“Increase in stringent emission regulations and need of weight reduction to drive the plastics for electric vehicles market.”
The plastics for electric vehicle market is projected to grow at a CAGR of 26.9% to reach a market size of USD 2,621 million by 2025 from 797 million in 2020. The strigent emission norms and demand for weight reduction in PHEV/ HEV and BEV is estimated to increase the demand of plastics. The interior application segment is estimated to account for majority of plastic demand in an electric vehicle and the trend is projected to continue during the forecast period.
“Polypropylene is expected to hold largest share in market during the forecast period”
As a thermoplastic polymer, polypropylene can easily be formed into almost any shape. It has properties such as low density, chemical resistance, water repellency, and resistance to stress, cracking, and extreme weather conditions. Low cost and flexibility to molding allow them to be used in various components/ automotive parts. Polypropylene is widely used in automotive applications such as bumpers, cable insulation, battery boxes, indoor and outdoor carpets, and carpet fibers. Therefore, polypropylene is projected to have significant demand in electric vehicles throughout the forecast period.
“Asia is estimated to be the largest and fastest growing region in the plastics for electric vehicle market”
Asia is projected to dominate the global oplastic for electric vehicles market. As Asia is the largest market for electric vehicle, the demand for plastic is much higher as compared to other geographies. Some of the prominent players catering plastic demand in Asia includes such as LG Chem, Asahi Kasei, Daikin, AGC, Sumitomo Chemical Company, and JSR Corporation. Additionally, with continuous focus on weight reduction coupled with increase in average content of plastic per electric vehicle is anticipated to upsurge the demand of plastic in near future.
The market size of plastics for electric vehicle by vehicle and application in Asia is estimated to be valued USD 387 million in 2020 and is projected to reach USD 1,353 million by 2025, registering the CAGR of 28.4%, during the forecast period. China is expected to lead the plastics for electric vehicle market in Asia between 2020 and 2025 due to the increasing concern to reduce the level of carbon footprints, reduction in the overall weight of the cars, and rising government mandates to promote the adoption of electric cars.
The study contains insights provided by various industry experts. The break-up of the primaries is as follows:
- By Company Type ; Tier-1 - 90%, Tier-2 - 10%
- By Designation ; C level - 30%, Other dessignations -70%
- By Region; North America - 35%, Europe - 25%, Asia- 45%
The Key players in the plastics for electric vehicle market are BASF (Germany), SABIC (Saudi Arabia), Dow (US), Lyondellbasell Industries Holdings B.V (Netherlands), DuPont de Nemours, Inc.(US), Covestro (Germany), Solvay (Belgium), LANXESS (Germany), LG Chem (South Korea), Asahi Kasei (Japan) and 10 other additional companies. The study includes in-depth competitive analysis of these key players in the plastic for electric vehicle market, with their company profiles, product portfolio, and recent developments.
Plastics for Electric Vehicles Market By Plastic (acrylonitrile butadiene styrene (ABS), polyamide (PA), polycarbonate (PC), polyvinyl butyral, polyurethane (PU), polypropylene (PP), polyvinyl chloride (PVC), polymethylmethacrylate (PMMA), high density polyethylene (HDPE), low density polyethylene (LDPE), polybutylene terephthalate (PBT) and other plastics), by Component (dashboard, seats, interior trim, car upholstery, bumper, body, exterior trim, battery, engine, Lighting, Electric Wiring, other components), Application (interior, exterior, lighting & wiring and powertrain system/under bonnet), Vehicle Type (BEV, PHEV/HEV) and Region (Asia, North America and Europe).
Key Benefits of Buying the Report:
- The study provides a qualitative and quantitative analysis of the plastics for electric vehicle market, by vehiclet, in volume (tons) and value (USD million), at the regional level.
- The study provides a qualitative and quantitative analysis of the plastics for electric vehicle market, by application, in volume (tons) and value (USD million), at the regional level.
- The study provides a qualitative and quantitative analysis of the plastics for electric vehicle market, by propulsion type, in volume (tons), and value (USD million), at the regional level.
- The study provides a qualitative and quantitative analysis of the plastics for electric vehicle market, by power output, in volume (tons), and value (USD million), at the regional level.
- The study includes the profiles of 10 key companies and an additional nine companies, which have a significant impact on the market, along with their financial structure, recent developments, and product portfolio.
- The report covers the competitive landscape that reflects the market ranking analysis of leading players, along with the dominant strategies adopted by these stakeholders to retain their position.