Global Automotive Plastics for Electrical Vehicle Market – Industry Trends and Forecast to 2029

Automotive Plastics for Electrical Vehicle Market Analysis and Size

Automotive plastics for electrical vehicle is one of the most important part of the electrical vehicles. In recent years, there has been a rise in demand for lightweight electrical vehicle to improve vehicle fuel economy throughout the world are expected to considerably boost demand for automotive plastics, which is expected to drive the global  market. Furthermore, rising concern regarding global warming and other environmental issues, increasing trend of light-weight plastic as a manufacturing element, rising demand of this element due to its performance competency compared to other options and the surge in the disposable income are some major factor which increase the demand of the electrical vehicle and are likely to drive the growth of the Automotive plastics for electrical vehicle during the forecast period of 2022-2029.

Data Bridge Market Research analyses that the automotive plastics for electrical vehicle market is expected to undergo a CAGR of 27.40% during the forecast period. This indicates that the market value, which was USD 767.00 million in 2021, would rocket up to USD 5322.93 million by 2029 In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.     

Report Scope and Market Segmentation

Market Definition

Plastic is the major component of electric vehicles, which are categorized as electric vehicle plastic. Metallic batteries are widely used in electric vehicles, but due to heavy metal weight, the vehicle does not function correctly. As a result, plastic is used to keep the car running smoothly. Electric vehicle plastic is widely used in the manufacturing of electric vehicles. Polyoxymethylene (POM), Polystyrene (PS), Polycarbonate, Polyamide (PC), Acrylic (PMMA), Polypropylene (PP), Acrylonitrile Butadiene Styrene (ABS), Polyvinyl Chloride (PVC), Polyurethane (PUR), and others are examples of plastic vehicles with applications in exterior and interior furnishings, transmission systems, power plant systems, and others.

Automotive Plastics for Electrical Vehicle Market Dynamics

Drivers

• Rising demand for battery electric vehicles

The focus of manufacturers are shifting towards the electric vehicles in the developed and developing countries which will hamper the growth of existing IC engine vehicles and also help in the growth of the automotive plastics for electrical vehicle market. According to IEA, the Netherlands, Norway and Japan are leaders in the electronic vehicles segment. Norway held the share of 46% in terms of the global new electric car sales which has reported by IEA in 2018. So, with the growing demand for electric vehicles, the manufacturer is looking to decrease the weight of the vehicles, which are expected to drive the growth rate of the automotive plastics for the electrical vehicle market during the forecast period.

• Rising use of flexible polyurethane in electrical vehicle

Growing use of flexible polyurethane in the automotive sector are expected to drive the growth rate of the automotive plastics for electrical vehicle market during the forecast period. Flexible polyurethane is employed in cars for sound insulation and vibration dampening, increasing the demand for flexible polyurethane for the electrical vehicle in the automotive industry.

• Growing demand for light electrical vehicles

Light electrical vehicles are expected to drive the demand of automotive plastics for electrical vehicles during the forecast period along with the increasing consumer traction. Also, the price compatibility and millennial consumers are the major reason for opting the light electrical vehicles. The rising demand of light vehicles are expected to increase the revenue growth of the automotive plastics for electrical vehicle market.

Opportunities

• Several modification associated with the automotive plastics

The government favourable policies and stringent emission regulation towards then adoption of electric cars are the major factors which bolstering the demand of plastics for electric vehicle. Furthermore, OEMS are concentrating on safety, strength, and cost-effective plastics with high temperature resistive property for the battery compartment area. This trend is expected to create new lucrative opportunities for the plastic provider, which are lighter in weight and comparatively less expensive than metal components. These are some factors which will create immense for the growth of the automotive plastics for electrical vehicle market in upcoming years.

Moreover, the rising usage anti-microbial plastics or additives in electric vehicles and increasing use of bio-plastics in electric vehicles are fostering ample opportunities for the growth of the automotive plastics for electrical vehicle market.

Restraints/Challenges

• Increasing environmental concern

Growing rising environmental concerns by the use of plastic and concern regarding the recycling of plastic materials in electric vehicle will hinder the demand of the automotive plastics for electric vehicle and restrain the market growth.

• Changing demands of OEMs (Original Equipment Manufacturer)

The changing demands of OEMs for advanced raw materials to adhere to the emission of carbon and high expense of infrastructure and capital for re-engineering plastics will challenge the market's growth rate.

This automotive plastics for electrical vehicle market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the automotive plastics for electrical vehicle market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Automotive Plastics for Electrical Vehicle Market

The outbreak of COVID-19 pandemic has badly affected the global industries and global economy which has changed the consumer spending patterns due to this, the growth of the automotive plastics for electrical vehicle market also impacted negatively impacted. Furthermore, the imposed lockdown led to a decrease in the sales of electrical vehicle, consequently, contracting the global automotive plastics for electrical vehicle market. However, the global automotive plastics for electrical vehicle market is anticipated to expand from 2021 due to economic measures and the government has taken some steps to recover financial losses which has caused due to shutdown of business activities during the COVID-19 pandemic.

Global Automotive Plastics for Electrical Vehicle Market Scope

The automotive plastics for electrical vehicle market is segmented on the basis of plastic type, component and vehicle type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Plastic Type

• Acrylonitrile Butadiene Styrene (ABS)
• Polyamide (PA)
• Polycarbonate (PC)
• Polyvinyl Butyral (PVB)
• Polyurethane (PU)
• Polypropylene (PP)
• Polyvinyl Chloride (PVC)
• Polymethyl Methacrylate (PMMA)
• High-Density Polyethylene (HDPE)
• Low-Density Polyethylene (LDPE)
• Polybutylene Terephthalate (PBT)

Component

• Dashboard
• Seats

• Interior Trim

• Car Upholstery
• Bumper
• Body
• Exterior Trim
• Battery
• Engine
• Other

Vehicle Type

• Hybrid Electric Vehicles (HEVs)
• Plug-In Hybrid Electric Vehicles (PHEVs)
• Battery Electric Vehicles (BEVs)

Application

• Powertrain System/Under Bonnet
• Exterior, Interior
• Lighting and Electric Wiring

Automotive Plastics for Electrical Vehicle Market Regional Analysis/Insights

The automotive plastics for electrical vehicle market is analysed and market size insights and trends are provided by country, plastic type, component and vehicle type and application as referenced above.

The countries covered in the automotive plastics for electrical vehicle market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the automotive plastics for electrical vehicle market due to the excellent composition of aromatic hydrocarbons, production and consumption of polyester goods and well established distribution channel in this region.

North America will continue to project the highest compound annual growth rate due to the growing demand for polypropylene with other polymers in this region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Automotive Plastics for Electrical Vehicle Market Share Analysis

The automotive plastics for electrical vehicle market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to automotive plastics for electrical vehicle market.

Some of the major players operating in the automotive plastics for electrical vehicle market are:

• BASF SE (Germany)
• LyondellBasell Industries Holdings B.V. (Netherlands)
• Arkema (France)
• DOW (U.S.)
• Evonik (Germany)
• SOLVAY (Belgium)
• DuPont (U.S.)
• SABIC (Saudi Arabia)
• Formosa Plastics Corporation, U.S.A. (U.S.)
• INEOS (U.K.)
• Air Liquide (France)
• Sumitomo Chemical Co., Ltd. (Japan)
• Hexion (U.S.)
• Momentive (U.S.)
• Hanwha Azdel, (U.S.)
• Covestro AG (Germany)
• Celanese Corporation (U.S.)
• LG Chem (South Korea)
• Sumitomo Chemical CO., LTD (Japan)
• Lanxess (Germany)
• Asahi Kasei Corporation (Japan)

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