Increasing demand for electric vehicles owing to growing environmental awareness supported by innovation, government, and investments made by OEMs, has resulted in a technological revolution in the global automobile industry. Demand for electric vehicles thereby, lead to an increasing demand for allied industries such as plastics which is an essential material required in manufacturing of electric vehicles. Manufacturers need lightweight materials to develop an electric vehicle which is one of the primary drivers for electric vehicle plastics market. Growing environmental concern is expected to increase the demand for electric vehicles which thereby would drive the demand for electric vehicle plastics market over the forecast period.
Electric Vehicle Plastics Market: Market Dynamics
Electric vehicle plastics market is primarily driven by the trend of light-weight plastic applications as a manufacturing element. Application of light-weight plastics in electric vehicle results in enhanced fuel efficiency along with increasing the range of battery electric vehicle (BEV). BEV is expected to be the largest contributor to electric vehicle plastic markets which in turn will boost up the growth of global electric vehicle plastics market. Electric vehicle plastics market is further expected to witness an increasing demand owing to its performance competency as compared to metal. Plastic’s attributes such as carbon emission reduction and less dependency on petroleum drive the electric vehicle plastics market. Electric vehicle parts such as energy recovery devices, pumps, fans, casings and non-moving parts are expected to be manufactured using plastics thereby reducing the overall weight of the vehicle without compromising on performance thereby fueling the demand for global electric vehicle plastics market.
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However, recycling of plastic materials used in electric vehicle parts can be a restraint, hindering the growth of electric vehicle plastics market. Vehicle components are manufactured from varied plastic materials which require sorting of components before recycling process.
Electric Vehicle Plastics Market: Segmentation
Electric vehicle plastics market can be segmented on the basis of electric vehicle type which includes:
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in hybrid Electric Vehicle (PHEV)
Electric vehicle plastics market can be further segmented on the basis of plastic material used in manufacturing, which includes:
- Polypropylene (PP)
- Polyethylene (PE)
- Acrylonitrile- Butadiene Styrene(ABS)
- Polyurethanes (PE)
- Polyamide (PA)
- Polycarbonate (PC)
- Polyvinyl Butyral (PVB)
- Polyvinyl Chloride (PVC)
Electric vehicle plastics market can be segmented on the basis of application, which includes:
- Arm Rest
- Head Rest
- Car Body
Electric vehicle plastics market can be segmented into vehicle types which includes, Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in hybrid Electric Vehicle (PHEV), wherein BEV type is expected to contribute majorly to the electric vehicle plastics market over the forecast period. BEV manufacturing requires the maximum amount of plastic materials owing to the need for making the vehicle light-weighted and increase the range of the vehicle which, thereby fuels up the demand for electric vehicle plastics market.
Among the plastics types used in electric vehicles, polypropylene (PP) constitutes a significant share in the electric vehicle plastics market. PP is widely used in electric vehicles for interior applications such as seats, car body, bumpers, head and arm rest. Polypropylene attributes such as light-weight, flexibility and improved strength stir up the demand for the material thereby, boosting up the electric vehicle plastic market.
Electric Vehicle Plastics Market: Regional Segmentation
Based on the regional coverage, electric vehicle plastics market has its presence in North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan, Japan and Middle east and Africa. North America followed by Western and Eastern Europe hold a significant share in the global electric vehicle plastics market in terms of its volume. Asia-Pacific is projected to grow at the highest CAGR over the forecast period. China and Japan contribute significantly to the global sales and production of electric vehicles thereby increasing the demand for electric vehicle plastics market.
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Electric Vehicle Plastics Market: Key Players
Few key players in the global electric vehicle plastics market include DuPont, Dow Chemical Company, Evonik Industries AG., INEOS capital Ltd., BSM Group, BASF SE, Plastic Omnium and others.
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