The global market for electric vehicle plastics is expected to grow at a significant CAGR during the forecast period. The rising requirement for lightweight plastics in electric vehicles, as well as the expanding demand for electric vehicles, are driving the electric vehicle plastics market. The electric car sector relies heavily on lightweight polymers. Due to even a 10% decrease in vehicle weight resulting in a 6.5% reduction in fuel consumption, the use of various plastics types such as ABS and others is anticipated to grow considerably over the next decade. As a result, the use of plastic components in the electric car sector has increased in recent decades. Plastics are mostly utilised to reduce weight in automobiles while also offering durability, corrosion resistance, toughness, design flexibility, resilience, and excellent performance at a cheap cost.
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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
- Segment Covered-
o By Plastic Type
o By Vehicle Type
- Competitive Landscape: BASF SE, Covestro AG, DuPont de Nemours, Inc., LyondellBasell Industries Holdings B.V., Solvay SA and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global 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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