The electric vehicle plastics market has seen rapid growth, increasing from $2.22 billion in 2023 to $2.72 billion in 2024, with a CAGR of 22.5%. This rise is driven by the demand for lightweight materials and stringent emission regulations. By 2028, the market could reach $6.15 billion, at a CAGR of 22.6%. Key trends include the development of bio-based polymers and advancements in recycling techniques.
Major Driver In The Electric Vehicle Plastics Market
The rising demand for lighter vehicles is expected to drive the electric vehicle plastics market. Lighter vehicles, which reduce weight compared to traditional models, are in demand for their improved fuel efficiency and environmental benefits. Electric vehicle plastics help achieve these benefits by maintaining vehicle strength while reducing weight. Federal Reserve Economic Data reported that sales of lightweight vehicles increased from 13.5 million in 2022 to 16.1 million in 2023. This trend is driving the electric vehicle plastics market.
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Electric Vehicle Plastics Market Competitive Landscape
Exxon Mobil Corporation, BASF SE, Dow Company, Saudi Basic Industries Corporation (SABIC), Lyondellbasell Industries Holdings B.V., LG Chem Ltd, Asahi Kasei Corporation, Evonik Industries AG, Covestro AG, Toray Industries Pvt. Ltd, Sumitomo Chemicals Co. Ltd., Ineos Group Holdings Limited, AGC Chemicals Pvt. Ltd, DuPont de Nemours Inc., Borealis AG, Arkema S.A., Celanese Corp., LANXESS AG, Formosa Plastic Corporation, Teijin Limited, Solvay S.A., Kuraray Co. Ltd., Denka Company Limited, Polyplastics Co. Ltd.
Key Electric Vehicle Plastics Market Trend
In the electric vehicle plastics market, post-consumer recycled-based technology is being adopted to improve sustainability. In July 2023, SABIC launched PCR-based NORYL resin technology incorporating post-consumer recycled content. This innovation offers environmental benefits and enhanced material performance, setting a new standard in the use of recycled materials in automotive manufacturing.
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Electric Vehicle Plastics Market Segmentation
The electric vehicle plastics market covered in this report is segmented –
1) 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), Other Resins
2) By Vehicle: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV) Or Plug-In Hybrid Vehicle (PHEV)
3) By Application: Interior, Exterior, Powertrain System Or Under Bonnet, Lighting And Electric Wiring
By Geography:The regions covered in the electric vehicle plastics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the electric vehicle plastics market in 2023.
The Electric Vehicle Plastics Global Market Report 2024 furnishes information about the global electric vehicle plastics market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
