The global plastics for electric vehicle market accounted for a value of USD 645 million in 2019 and is projected to register growth at a CAGR of 22.6% during forecast period.
COVID-19 has impacted the plastics for electric vehicle market. The automotive industry is adversely impacted due to this ongoing pandemic. The manufacturing of vehicles is on halt due to lockdown and supply chain got disrupted due to travel restriction. The sales of vehicle are immensely declined across the globe. The growth of plastics for electric vehicle market is directly dependent on vehicle production. The decline in vehicle production affected the growth of plastics for electric vehicle market.
For more details, visit: Global Plastics for Electric Vehicle Market By Component (Body, Bumper, Others), By Application (Exterior, Interior, Others), By Plastic Type (PA, PP, Others), By End-Users, By Region, Forecast & Opportunities to 2026
The manufacturers are focusing more towards reducing vehicle weight as it helps in reducing emission and improving fuel economy of the vehicle. The OEMs are looking for solutions to reduce weight in BEV and PHEV or HEV. This increases demand for thermally stable plastics. The increasing adoption of plastics in electric vehicle drives growth in plastics for electric vehicle market during forecast period.
On the basis of component, the plastics for electric vehicle market is segmented into exterior trim, body, bumper, car upholstery, interior trim, seats, dashboard, battery, engine, lighting, electric wiring and others. The interior trim segment is expected to dominate the market during forecast period. The trend for adopting plastics over metal is increasing. The interior components of electric vehicle are manufactured using plastics. The metal parts are getting replaced with plastics which reduce risk at the time of accident or crash as the plastics act as absorbing body. The use of plastics enhances the aesthetics of vehicle and delivers required strength. The demand for plastics is increasing in interior trim segment and this drives growth in interior trim segment during forecast period.
On the basis of end-users, the plastics for electric vehicle market is segmented into PHEV/HEV and BEV. The BEV segment is expected to be the fastest growing market during forecast period. The governments across various regions are implementing stringent emissions norms to reduce pollution levels and they are also adopting favorable policies for electric cars. This made BEV manufacturers adopt plastics material to enhance range of electric vehicle. The adoption of plastic parts in BEV is increasing around the world. OEMs are using plastic as it is cost effective, provides high temperature resistance property, safety and it improves strength. The increasing use of plastics in BEV segment drives growth in this segment during forecast period.
Asia-Pacific region is estimated to register growth at highest CAGR of 28.4% during forecast period. The major countries in this region contributes to the fastest growth are Japan, South Korea, India and China. These countries are home for various key market players. The electric vehicles market is growing immensely in this region and this increases market for plastics. The plastics for electric vehicle market is estimated to reach a value of USD 1353 million by 2025 in Asia-Pacific region. This region consists of large population which are adopting electric vehicles rapidly. China is estimated to lead the market for plastics for electric vehicle in this region. The government in this region is constantly trying to reduce pollution which increases growth for electric vehicle and this boosts plastics for electric vehicle market in Asia-Pacific region.
The key market players in plastics for electric vehicle industry are BASF SE, Lyondellbasell Industries, Sabic, Dow, Dupont, Covestro, Solvay, Lanxess, LG Chem, Asahi kasei Corporation, Mitsui Chemicals, Arkema, Ineos, Mitsubishi Engineering Plastics Corporation and Evonik Industries.
- What are the expected industry trends over the next three to five years?
- Which of the plastics for electric vehicle type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?