London, July 14, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “EV Charging Station Raw Materials Market by Material Type (Metals & Alloys (Stainless Steel, Carbon Steel, Aluminum, Copper, Other), Polymers (PC Resins, PC Blends, Elastomers, Polyurethanes, TPU)), Application, and Charging Type — Global Forecast to 2028”, the EV charging station raw materials market is expected to grow at a CAGR of 34.1% from 2021 to 2028 to reach $4.91 billion by 2028. By volume, this market is expected to grow at a CAGR of 45% from 2021 to reach 665,984.3 metric tonnes by 2028.
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The rising levels of carbon emissions and other harmful gases stemming from transportation have triggered the necessity of adopting EVs. As a result, the demand for an EV charging infrastructure among commercial and residential applications is rising. The demand for raw materials, such as high-strength metals & alloys and polymers, is also increasing simultaneously to manufacture EV charging stations. These raw materials are specially processed to provide strength and resistance to the body of EV charging station infrastructure while achieving the aesthetics and operational requirements optimally.
The major factors driving the EV charging station raw materials market include supportive government policies for EV charging stations, increasing adoption of EVs, and increasing initiatives by private companies for deploying EV charging infrastructure. A highly vulnerable supply chain of raw materials is a major challenge for the growth of the EV charging station raw materials market.
The Impact of COVID-19 on the EV Charging Station Raw Materials Market
The COVID-19 pandemic outbreak has caused a widespread economic downturn. Several countries imposed strict lockdowns to contain the infection, thereby leading to the shutdown of manufacturing industries and disruptions in supply chains and production schedules. However, several governments are investing in charging infrastructure as part of their economic stimulus programs. These packages range from direct investments for public charging stations to subsidies for installing private charging stations at homes and workplaces. The inclusion of EV infrastructure investment into COVID-19-related stimulus packages by European and Asian governments is expected to boost the growth of EV charging stations in the future, which will directly impact the EV charging station raw material market. The demand for stainless steel, aluminum, copper, and polycarbonate resins is also expected to grow due to infrastructure developments.
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For instance, in June 2020, Germany proposed a EUR 130 billion (USD 145.8 billion) stimulus future package, featuring at least EUR 50 billion (USD 56 billion) for climate-related spending. The program includes an extra EUR 2.5 billion (USD 2.8 billion) for EV infrastructure, including EV charging stations. This will increase the demand for stainless steel, aluminum, copper, and polycarbonate resins in Germany during the forecast period.
The EV charging station raw materials market is segmented based on material type, application, charging type, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on material type, the metals and alloys segment is expected to account for the largest share of the overall EV charging station raw materials market in 2021. The large share of this segment is mainly because metals and alloys have the required physical and aesthetic properties that enable manufacturers to comply with all the design and operational standards for electric vehicles and charging stations at optimum prices. These materials have required physical properties to comply with NEMA Type 3R standards in North America and IP65 standards in other regions for indoor and outdoor electrical applications.
Based on application, the cords segment is expected to account for the largest share of the EV charging station raw materials market in 2021. The large share of this segment is mainly attributed to frequent changing of EV charging station cords as they are subjected to high-temperature changes, abrasions, and scratches resulting in low operational life; increasing adoption of electric vehicles and related EVSE components worldwide; rapid increase in demand of high power charging (HPC) cables to enable DC fast charging; and technological developments in EV charging cables such as liquid-cooling.
Based on charging type, the level 2 segment is expected to account for the largest share of the EV charging station raw materials market in 2021. The large share of this segment is mainly attributed to government funding and incentives for the installation of Level 2 charging stations, lower installation costs compared to DC fast-charging stations, and greater efficiency in terms of less charging time than Level 1 charging stations.
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Geographically, the Asia-Pacific region is expected to account for the largest share of the EV charging station raw materials market in 2021. The large share of this market is mainly attributed to the growing demand for EVs in countries, such as China and Japan; rising government initiatives in emerging economies to reduce greenhouse gas emissions, which, in turn, is poised to increase the adoption of EVs and EV charging stations; and increasing initiatives by emerging economies– such as Indonesia and Thailand – to extend their footprint in EV and charging station production.
The key players operating in the global EV charging station raw materials market are Ryerson Holding Corporation (U.S.), DOMO Chemicals GmbH (Germany), DuPont de Nemours, Inc. (U.S.), SABIC (Saudi Arabia), BASF SE (Germany), Thyssenkrupp AG (Germany), Covestro AG (Germany), Evonik Industries AG (Germany), POSCO (South Korea), Trinseo S.A. (U.S.), Celanese Corporation (U.S.), and Lanxess AG (Germany) among others.
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Scope of the Report
EV Charging Station Raw Materials Market, by Material Type
- Metals and Alloys
- Copper
- Stainless Steel
- Carbon Steel
- Aluminum
- Nickel
- Chrome
- Titanium
- Other Metals and Alloys
- Polymers
- Thermoplastic Polyurethanes
- Polycarbonate Blends
- Polyurethanes
- Elastomers
- Polycarbonate Resins
EV Charging Station Raw Materials Market, by Application
- Cords
- Internal Wiring
- Enclosures
- Connector Guns
- Thermal Switches
- Displays
- Flexible Conduits
- Electric Circuit Breakers
- Energy Meter and Timers
- Cable Hangers
- Charger Plug Holsters
- Nylon Glands/Lock nuts
- Other Applications
EV Charging Station Raw Materials Market, by Charging Type
- Level 1
- Level 2
- DC Fast Charging
EV Charging Station Raw Materials Market, by Geography
- Asia-Pacific (APAC)
- China
- Japan
- South Korea
- Singapore
- India
- Rest of Asia-Pacific (RoAPAC)
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Morocco
- Rest of Europe (RoE)
- North America
- U.S.
- Canada
- Mexico
- Latin America
- Middle East & Africa
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