric Vehicles Market are Electric power steering, electric water pump, thermoelectric generator, electric oil pump, electric vacuum pump, electric mobile phone charger and liquid heater PTC.Browse Details of Report @ https://www.hexaresearch.com/research-report/electric-vehicles-ev-industry/Key players for Electric Vehicles market are JTEKT Corporation, Visteon Corporation, NSK ltd, Denso Corporation, Friedrichshafen AG, BorgWarner Inc and Nexteer Automotive Group LtdLargest Electric Power steering is expected to contribute for the major market share due to potential of ensuring the safe and secure driving in vehicles from hydraulic power steering.
This segment is further estimated to provide low energy consumption, better handling and reduced weight in vehicles which ultimately gives a strong place to market of Electric Power Systems.
North America is likely to witness major market share due to its growth in vehicle market, rigorous norms for emissions, and government subsidize provided for electric vehicles.
