Industry

Global Electric Vehicle Plastics Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

The electric vehicle plastics market consists of sales of polyether ketone, polyphenylene sulfide, polyphenylsulfone, and polyoxymethylene. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Sizing and Forecast

The electric vehicle plastics market size has grown exponentially in recent years. It will grow from $2.22 billion in 2023 to $2.72 billion in 2024 at a compound annual growth rate (CAGR) of 22.5%. 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 $6.15 billion in 2028 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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Segmentation & Regional Insights

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

North America was the largest region in the electric vehicle plastics market in 2023. 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.

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Major Driver Impacting Market 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.

Key Industry Players

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 Aktiengesellschaft, Formosa Plastic Corporation, Teijin Limited, Solvay S.A., Kuraray Co. Ltd., Denka Company Limited, Polyplastics Co. Ltd.

The electric vehicle plastics market report table of contents includes:

1. Executive Summary
2. Electric Vehicle Plastics Market Characteristics
3. Electric Vehicle Plastics Market Trends And Strategies
4. Electric Vehicle Plastics Market – Macro Economic Scenario
5. Global Electric Vehicle Plastics Market Size and Growth
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32. Global Electric Vehicle Plastics Market Competitive Benchmarking
33. Global Electric Vehicle Plastics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electric Vehicle Plastics Market
35. Electric Vehicle Plastics Market Future Outlook and Potential Analysis
36. Appendix