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Impact Of Rising Demand For Lighter Vehicles On The Electric Vehicle Plastics Market: A Significant Driver Propelling The Electric Vehicle Plastics Market In 2025
Electric Vehicle Plastics Market
What Is the Electric Vehicle Plastics Market Size and Projected Growth Rate?
The electric vehicle plastics market has expanded rapidly. It is projected to grow from $2.72 billion in 2024 to $3.34 billion in 2025, with a CAGR of 22.8%. The past growth is associated with fuel cost hikes, tougher emission standards, battery advancements, consumer preference for eco-friendly cars, supportive policies, improved lightweight materials, and global carbon reduction initiatives.
The electric vehicle plastics market size is projected to witness exponential growth over the forecast period. It is expected to reach $7.52 billion by 2029, growing at a compound annual growth rate (CAGR) of 22.6%. Factors fueling this growth include battery technology advancements, pro-EV government regulations, consumer preference for eco-friendly materials, innovations in lightweight plastics, investment in EV infrastructure, autonomous tech growth, and efforts to reduce vehicle production costs. Trends to watch include bio-based and recyclable polymers, 3D-printed custom parts, high-temperature plastics, conductive material innovation, and self-healing polymers.
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What Are the Major Segments in the Electric Vehicle Plastics Market?
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
Subsegments:
1) By Polypropylene (Pp): Fiber-Reinforced Polypropylene, Impact-Resistant Polypropylene
2) By Polyamide (Pa): Pa6 (Nylon 6), Pa66 (Nylon 66), Polyamide 12 (Pa12)
3) By Polycarbonate (Pc): Transparent Polycarbonate, Glass-Filled Polycarbonate
4) By Polyethylene (Pe): High-Density Polyethylene (Hdpe), Low-Density Polyethylene (Ldpe), Linear Low-Density Polyethylene (Lldpe)
5) By Polyurethane (Pu): Thermoplastic Polyurethane (Tpu), Polyurethane Foam
6) By Polyvinyl Chloride (Pvc): Rigid Pvc, Flexible Pvc
7) By Polyvinyl Butyral (Pvb): Laminated Glass Interlayer Pvb, Transparent Pvb Films
8) By Polybutylene Terephthalate (Pbt): Glass-Filled Pbt, Unfilled Pbt
9) By Acrylonitrile Butadiene Styrene (Abs): Abs Impact-Resistant Grades, Abs Heat-Resistant Grades
10) By Other Resins: Polyether Ether ket*one (Peek), Polylactic Acid (Pla), Polyphenylene Sulfide (Pps)
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What Are The Driving Electric Vehicle Plastics Market Evolution?
The rising demand for lighter vehicles is expected to drive the growth of the electric vehicle plastics market. Lighter vehicles are in demand due to their improved fuel efficiency and lower environmental impact. Electric vehicle plastics help reduce weight while maintaining strength and durability, improving efficiency and performance. For example, sales of lightweight vehicles in the U.S. increased from 13.5 million in 2022 to 16.1 million in 2023. The demand for lighter vehicles will continue to drive the electric vehicle plastics market.
Which Firms Dominate The Electric Vehicle Plastics Market Segments?
Major companies operating in the electric vehicle plastics market are 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.
What Electric Vehicle Plastics Market Trends Are Gaining Traction Across Different Segments?
Leading firms in the electric vehicle plastics market are embracing cutting-edge technologies like post-consumer recycled-based technology to boost sustainability and lessen the environmental implications of electric vehicles. This technology encompasses processes that inject post-consumer recycled materials into product production, thereby mitigating environmental harm. For instance, in July 2023, Saudi Basic Industries Corporation (SABIC), a chemical manufacturing company based in Saudi Arabia, unveiled PCR-based NORYL resin technology. This innovation merges post-consumer recycled elements, offering environmental benefits alongside improved material performance through enhanced sustainability and a cutback in carbon emissions. This revolutionary approach sets a precedent for polyphenylene ether (PPE) based materials in using considerable recycled content.
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Which Is The Largest Region In The Electric Vehicle Plastics Market?
North America was the largest region in the electric vehicle plastics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Vehicle Plastics Market?
2. What is the CAGR expected in the Electric Vehicle Plastics Market?
3. What Are the Key Innovations Transforming the Electric Vehicle Plastics Industry?
4. Which Region Is Leading the Electric Vehicle Plastics Market?
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