The global electric vehicle plastic market is set to project a CAGR of 28.72% during the forecast period, 2022-2030. The growing importance of high-performance plastic and the increasing prioritization of electric vehicle light-weighting propel market growth.
The lightweight applications in electric vehicles improve fuel efficiency and the rising range of battery vehicles. The increased vehicle weight due to metal components has resulted in manufacturers looking for alternatives to enhance overall efficiency. Also, the inclusion of a larger battery pack and the smaller size of the internal combustion engine have enabled plastics’ use as raw materials.
In addition, lighter parts have lesser material costs than their non-light-weighted counterparts and need less energy to manufacture. Besides, restricting material consumption offers environmental benefits since the additive manufacturing field is not in a fully recyclable state. Such factors facilitate growth opportunities for the global electric vehicle plastic market. However, the market growth is restrained by recycling issues and the slow adoption of electric vehicles.
Europe, Asia-Pacific, North America, and Rest of World are assessed for the global electric vehicle plastic market growth evaluation. Asia-Pacific is the largest revenue-generating and fastest-growing region in the global market, attributed to the adoption of pyrolysis plastic recycling, increasing consumption of plastics, and rising electric vehicle production.
The competitive rivalry is characterized by new developments happening with top competitors alongside a low number of new entrants. Some of the key players include Evonik Industries, Plastic Omnium, Covestro AG, etc.
Our report offerings include:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation caters to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- The competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments