Electric Vehicle Plastics Market to Witness Rapid Growth by 2028

The global market for electric vehicle plastics is expected to grow at a significant CAGR during the forecast period. The rising requirement for lightweight plastics in electric vehicles, as well as the expanding demand for electric vehicles, are driving the electric vehicle plastics market. The electric car sector relies heavily on lightweight polymers. Due to even a 10% decrease in vehicle weight resulting in a 6.5% reduction in fuel consumption, the use of various plastics types such as ABS and others is anticipated to grow considerably over the next decade. As a result, the use of plastic components in the electric car sector has increased in recent decades. Plastics are mostly utilised to reduce weight in automobiles while also offering durability, corrosion resistance, toughness, design flexibility, resilience, and excellent performance at a cheap cost.

Plastic components manufactured for electric vehicles may be found in the interior, exterior, baggage part, and bonnet portion of the car. Plastic-based parts are beneficial since they may cover more than half of the space of an electric vehicle while contributing less than 15% of the vehicle's weight. Some of the main reasons driving the growth of the electric vehicle plastics market in the subsequent years include an increase in electric vehicle sales and manufacturing, as well as government regulations on automotive emissions.

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Electric cars and their variants are being made by almost all of the major automotive manufacturers, owing to increasing year-over-year sales of electric vehicles, which is directly influencing the growth of the electric vehicle plastics market. The drop in the price of raw materials needed in the manufacturing of electric cars is another factor driving the market's growth. One of the key reasons driving the growth of the electric vehicle plastics market is the rising use of plastics as raw materials in the manufacture of automotive components and supplies.

For instance, Covestro found a new composite technique in 2020 that makes it easier to produce thin, lightweight, high-strength, but aesthetically pleasing parts on a large scale. It's called MaezioTM and is made of Continuous Fiber-Reinforced Thermoplastic Polymers (CFRTP). The substrates are thermoplastics like polycarbonate, and the insulation is carbon or glass fibres.

Market Coverage

· The market number available for - 2021-2028

· Base year- 2021

· Forecast period- 2022-2028

Segment Covered-

· By Plastic Type

· By Vehicle Type

· Competitive Landscape: BASF SE, Covestro AG, DuPont de Nemours, Inc., LyondellBasell Industries Holdings B.V., Solvay SA and others.

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Global Electric Vehicle Plastics Market by Segment

By Plastic Type

• Polyvinyl Chloride

• Acrylonitrile Butadiene Styrene

• Polyamide

• Polycarbonate

• Polyurethane

• Polymethylmethacrylate

• Others (Polypropelene)

By Vehicle Type

• Hybrid Electric Vehicles (HEVs)

• Battery Electric Vehicle (BEV)

• Plug-In Hybrid Electric Vehicles (PHEVs)

Global Electric Vehicle Plastics Market by Region

North America

· United States

· Canada

Europe

· UK

· Germany

· Spain

· France

· Italy

· Rest of Europe

Asia-Pacific

· India

· China

· Japan

· South Korea

· Rest of APAC

Rest of the World

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