Press release
Driving the Future: Innovations in Electric Vehicle Plastics
According to The Business Research Company's, the electric vehicle plastics market size has grown exponentially in recent years. It will grow from $2.22 billion in 2023 to $2.72 billion in 2024 at a compound annual growth rate (CAGR) of 22.5%. the growth in the historic period can be attributed to a rise in fuel prices, stringent emission regulations, advancements in battery technology, increased consumer demand for sustainable vehicles, government incentives, improvements in lightweight materials, and a high global focus on reducing carbon footprints.
the electric vehicle plastics market size is expected to see exponential growth in the next few years. It will grow to $6.15 billion in 2028 at a compound annual growth rate (CAGR) of 22.6%. the growth in the forecast period can be attributed to advancements in battery technology, government regulations promoting electric vehicles, increasing consumer demand for sustainable materials, innovations in lightweight plastic composites, expansion of charging infrastructure, rising investments in autonomous vehicle technology, and the growing focus on reducing vehicle manufacturing costs. Major trends in the forecast period include bio-based polymers, enhanced recycling techniques, lightweight composite materials, smart polymer integration for self-healing capabilities, increased use of 3D printing for custom parts, development of high-temperature resistant plastics, and advancements in conductive polymers.
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Market Drivers and Trends:
The rising demand for lighter vehicles is expected to propel the growth of the electric vehicle plastics market going forward. Lighter vehicles refer to vehicles that have reduced weight compared to conventional models. The demand for lighter vehicles is rising due to increasing fuel efficiency standards, environmental concerns about emissions, and advancements in materials technology enabling weight reduction without compromising safety or performance. Utilizing electric vehicle plastics in lighter vehicles decreases weight while preserving strength and durability, boosting overall efficiency and performance. These innovative plastics improve fuel economy and extend the range of electric vehicles. For instance, in May 2024, according to Federal Reserve Economic Data provided by the Federal Reserve Bank of St. Louis, a US-based financial institute, the sales of lightweight vehicles, including automobiles and trucks, increased from 13.5 million in 2022 to 16.1 million in 2023. Therefore, the rising demand for lighter vehicles is driving the electric vehicle plastics market.
Major companies operating in the electric vehicle plastics market are adopting advanced technologies such as post-consumer recycled-based technology to improve sustainability and reduce the environmental impact of electric vehicles. Post-consumer recycled-based technology refers to processes that incorporate post-consumer recycled materials into product manufacturing to reduce environmental impact. For instance, in July 2023, Saudi Basic Industries Corporation (SABIC), a Saudi Arabia-based chemical manufacturing company, launched PCR-based NORYL resin technology that integrates post-consumer recycled content, providing environmental advantages while enhancing material performance with improved sustainability and a reduced carbon footprint. This innovative solution represents a pioneering approach among polyphenylene ether (PPE)-based materials in utilizing substantial recycled content.
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Major Key Players of the Market:
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 Aktiengesellschaft, Formosa Plastic Corporation, Teijin Limited, Solvay S.A., Kuraray Co. Ltd., Denka Company Limited, Polyplastics Co. Ltd.
Electric Vehicle Plastics Market 2024 Key Insights:
• The electric vehicle plastics market size is expected to grow to$6.15 billion in 2028 at a compound annual growth rate (CAGR) of 22.6%.
• Impact Of Rising Demand For Lighter Vehicles On The Electric Vehicle Plastics Market
• Advancements In Sustainable Technology Enhanced Electric Vehicle Plastics Market
• North America was the largest region in the electric vehicle plastics market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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