GLOBAL ELECTRIC VEHICLE PLASTICS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

The growth of the electric vehicle plastics market has significantly boosted demand for plastics used in electric vehicles. Plastics play a pivotal role in electric vehicles as these are lightweight and helps in reducing the overall weight of the vehicle. These are used across various parts of the vehicle including the battery casing, dashboards, door panels, bumpers, and more. The auto component industry is witnessing significant transformations with the development of electric powertrains, and the use of plastics for various applications plays a key role in this regard. Plastics are widely used  in electric vehicles as compared to conventional vehicles due to their lightweight properties, durability and ability to withstand harsh operating conditions. From battery enclosures and power electronics to dashboards, interior trims and exterior body parts, plastics are optimally utilized to improve vehicle performance while keeping costs in check. The lightweight properties of plastics contribute to less energy consumption, thereby, complementing the objectives of electric vehicles of being sustainable modes of transportation. With stringent emission norms and growing consumer inclination toward environmental protection, the electric vehicle plastics market is expected to witness substantial growth in the near future.

Market Dynamics:

Global electric vehicle plastics market growth is driven by various factors such as rising demand for lightweight materials to increase battery range, stringent emission regulations promoting electric vehicle adoption, and growing investments by automakers in electric vehicle production. However, high raw material and production costs can hamper the market growth. Opportunities for market growth include development of advanced plastic materials for specific electric vehicle applications and collaboration between plastic manufacturers and automakers to diversify electric vehicle components made from plastics.

Key features of the study:

• This report provides in-depth analysis of the global electric vehicle plastics market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global electric vehicle plastics market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include LANXESS, INEOS Group, Celanese Corp., AGC Chemicals, EMS-Chemie Holding, Mitsubishi Engineering Plastics Corp., BASF SE, SABIC, LyondellBasell Industries Holdings B.V., Evonik Industries, Covestro AG, Dupont, Sumitomo Chemicals Co. Ltd., LG Chem, and Asahi Kasei
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• Global electric vehicle plastics market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global electric vehicle plastics market

Market Segmentation:

• 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)
  • Polyethylene Terephthalate (PET)
  • Others
• By Application
  • Interior
  • Exterior
  • Powertrain System/Under Bonnet
  • Lighting & Electric Wiring
• By Components
  • Steering & Dashboards
  • Car Upholstery
  • Bumper
  • Door Assembly
  • Exterior Trim
  • Interior Trim
  • Connector and Cables
  • Battery
  • Lighting
  • Electric Wiring
  • Others
• By Vehicle Type
  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV)/ Plug-in Hybrid Vehicle (PHEV)
• By Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East  
  • Africa
• Major Players in the market:
  • LANXESS
  • INEOS Group
  • Celanese Corp.
  • AGC Chemicals
  • EMS-Chemie Holding
  • Mitsubishi Engineering Plastics Corp.
  • BASF SE
  • SABIC
  • LyondellBasell Industries Holdings B.V.
  • Evonik Industries
  • Covestro AG
  • Dupont
  • Sumitomo Chemicals Co. Ltd.
  • LG Chem
  • Asahi Kasei.