The global electric vehicle plastic market is anticipated to reach $20.29 billion by 2032, growing from $1.81 billion in 2022 at a CAGR of 27.3 % from 2023 to 2032.
Electric vehicles (EVs) are automobiles that are powered by one or more electric motors, using electricity stored in rechargeable batteries or obtained from an external source such as a charging station. EVs are gaining popularity as a more environmentally friendly alternative to traditional internal combustion engine vehicles, as they produce zero tailpipe emissions and can reduce dependence on fossil fuels. Plastics have a wide range of uses and applications in various industries, including automotive manufacturing. Plastics are used in vehicles for components such as bumpers, interior trim, dashboards, and various other parts due to their lightweight, durability, and design flexibility.
Plastics are inherently lightweight materials compared to traditional metals. By incorporating lightweight plastics in various vehicle components, manufacturers can reduce the overall weight of the EV. This weight reduction helps offset the heavy battery packs used in EVs, which are necessary for storing and delivering electric power. A lighter vehicle requires less energy to move, leading to improved fuel efficiency and extended driving range. Moreover, plastics offer a wide range of material properties that make them suitable for EV applications. They can be engineered to have high strength-to-weight ratios, excellent impact resistance, and good thermal insulation properties. These characteristics make plastics ideal for use in body panels, interior trim, and battery enclosures. By utilizing these materials strategically, manufacturers can reduce weight without compromising safety or performance. Furthermore, plastics provide greater design flexibility compared to metals. They can be molded into complex shapes, allowing for the integration of multiple functionalities within a single component. This flexibility enables innovative designs that optimize aerodynamics and reduce drag, further enhancing the fuel efficiency of EVs. In addition, plastics can be easily customized to meet specific design requirements, allowing manufacturers to create lightweight, efficient, and aesthetically appealing EVs. The use of lightweight plastics in electric vehicles contributes to improved fuel efficiency and extended driving range.
However, the current number of charging stations is relatively limited compared to the number of traditional fuel stations. This scarcity of charging stations can discourage potential EV buyers who rely on the convenience of readily available refueling options. The limited charging infrastructure poses a challenge for the widespread adoption of electric vehicles, thereby impacting the demand for EV plastic components used in their manufacturing. Moreover, charging an electric vehicle takes more time compared to refueling a traditional gasoline or diesel vehicle. This longer charging duration can contribute to range anxiety among potential EV buyers. Range anxiety refers to the fear of running out of battery power before reaching a charging station. It is primarily driven by concerns about the limited range of electric vehicles and the time required for recharging. Range anxiety can discourage potential buyers from choosing electric vehicles, negatively affecting the demand for EV plastic components.
Plastics can be used in the construction of charging stations, including their external casings, internal components, and protective covers. Plastics offer advantages such as lightweight construction, corrosion resistance, and design flexibility, allowing for the creation of aesthetically pleasing and durable charging stations. Moreover, plastics can be utilized in the manufacturing of connector housings for charging cables and plugs. These housings provide protection for electrical connections and ensure safe and reliable charging. Plastics can offer excellent electrical insulation properties, impact resistance, and resistance to moisture and dust ingress. Furthermore, outdoor charging stations are exposed to various weather conditions, such as rain, snow, and UV radiation. Plastics with excellent weather resistance properties can withstand these environmental factors without degradation or loss of functionality, ensuring the longevity and reliability of the charging infrastructure. In addition, plastics allow for easy customization and design flexibility, enabling the integration of different features and functionalities into charging stations and related equipment. This includes the incorporation of branding elements, safety features, cable management systems, and user-friendly interfaces.
The COVID-19 pandemic had significant impacts on the market for electric vehicle plastic market. The pandemic severely disrupted global supply chains, affecting various industries, including automotive manufacturing. Plastic manufacturers faced challenges such as factory shutdowns, labor shortages, and logistics disruptions. These disruptions resulted in delays and difficulties in sourcing plastic components required for EV production. The economic impact of the pandemic led to reduced consumer spending in many areas, including automotive purchases. While the demand for EVs remained strong, some potential buyers delayed or postponed their purchasing decisions due to economic uncertainty. This slowdown in consumer spending indirectly affected the demand for plastic components used in EVs. The pandemic has caused fluctuations in raw material prices, including those used in plastic manufacturing. Disruptions in supply chains and shifts in demand have influenced the pricing of petroleum-based products and other raw materials used in plastic production. This volatility impacted the overall cost of manufacturing electric vehicles and influenced the plastic market.
The key players profiled in this report include BASF SE, SABIC, LyondellBasell Industries Holdings B.V., Evonik Industries, Covestro AG., DUPONT, Sumitomo Chemicals Co. Ltd., LG Chem Ltd, Asahi Kasei, and LANXESS. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
Electric vehicles (EVs) are automobiles that are powered by one or more electric motors, using electricity stored in rechargeable batteries or obtained from an external source such as a charging station. EVs are gaining popularity as a more environmentally friendly alternative to traditional internal combustion engine vehicles, as they produce zero tailpipe emissions and can reduce dependence on fossil fuels. Plastics have a wide range of uses and applications in various industries, including automotive manufacturing. Plastics are used in vehicles for components such as bumpers, interior trim, dashboards, and various other parts due to their lightweight, durability, and design flexibility.
Plastics are inherently lightweight materials compared to traditional metals. By incorporating lightweight plastics in various vehicle components, manufacturers can reduce the overall weight of the EV. This weight reduction helps offset the heavy battery packs used in EVs, which are necessary for storing and delivering electric power. A lighter vehicle requires less energy to move, leading to improved fuel efficiency and extended driving range. Moreover, plastics offer a wide range of material properties that make them suitable for EV applications. They can be engineered to have high strength-to-weight ratios, excellent impact resistance, and good thermal insulation properties. These characteristics make plastics ideal for use in body panels, interior trim, and battery enclosures. By utilizing these materials strategically, manufacturers can reduce weight without compromising safety or performance. Furthermore, plastics provide greater design flexibility compared to metals. They can be molded into complex shapes, allowing for the integration of multiple functionalities within a single component. This flexibility enables innovative designs that optimize aerodynamics and reduce drag, further enhancing the fuel efficiency of EVs. In addition, plastics can be easily customized to meet specific design requirements, allowing manufacturers to create lightweight, efficient, and aesthetically appealing EVs. The use of lightweight plastics in electric vehicles contributes to improved fuel efficiency and extended driving range.
However, the current number of charging stations is relatively limited compared to the number of traditional fuel stations. This scarcity of charging stations can discourage potential EV buyers who rely on the convenience of readily available refueling options. The limited charging infrastructure poses a challenge for the widespread adoption of electric vehicles, thereby impacting the demand for EV plastic components used in their manufacturing. Moreover, charging an electric vehicle takes more time compared to refueling a traditional gasoline or diesel vehicle. This longer charging duration can contribute to range anxiety among potential EV buyers. Range anxiety refers to the fear of running out of battery power before reaching a charging station. It is primarily driven by concerns about the limited range of electric vehicles and the time required for recharging. Range anxiety can discourage potential buyers from choosing electric vehicles, negatively affecting the demand for EV plastic components.
Plastics can be used in the construction of charging stations, including their external casings, internal components, and protective covers. Plastics offer advantages such as lightweight construction, corrosion resistance, and design flexibility, allowing for the creation of aesthetically pleasing and durable charging stations. Moreover, plastics can be utilized in the manufacturing of connector housings for charging cables and plugs. These housings provide protection for electrical connections and ensure safe and reliable charging. Plastics can offer excellent electrical insulation properties, impact resistance, and resistance to moisture and dust ingress. Furthermore, outdoor charging stations are exposed to various weather conditions, such as rain, snow, and UV radiation. Plastics with excellent weather resistance properties can withstand these environmental factors without degradation or loss of functionality, ensuring the longevity and reliability of the charging infrastructure. In addition, plastics allow for easy customization and design flexibility, enabling the integration of different features and functionalities into charging stations and related equipment. This includes the incorporation of branding elements, safety features, cable management systems, and user-friendly interfaces.
The COVID-19 pandemic had significant impacts on the market for electric vehicle plastic market. The pandemic severely disrupted global supply chains, affecting various industries, including automotive manufacturing. Plastic manufacturers faced challenges such as factory shutdowns, labor shortages, and logistics disruptions. These disruptions resulted in delays and difficulties in sourcing plastic components required for EV production. The economic impact of the pandemic led to reduced consumer spending in many areas, including automotive purchases. While the demand for EVs remained strong, some potential buyers delayed or postponed their purchasing decisions due to economic uncertainty. This slowdown in consumer spending indirectly affected the demand for plastic components used in EVs. The pandemic has caused fluctuations in raw material prices, including those used in plastic manufacturing. Disruptions in supply chains and shifts in demand have influenced the pricing of petroleum-based products and other raw materials used in plastic production. This volatility impacted the overall cost of manufacturing electric vehicles and influenced the plastic market.
The key players profiled in this report include BASF SE, SABIC, LyondellBasell Industries Holdings B.V., Evonik Industries, Covestro AG., DUPONT, Sumitomo Chemicals Co. Ltd., LG Chem Ltd, Asahi Kasei, and LANXESS. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric vehicle plastic market analysis from 2022 to 2032 to identify the prevailing electric vehicle plastic market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the electric vehicle plastic market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global electric vehicle plastic market trends, key players, market segments, application areas, and market growth strategies.
Additional benefits you will get with this purchase are:
- Quarterly update (only available with the purchase of an enterprise license)
- 5 additional company profiles of your choice, pre- or post-purchase, as a free update.
- Free updated version (once released) with the purchase of a 1-5 or enterprise user license.
- 16 analyst hours of support (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% free customization (in case the scope or segment of the report does not match your requirements, 20% is equivalent to 3 working days of free work, applicable once)
- Free data pack (Excel version) with the purchase of a 1-5 or enterprise user license.
- Free report update, if the report is 6-12 months old or older.
- 24-hour priority response
- Free industry updates and white papers.
Key Market Segments
By Material
- Polypropylene (PP)
- Polyurethane (PUR)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyvinyl Chloride (PVC)
- Polyoxymethylene (POM)
- Polystyrene (PS)
- Polycarbonate (PC)
- Polyamide (PA)
- Acrylic (PMMA)
- Others (Polyethylene)
By Vehicle
- Hybrid Electric Vehicles (HEVs)
- Plug-In Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
By Application
- Interior furnishing
- Exterior furnishing
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Arabia
- United Arab Emirates
- South Africa
- Rest of LAMEA
Key Market Players
- BASF SE
- SABIC
- LyondellBasell Industries Holdings B.V.
- Evonik Industries
- Covestro AG.
- DUPONT
- Sumitomo Chemicals Co. Ltd.
- LG Chem Ltd
- Asahi Kasei
- LANXESS
Please note:
- Online Access price format is valid for 60 days access. Printing is not enabled.
- PDF Single and Enterprise price formats enable printing.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ELECTRIC VEHICLE PLASTIC MARKET, BY MATERIAL
CHAPTER 5: ELECTRIC VEHICLE PLASTIC MARKET, BY VEHICLE
CHAPTER 6: ELECTRIC VEHICLE PLASTIC MARKET, BY APPLICATION
CHAPTER 7: ELECTRIC VEHICLE PLASTIC MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the electric vehicle plastic market was valued at $1.8 billion in 2022, and is estimated to reach $20.3 billion by 2032, growing at a CAGR of 27.8% from 2023 to 2032.Electric vehicles strive to be more energy-efficient and maximize their driving range. By utilizing lightweight materials like plastic, manufacturers can reduce the overall weight of the vehicle, which helps improve its energy efficiency and extend the battery range. Plastic is a versatile material that offers designers and engineers the freedom to create complex shapes and forms. This flexibility allows for innovative and aerodynamic vehicle designs, which can enhance the overall performance and efficiency of electric vehicles. Plastic is used in the production of various components and parts within electric vehicles. These can include interior trim, seat covers, dashboard elements, door panels, and more. In addition, plastic is often used in the manufacturing of exterior parts, such as bumpers, body panels, and light covers.
The design flexibility offered by plastics is indeed one of the major growth drivers of the electric vehicle (EV) plastic market. Plastics can be molded into various shapes and sizes using different techniques such as injection molding, blow molding, and thermoforming. This versatility allows manufacturers to design and produce complex components with precision, meeting the specific requirements of EVs. Moreover, plastics are generally lightweight compared to traditional materials like metal. This characteristic is particularly important for EVs, as reducing vehicle weight is crucial for optimizing energy efficiency and extending the driving range. The lightweight nature of plastics enables the design of lighter EV components without compromising their structural integrity. Furthermore, plastics offer the ability to integrate functional features directly into the components during the molding process. For example, connectors, brackets, and other functional elements can be integrated into plastic parts, reducing the need for additional assembly steps. This integration enhances the overall design efficiency and reduces production costs. The design flexibility offered by plastics enables manufacturers to create lightweight, aerodynamic, and customized components that contribute to the improved efficiency and performance of EVs.
However, the limited driving range of electric vehicles can create concerns among potential buyers. Range anxiety, the fear of running out of battery power before reaching a charging station, is a significant barrier to EV adoption. This perception can influence consumer confidence and their willingness to invest in electric vehicles. Therefore, the overall demand for EVs might be affected, indirectly impacting the demand for plastic components used in EV manufacturing. Moreover, despite the increasing availability of charging stations, the charging infrastructure for EVs is not as widespread or convenient as traditional refueling options for internal combustion engine vehicles. The need for frequent charging, especially during long trips, can bother some consumers and deter them from considering EVs as a viable option. This limitation can have a ripple effect on the demand for EVs and, subsequently, on the demand for plastic components used in their production.
Electric vehicles rely on lightweight components to reduce overall vehicle weight and increase energy efficiency. Plastics, especially reinforced composites like carbon fiber reinforced polymers (CFRP), offer a high strength-to-weight ratio, making them ideal for lightweighting various EV components. Plastic manufacturers can develop and supply these lightweight materials to automotive manufacturers for applications such as body panels, chassis, interior parts, and battery casings. Moreover, by reducing the weight of EV components, manufacturers can extend the vehicle's range, which is a critical factor for consumers. Plastic manufacturers can contribute to range extension by providing lightweight materials that help reduce the weight of key components like the battery, motor, and power electronics. These factors are anticipated to boost market growth in the upcoming years.
The electric vehicle plastic market share is segmented on the basis of material, vehicle, application, and region. By material, it is classified into polypropylene (PP), polyurethane (PUR), acrylonitrile butadiene styrene (ABS), polyvinyl chloride (PVC), polyoxymethylene (POM), polystyrene (PS), polycarbonate (PC), polyamide (PA), acrylic (PMMA), and others. By vehicle, it is classified into hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs). By application, it is classified into interior furnishing, exterior furnishing, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the electric vehicle plastic market report include BASF SE, SABIC, LyondellBasell Industries Holdings B. V., Evonik Industries, Covestro AG., DUPONT, Sumitomo Chemicals Co. Ltd., LG Chem Ltd, Asahi Kasei, and LANXESS.
The report offers a comprehensive analysis of the global electric vehicle plastic market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
Impact of COVID-19 on the Global Electric Vehicle Plastic Industry
The pandemic led to disruptions in global supply chains, affecting the production and distribution of electric vehicles and their components, including plastic parts. Factory shutdowns, travel restrictions, and reduced workforce availability hampered the supply chain, causing delays and shortages of EV plastic components. With fewer EVs being sold, the demand for plastic components used in their manufacturing also decreased, affecting the EV plastic market.
The pandemic brought about a shift in consumer priorities, with health and safety concerns taking precedence. This shift reduced consumer interest in EVs, diverting attention towards more immediate needs. Consequently, the demand for plastic components used in EV manufacturing have been affected.
Many governments around the world implemented stimulus packages and policies to boost economic recovery during the pandemic. Some countries prioritized sustainable transportation and offered incentives for EV adoption. Such measures indirectly influenced the demand for plastic components in the EV market.
Despite short-term disruptions, the electric vehicle market has shown resilience and continued growth. As the global economy recovers, and governments and consumers increasingly prioritize sustainable transportation, the demand for EVs is expected to rebound in the post-pandemic period. This, in turn, is projected to positively impact the demand for plastic components used in EV manufacturing.
Key Findings of the Study
Based on material, the polyurethane (PUR) sub-segment emerged as the global leader in 2022 and the polypropylene (PP) sub-segment is anticipated to be the fastest growing during the forecast period.Based on vehicle, the battery electric vehicles (BEVs) sub-segment emerged as the global leader in 2022 and the plug-in hybrid electric vehicles (PHEVs) is predicted to show the fastest growth in the upcoming years.
Based on application, the exterior furnishing sub-segment emerged as the global leader in 2022 and the interior furnishing sub-segment is predicted to show the fastest growth in the upcoming years.
Based on region, Asia-Pacific registered the highest market share in 2022 and North America is predicted to show the fastest growth in the upcoming years.
Companies Mentioned
- BASF SE
- SABIC
- LyondellBasell Industries Holdings B.V.
- Evonik Industries
- Covestro AG.
- DUPONT
- Sumitomo Chemicals Co. Ltd.
- LG Chem Ltd
- Asahi Kasei
- LANXESS
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
