Plastic For Electric Vehicles Market Size
Product overview
Plastic for Electric Vehicles Market to surpass USD 7496.9 million by 2031 from USD 848.2 million in 2021 at a CAGR of 27.4% in the coming years, i.e., 2021-31.
Electric vehicles usually consist of metal batteries which affect the functionality and weight of the vehicle. Vehicles in which plastic is used as a composite material help reduction in costs and require comparatively less service and cheap exhaust systems along with cheap fuel injection systems. The lightweight feature of plastic used in electric vehicles and the smaller size of the engine for internal combustion helps in improving the fuel efficiency of the vehicle. The growing environmental awareness and government support initiatives across the world as well as investments made by original equipment manufacturers have increased the demand for the market.
Market Highlights
Plastic for Electric Vehicles Market is expected to project a CAGR of 27.4% during the forecast period, 2021-2031
Lightweight plastic manufacturing element in electric vehicles which increases fuel efficiency with an increasing range of battery electric vehicles is expected to accelerate market growth. The usage of plastic over metal which reduces carbon emission and its less dependency on petroleum also increases the market growth. Energy recovery devices, fans, pumps, and non-moving parts reduce the overall weight of the vehicle acting as a driver for the plastic for the electric vehicle market. Increasing awareness about greenhouse emissions and high fuel efficiency is also increasing market growth.
Plastic for Electric Vehicles Market: Segments
The Polyurethane segment to grow with the highest CAGR of XX% from 2020-to 2030
By Material Type, the electric vehicle plastics market can be segmented as Polypropylene, Polyurethane, Acrylonitrile Butadiene Styrene, Polyvinyl Chloride, Polyoxymethylene, Polystyrene, Polycarbonate, Polyamide, Acrylic, and others. Polyurethane is to have the highest CAGR in the market due to its large usage by car manufacturers which offers comfort, safety, and lightweight. It is used in the manufacturing of interior furnishings such as in the dashboard, door handles, and instrument panels which reduces the weight of the vehicle. Additionally, its versatility helps in easy exterior designing of automobiles which acts as a driving agent for the segment.
The Plugin battery electric vehicle segment to grow with the highest CAGR of XX% during 2020-2030
By Vehicle Type, the electric vehicle plastics market can be further segmented as Hybrid Electric Vehicles, Plug-In Hybrid Electric Vehicles, and Battery Electric Vehicles. Plug-in battery electric vehicles dominate the vehicle type segment and hold the largest CAGR due to their lightweight feature and enhanced fuel efficiency.
The Transmission system segment to grow with the highest CAGR of XX% during 2020-2030
By Application, the electric vehicle plastics market can be fragmented into, Interior Furnishings, Exterior Furnishings, Power Plant systems, Transmission Systems, and others. The transmission system is expected to show significant growth during the forecast period due to its high usage in delivering power from EV motor to drive wheels.
Market Dynamics
Driver
Fuel efficiency and increased awareness to propel the plastic for electric vehicles market growth
Lightweight plastic manufacturing element in electric vehicles which increases fuel efficiency with an increasing range of battery electric vehicles is expected to accelerate market growth. The usage of plastic over metal which reduces carbon emission and its less dependency on petroleum also increases the market growth. Energy recovery devices, fans, pumps, and non-moving parts reduce the overall weight of the vehicle acting as a driver for the plastic for the electric vehicle market. Increasing awareness about greenhouse emissions and high fuel efficiency is also increasing market growth.
Restraint
Non-degradability and recycling problems hamper the market growth
Non-degradable nature of plastics acts as a restraint in the market for plastics for the electric vehicles market. Additionally, its fragility and delicacy may also hamper the growth of the market. Vehicle components that are manufactured from different plastic materials require components to be sorted before recycling them which acts as a challenge in the market.
Plastic for Electric Vehicles Market: Regions
APAC region is expected to hold the largest share in the plastic for electric vehicles market due to the high demand and high sale of electric vehicles in the market. The presence of many plastic suppliers in the region as well as the rising support of the government is also expected to fuel demand in the region. Increasing the adoption of nonpolluting e-vehicles for transportation is increasing the growth in the North American region. Additionally, the development of manufacturing facilities by original equipment manufacturers is also expected to open new opportunities for plastic supplies which are in turn going to increase the demand for plastic for the electric vehicles market.
The Plastic for Electric Vehicles Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities-o-Y Growth, CAGR – the United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Plastic for Electric Vehicles Market: Key players
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Momentive Performance Materials
Business Strategy, Key Product offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- BASF SE
- Formosa Plastics Corporation, U.S.A.
- LyondellBasell Industries Holdings B.V.
- Evonik Industries
- INEOS
- Hanwha Azdel, Inc.
- Saudi Basic Industries Corporation (SABIC)
- The Dow Chemical Company
- Other prominent players
The Plastic for Electric Vehicles Market report also contains an analysis on:
Plastic for Electric Vehicles Market segments
- By material type
- Polypropylene (PP)
- Polyurethane (PUR)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyvinyl Chloride (PVC)
- Polyoxymethylene (POM)
- Polystyrene (PS)
- Polycarbonate (PC)
- Polyamide (PA)
- Acrylic (PMMA)
- Others (Polyethylene etc.)
- By vehicle type
- Hybrid Electric Vehicles (HEVs)
- Plug-In Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
- By application
- Interior Furnishings
- Exterior Furnishings
- Power Plant System
- Transmission Systems
- Others (Chassis, etc.)
- Plastic for Electric Vehicles Market Dynamics
- Plastic for Electric Vehicles Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
Frequently Asked Questions (FAQ):
The Plastic For Electric Vehicles Market size was estimated at USD 848.2 million in 2021 and is expected to reach USD 7496.9 million by 2031
Momentive Performance Materials, BASF SE, Formosa Plastics Corporation, U.S.A., LyondellBasell Industries Holdings B.V., Evonik Industries, INEOS, Hanwha Azdel, Inc, Saudi Basic Industries Corporation (SABIC), The Dow Chemical Company, Other prominent players
The Polyurethane segment and The Plugin battery electric vehicle segment
Fuel efficiency and increased awareness to propel the plastic for electric vehicles market growth
Electric vehicles usually consist of metal batteries which affect the functionality and weight of the vehicle. Vehicles in which plastic is used as a composite material help reduction in costs and require comparatively less service and cheap exhaust systems along with cheap fuel injection systems.
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