A recent study conducted by Triton Market Research named ‘Global Electric Vehicle Plastics Market,’ provides global analysis and forecast by Electric Vehicle Type {BEV, HEV/PHEV}, by Plastic Type {Polyamide (PA), Polyurethane (PU), Polypropylene (PP), Acrylonitrile Butadiene Styrene (ABS), Polycarbonate (PC), Other Electric Vehicle Plastic Types), by Component {Powertrain, External, Internal}, and by Regional Outlook (North America, Asia-Pacific, Europe, Latin America, Middle East and Africa).
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Triton’s market report outlines that the global electric vehicle plastics market is likely to present growth at a CAGR of 30.48% during the forecasted year 2022-2028. Furthermore, it is estimated to gain revenue worth $7002.65 million by 2028.
The push towards connected cars and autonomous driving has led to an increase in the demand for electric vehicles. The electric vehicle plastics market allows safety and security. The use of high-performance plastic enables the safety of vehicles as well as passengers. They also help in enhancing the durability and weight of EVs. With the growing emphasis on lightweighting electric vehicles by using plastic, the market for electric vehicle plastics is expected to grow significantly in the coming years.
On the other hand, issues arising from the recycling of automotive plastics are raising concerns about sustainability. A great number of plastics end up in landfills in spite of being high-value polymers. This is hindering their adoption, thereby challenging the market growth.
The global electric vehicle plastics market is categorized by electric vehicle type, plastic type, and components. Based on electric vehicle type, it is divided into two types: BEV & HEV/PHEV. While, based on plastic type, it is classified into polyamide (PA), polyurethane (PU), polypropylene (PP), acrylonitrile butadiene styrene (ABS), polycarbonate (PC), and other electric vehicle plastic types. Lastly, as per components, it is segmented into powertrain, external, and internal.
The Asia-Pacific is estimated to exhibit the fastest growth rate in the global market during the forecasted period. And, among the several countries in the region, India is estimated to witness the fastest growth in this period. The APAC is witnessing an increased demand for environmentally-friendly plastic. Besides, many countries here manufacture automotive parts & accessories. As a result, the demand for electric vehicle plastics has grown. This surging demand is driving the growth of the market in the Asia-Pacific.
Hanwha Azdel Inc, Sumimoto Chemical Co Ltd, Plastic Omnium, DuPont, Covestro AG, Evonik Industries, BASF SE, Asahi Kasei Corp., LyondellBasell Industries NV, Dow Chemical Company, Momentive Performance Materials, Lanxess Corporation, Ineos Capital Ltd, and Mitsui Chemicals are some of the key companies analyzed in the global electric vehicle plastics market.
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Question & Answer: Global Electric Vehicle Plastics Market
Question 1: What factors are estimated to help the electric vehicle plastics market grow in the coming years?
Answer: The push towards connected cars and autonomous driving has led to an increase in the demand for electric vehicles. The electric vehicle plastics market allows safety and security. The use of high-performance plastic enables the safety of vehicles as well as passengers. They also help in enhancing the durability and weight of EVs. With the growing emphasis on lightweighting electric vehicles by using plastic, the market for electric vehicle plastics is expected to grow significantly in the coming years.
Question 2: What factor is challenging the market growth?
Answer: Issues arising from the recycling of automotive plastics are raising concerns about sustainability. A great number of plastics end up in landfills in spite of being high-value polymers. This is hindering their adoption, thereby challenging the market growth.
Question 3: Which region is estimated to exhibit the fastest growth rate during the forecasted period?
Answer: The Asia-Pacific is estimated to exhibit the fastest growth rate in the global market during the forecasted period. And, among the several countries in the region, India is estimated to witness the fastest growth in this period. The APAC is witnessing an increased demand for environmentally-friendly plastic. Besides, many countries here manufacture automotive parts & accessories. As a result, the demand for electric vehicle plastics has grown. This surging demand is driving the growth of the market in the Asia-Pacific.
Question 4: Which are some of the key companies analyzed in the global electric vehicle plastics market?
Answer: Hanwha Azdel Inc, Sumimoto Chemical Co Ltd, Plastic Omnium, DuPont, Covestro AG, Evonik Industries, BASF SE, Asahi Kasei Corp., LyondellBasell Industries NV, Dow Chemical Company, Momentive Performance Materials, Lanxess Corporation, Ineos Capital Ltd, and Mitsui Chemicals are some of the key companies analyzed in the global electric vehicle plastics market.
Related Report:
Global Electric Vehicle Polymers Market
The global electric vehicle polymers market is anticipated to rise at a CAGR of 30.84% in the period 2019-2028. Additionally, it is estimated to accumulate $47.14 billion worth of revenue by 2028.
The focus on sustainable development to cater to the needs of future energy has aided significantly in the growth of the electric vehicle polymers market. Moreover, auto manufacturers are shifting to using polymer over metals to design lightweight and energy-efficient electric vehicles.
EV polymers are largely used today for making various electrical and electronic components of the vehicles. With their adoption, manufacturers are now able to enhance the overall design and performance of molded and machined components of electric vehicles, which is fostering the growth of the market.
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