Vancouver, Sept. 26, 2023 (GLOBE NEWSWIRE) — The global Electric Vehicle (EV) plastic market size was USD 3.70 Billion in 2022 and is expected to register a rapid revenue CAGR of 27.9% during the forecast period, according to latest analysis by Emergen Research. Rising preference to adopt sustainable and eco-friendly packaging solutions is a key factor driving market revenue growth. Plastics are a great material choice for EV production due to their high adaptability and ease of molding. In addition, plastics have excellent heat resistance, making it possible to build battery compartments and cool effectively without compromising the strength and longevity of EVs.
Automobile manufacturers, such as GM, Ford, Toyota, and Honda, are focusing on diversifying their selection of EVs. Plastics, which are naturally lightweight materials, are used in modern automobiles to reduce the weight of more conventional components such as metal and steel. Because of this, cars with internal combustion engines, hybrids, and even electric motors cover greater distances while consuming less energy to accelerate and maintain motion. The OEM improves fuel efficiency in combustible vehicles, by lowering vehicle weight, which is rising demand for plastic in EV manufacturing.
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However, limited driving range of EVs can create concerns among potential buyers, which could restrain market revenue growth. Range anxiety and fear of running out of battery power before reaching a charging station are significant barriers EV adoption.
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 3.70 Billion |
| CAGR (2023–2032) | 27.9% |
| Revenue Forecast To 2032 | USD 43.38 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019-2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Resin, components, vehicle type, application, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | SABIC, BASF SE, LyondellBasell Industries Holdings B.V., Evonik Industries AG, Covestro AG, Solvay, INEOS AG, Arkema, Mitsubishi Engineering-Plastics Corporation, and Dow |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global Electric Vehicle (EV) plastic market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective Electric Vehicle (EV) plastic solutions. Some major players included in the global Electric Vehicle (EV) plastic market report are:
- SABIC
- BASF SE
- LyondellBasell Industries Holdings B.V.
- Evonik Industries AG
- Covestro AG
- Solvay
- INEOS AG
- Arkema
- Mitsubishi Engineering-Plastics Corporation
- Dow
Strategic Development
- On 9 December 2021, SABIC selected Bamberger Polymers as an authorized distributor in the Americas for its engineering thermoplastics and polyolefins. In a press release, SABIC stated that by utilizing Bamberger’s marketing and distribution network in the Americas, this acquisition will enhance its market presence for these product lines.
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Some Key Highlights From the Report
- The Polypropylene (PP) segment is expected to account for largest revenue share in the EV plastic market over the forecast period. This is due to increasing use of PP to create electronic components for indoor applications. PP is one of the lightest commercially available plastic materials with a density of 0.905 g/cm3, making it ideal for creating lightweight components. In addition, PP is used in automobile bumpers and wheel covers in addition to chemical tanks, cable insulation, and carpet fibers.
- The exterior trim segment is expected to register steadily fast revenue growth rate in the global EV plastic market during the forecast period. This is because exterior trim components, such as fenders, headlamp covers, and wheel covers, give the car an appealing appearance. Polyethylene Terephthalate (PET) also serves as a divider and a good insulator that guards against short circuits. Furthermore, rising demand for EV plastic in exterior trim is also expected to drive revenue growth of this segment during the forecast period.
- The exterior segment is expected to account for significantly large revenue share in the global EV plastic market over the forecast period. This is due to physical and electrical qualities of plastic such as heat resistance, chemical resistance, abrasion resistance, and others. Demand for plastic is rising as more automotive components, such as bumper, lighting, door assembly, and other components, are made of plastic rather than metal. Polymers are used as these act as an absorbing body in an accident, reducing danger. Plastics also improve the appearance of automobiles, reduce their overall weight, and add the necessary strength.
- The North America market accounted for largest revenue share in the global EV plastics market in 2022 owing to increasing environmental awareness among consumers. Prepolymers are in higher demand in various of EV parts owing to rising consumer interest in buying EVs. For instance, on 9 June 2021, Dow announced plans for building an integrated Multi-Domain Integration (MDI) distillation and prepolymers facility at its world-scale manufacturing site in Freeport, Texas. This investment strengthens the leadership position of Dow in desirable applications in the building, consumer, and industrial markets.
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Emergen Research has segmented the global EV plastic market on the basis of resin, component, vehicle type, application, and region:
- Resin Outlook (Revenue, USD Billion; 2019-2032)
- Polypropylene (PP)
- Polyamide (PA)
- Polycarbonate (PC)
- Polyethylene (PE)
- Polyurethane (PU)
- Polyvinyl Chloride (PVC)
- Polyvinyl Butyral (PVB)
- Polybutylene Terephthalate (PBT)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyethylene Terephthalate (PET)
- Others
- Component Outlook (Revenue, USD Billion; 2019-2032)
- Steering & Dashboards
- Car Upholstery
- Bumper
- Door Assembly
- Exterior Trim
- Interior Trim
- Connector and Cables
- Battery
- Lighting
- Electric Wiring
- Others
- Vehicle Type Outlook (Revenue, USD Billion; 2019-2032)
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Interior
- Exterior
- Powertrain System/ Under Bonnet
- Lighting & Electric Wiring
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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