The global plastics for electric vehicle market was valued at US$ 966.09 million in 2019 and is projected to reach US$ 4,021.72 million by 2027; it is expected to grow at a CAGR of 19.7 % during 2020–2027. The scope of this study involves understanding the factors contributing to the growth of the market; it also includes estimating and forecasting the revenues, conducting the market share analysis, and spotting significant market players along with their key developments.
Plastics are lightweight, durable, versatile, and economical materials, which are used in diversified industrial applications. Further, use of plastic in the automotive offers various benefits such as minimal emission of carbon and reduction in petroleum dependency; therefore, its demand in the production of electric vehicles is rising. The parts of electric vehicles such as fans, casings, energy recovery devices, pumps, and other nonmoving parts are produced using plastics as it helps reduce the overall weight of the vehicle without compromising on the vehicle’s performance. When plastics are used in place of other metals, the weight of the vehicle reduces up to 40%. Also, the use of high performance polymers and elastomers assists in the effective integration of components and functions. The growing focus toward the reduction of carbon emissions and petroleum dependency also promotes the demand for plastic in electric vehicles. Stringent emission standards implemented across economies such as Canada, Germany, the US, the UK, and Mexico compel the automotive manufacturers to produce fuel-efficient vehicles. Therefore, the growth of the plastic for electric vehicle market is propelling.
Based on plastic type, the plastics for electric vehicle market is segmented into acrylonitrile butadiene styrene (ABS), polyamide (PA), polycarbonate (PC), polyvinyl butyral, polyurethane (PU), polypropylene (PP), and others. In 2019, the polypropylene segment dominated the market. Polypropylene (PP) refers to a thermoplastic “addition polymer” that is produced by combining propylene monomers. It is rigid and crystalline; therefore, it is widely used to make objects such as packaging trays, medical devices, and others. As one of the important family of polyolefin resins, it is molded and extruded into any plastic type that require flexibility, toughness, lightweight and heat resistance. It can also be synthesized with ethylene to give rise to an elastic-propylene copolymer. Copolymerization of polypropylene changes the material properties and allows robust engineering applications. Chemical resistance, fatigue resistance, high electric resistance, elasticity and toughness, and transmissivity are a few of the beneficial attributes associated with polypropylene. Polypropylene can be manufactured into a living hinge and can bend easily without breaking. It is used in electric vehicles for interior applications such as seats, bumper, car body, and head and arm rest.
The COVID-19 outbreak was first registered in Wuhan, China, during December 2019. Extended lockdowns and travel bans owing to the rising number of COVID-19 cases are hindering the supplies of chemicals and materials. Therefore, players in the plastics for electric vehicle market are experiencing a significant loss.
Based on geography, the global plastics for electric vehicle market is segmented into five regions—North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). Asia Pacific accounted for the largest market share in 2019, followed by Europe and North America.
By Plastic Type
By Vehicle Type