New Castle, DE, USA, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Electric Vehicle Plastic Market 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): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global electric vehicle plastic market generated $1.8 billion in 2022 and is anticipated to generate $20.3 billion by 2032, witnessing a CAGR of 27.8% from 2023 to 2032.
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Prime Determinants of Growth
Plastics exhibit eminent durability and impact resistance, which makes them suitable for various applications in electric vehicles (EVs). The rising demand for lightweight EVs to improve vehicle’s efficiency and the growing usage of plastics in the construction of battery components, such as casings and cell separators are the factors predicted to boost the growth of the global electric vehicle plastic market during the forecast period. However, the high costs associated with electric vehicle plastics may restrict the market growth. Moreover, the advancements in battery technology and the development of efficient plastic recycling processes are predicted to present significant opportunities for the electric vehicle plastic market in the coming years.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $1.8 billion |
| Market Size in 2032 | $20.3 billion |
| CAGR | 27.8% |
| No. of Pages in Report | 310 |
| Segments covered | Material, Vehicle, Application, and Region. |
| Drivers | Increasing demand for electric vehicles Growing demand for lightweight vehicles for improved efficiency |
| Opportunities | Advancements in battery technologies Growing utilization of recycled plastics in battery applications |
| Restraints | High costs of electric vehicle plastics and limited material options |
Covid-19 Scenario
- The COVID-19 pandemic has had an adverse impact on the growth of the global electric vehicle plastic market. The pandemic disrupted global supply chains, which affected the production & distribution of electric vehicles and their components, including plastics. Besides, factory closures, raw material shortages, and transportation restrictions, resulted in supply chain bottlenecks, leading to delays in EV production.
- Besides, the automotive industry across the globe experienced a decline in sales during the epidemic due to economic uncertainties and reduced consumer spending. This decline in vehicle sales, including EVs, directly affected the demand for plastics used in EV manufacturing.
Polyurethane (PUR) Sub-Segment to Witness Significant Growth During the Forecast Period
Based on material, the polyurethane (PUR) sub-segment accounted for the highest market share of 16.0% in 2022. This is mainly because polyurethane is a lightweight material that helps reduce the overall weight of EVs. In addition, as PUR is used in various components, such as bumpers, interior parts, and body panels, manufacturers can extend the driving range and improve energy efficiency of EVs. Moreover, PUR offers excellent design flexibility, allowing manufacturers to create complex shapes and contours.
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Battery Electric Vehicles (BEVs) Sub-segment Held the Majority of Market Share in 2022
Based on vehicle, the battery electric vehicles (BEVs) sub-segment held the highest share of 47.3% in the electric vehicle plastic market in 2022. The sub-segment is expected to foresee significant growth during the forecast period owing to the implementation of various policies and regulations by governments of different countries to promote the adoption of EVs to reduce greenhouse gas emissions and combat climate change. Besides, the increasing shift of consumers towards cleaner and greener transportation options owing to the rising awareness about the environmental impact of fossil fuel-powered vehicles is another factor predicted to fuel the sub-segment's growth by 2032.
Exterior Furnishing Sub-segment to Grow Significantly by 2032
Based on application, the exterior furnishing sub-segment accounted for the largest share of the electric vehicle plastic market of 41.0% in 2022. The sub-segment is projected to grow significantly during the forecast period owing to the durability of plastics to provide adequate protection against harsh conditions, such as exposure to UV radiation, extreme temperatures, and chemicals, without significant degradation. Besides, EV manufacturers strive to reduce the overall weight of vehicles to enhance energy efficiency and extend driving range.
Asia-Pacific Region to Flourish Immensely by 2032
Based on region, Asia-Pacific dominated the global electric vehicle plastic market in terms of revenue market share of 39.5% in 2022. The prominent growth of the region can be attributed to increasing urbanization, rising need to reduce dependence on fossil fuels, and growing concerns over air pollution, which has resulted in the increased demand for EVs. Moreover, the Asia-Pacific region is at the forefront of technological advancements in the EV industry. Manufacturers in countries like Japan and South Korea have been investing heavily in the R&D of EV technologies, including lightweight materials and advanced plastics, which is anticipated ti boost the regional growth during the forecast period.
Leading Market Players: -
- BASF SE
- SABIC
- DUPONT
- Sumitomo Chemicals Co. Ltd.
- LANXESS
- Evonik Industries
- LG Chem Ltd
- Covestro AG
- Asahi Kasei
- LyondellBasell Industries Holdings B.V.
The report provides a detailed analysis of these key players in the global electric vehicle plastic market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of electric vehicle plastic market players to showcase the competitive scenario.
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