How much is the electric vehicle plastics market worth, and how is it expected to expand?
The electric vehicle plastics market size has grown exponentially in recent years. It will grow from $2.72 billion in 2024 to $3.34 billion in 2025 at a compound annual growth rate (CAGR) of 22.8%. The growth in the historic period can be attributed to a rise in fuel prices, stringent emission regulations, advancements in battery technology, increased consumer demand for sustainable vehicles, government incentives, improvements in lightweight materials, and a high global focus on reducing carbon footprints.
The electric vehicle plastics market size is expected to see exponential growth in the next few years. It will grow to $7.52 billion in 2029 at a compound annual growth rate (CAGR) of 22.6%. The growth in the forecast period can be attributed to advancements in battery technology, government regulations promoting electric vehicles, increasing consumer demand for sustainable materials, innovations in lightweight plastic composites, expansion of charging infrastructure, rising investments in autonomous vehicle technology, and the growing focus on reducing vehicle manufacturing costs. Major trends in the forecast period include bio-based polymers, enhanced recycling techniques, lightweight composite materials, smart polymer integration for self-healing capabilities, increased use of 3D printing for custom parts, development of high-temperature resistant plastics, and advancements in conductive polymers.
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How has the electric vehicle plastics market evolved, and what factors have shaped its growth?
The rising demand for lighter vehicles is expected to propel the growth of the electric vehicle plastics market going forward. Lighter vehicles refer to vehicles that have reduced weight compared to conventional models. The demand for lighter vehicles is rising due to increasing fuel efficiency standards, environmental concerns about emissions, and advancements in materials technology enabling weight reduction without compromising safety or performance. Utilizing electric vehicle plastics in lighter vehicles decreases weight while preserving strength and durability, boosting overall efficiency and performance. These innovative plastics improve fuel economy and extend the range of electric vehicles. For instance, in May 2024, according to Federal Reserve Economic Data provided by the Federal Reserve Bank of St. Louis, a US-based financial institute, the sales of lightweight vehicles, including automobiles and trucks, increased from 13.5 million in 2022 to 16.1 million in 2023. Therefore, the rising demand for lighter vehicles is driving the electric vehicle plastics market.
What are the major segments of the electric vehicle plastics market?
The electric vehicle plastics market covered in this report is segmented –
1) By Resin: Polypropylene (PP), Polyamide (PA), Polycarbonate (PC), Polyethylene (PE), Polyurethane (PU), Polyvinyl Chloride (PVC), Polyvinyl Butyral (PVB), Polybutylene Terephthalate (PBT), Acrylonitrile Butadiene Styrene (ABS), Other Resins
2) By Vehicle: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV) Or Plug-In Hybrid Vehicle (PHEV)
3) By Application: Interior, Exterior, Powertrain System Or Under Bonnet, Lighting And Electric Wiring
Subsegments:
1) By Polypropylene (Pp): Fiber-Reinforced Polypropylene, Impact-Resistant Polypropylene
2) By Polyamide (Pa): Pa6 (Nylon 6), Pa66 (Nylon 66), Polyamide 12 (Pa12)
3) By Polycarbonate (Pc): Transparent Polycarbonate, Glass-Filled Polycarbonate
4) By Polyethylene (Pe): High-Density Polyethylene (Hdpe), Low-Density Polyethylene (Ldpe), Linear Low-Density Polyethylene (Lldpe)
5) By Polyurethane (Pu): Thermoplastic Polyurethane (Tpu), Polyurethane Foam
6) By Polyvinyl Chloride (Pvc): Rigid Pvc, Flexible Pvc
7) By Polyvinyl Butyral (Pvb): Laminated Glass Interlayer Pvb, Transparent Pvb Films
8) By Polybutylene Terephthalate (Pbt): Glass-Filled Pbt, Unfilled Pbt
9) By Acrylonitrile Butadiene Styrene (Abs): Abs Impact-Resistant Grades, Abs Heat-Resistant Grades
10) By Other Resins: Polyether Ether Ketone (Peek), Polylactic Acid (Pla), Polyphenylene Sulfide (Pps)
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Which companies dominate the electric vehicle plastics market?
Major companies operating in the electric vehicle plastics market are Exxon Mobil Corporation, BASF SE, Dow Company, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries Holdings B.V., LG Chem Ltd, Asahi Kasei Corporation, Evonik Industries AG, Covestro AG, Toray Industries Pvt. Ltd, Sumitomo Chemicals Co. Ltd., Ineos Group Holdings Limited, AGC Chemicals Pvt. Ltd, DuPont de Nemours Inc., Borealis AG, Arkema S.A., Celanese Corp., LANXESS AG, Formosa Plastic Corporation, Teijin Limited, Solvay S.A., Kuraray Co. Ltd., Denka Company Limited, Polyplastics Co. Ltd.
How will evolving trends contribute to the growth of the electric vehicle plastics market?
Major companies operating in the electric vehicle plastics market are adopting advanced technologies such as post-consumer recycled-based technology to improve sustainability and reduce the environmental impact of electric vehicles. Post-consumer recycled-based technology refers to processes that incorporate post-consumer recycled materials into product manufacturing to reduce environmental impact. For instance, in July 2023, Saudi Basic Industries Corporation (SABIC), a Saudi Arabia-based chemical manufacturing company, launched PCR-based NORYL resin technology that integrates post-consumer recycled content, providing environmental advantages while enhancing material performance with improved sustainability and a reduced carbon footprint. This innovative solution represents a pioneering approach among polyphenylene ether (PPE)-based materials in utilizing substantial recycled content.
What are the key regional dynamics of the electric vehicle plastics market, and which region leads in market share?
North America was the largest region in the electric vehicle plastics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Electric Vehicle Plastics Market Report 2025 Offer?
The electric vehicle plastics market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Electric vehicle plastics refer to the specialized materials used in the manufacturing of components for electric vehicles (EVs). These plastics are engineered to meet the unique requirements of electric vehicles, such as lightweight construction, durability, and electrical insulation properties. They are used in various parts, including battery enclosures, interior components, and thermal management systems.
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