Global Electric Vehicle Plastics Market Size Was Worth USD 820 Million in 2020 and Is Projected to Grow to USD 5,047.5 Million by 2028

Global Electric Vehicle Plastics Market Size Was Worth USD 820 Million in 2020 and Is Projected to Grow to USD 5,047.5 Million by 2028

February 22, 2022, New York, USA -

Electric Vehicle Plastics: Introduction

A car is comprised of around 39 different kinds of plastics that are basic and polymers. Polypropylene and polyurethane, as well as polyamides and PVC, make up more than 70% of the plastics that are used in vehicles. In recent times plastic has emerged as one of the primary elements that are required to build the performance, structure, and security of vehicles.

E.V. Plastics are focused upon the more targeted approach of ensuring the lightweight mechanical and weighting in the various specifications analyzed and improved over a period of time in the electric vehicle throughout the day.

Since the beginning of time, the invention of plastics, they have been used to replace scarce and non-renewable resources like ivory, tortoise shells as well as animal bone. Since then, plastics have shaped the world, bringing security, hygiene, and well-being to civilization.

Today, plastics that are resource-efficient are used in a vast array of products and applications that allow us to save energy and CO2 emissions and water as well as food items. They aid in circularity as well as health and safety and also help in reducing climate change. In no way is it a doubt that plastics have affected the way we live and are likely to impact our lives in the coming years.

The Global Electric Vehicle Plastics Market Forecast: 

It is estimated that the Global Electric Vehicle Plastics Market is predicted to expand at a CAGR of 25.5%, resulting in an estimated market worth USD 5,047.5 million by 2028 from USD 820 million in 2020.

The increasing trend of weight reduction in PHEV/HEV and BEV, along with the rising demand for thermally stable plastic, is predicted to boost the demand for plastic for electric vehicles.

The Global Electric Vehicle Plastics Market Overview: 

Metal is the most commonly used material in the manufacturing of many automotive components. The resultant weight increase has forced automotive makers to search for alternative materials to boost the overall efficiency of vehicles. Thus, plastics are the most commonly used materials after metals that are used for the construction of various components of vehicles.

Because of the addition of a larger battery as well as the smaller dimensions that the internal engine combustion and the requirement for lighter materials to increase the efficiency of the fuel used, a higher quantity of plastic is utilized in these vehicles when in comparison to conventional vehicles, the plastics used in electronic vehicles comprise the primary materials used for the production of components and components.

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For Example, In the year 2019, one of the biggest producers of sustainable diesel from residues and waste, Lyondell Basell and Neste (NESTE, Nasdaq Helsinki) have announced the first commercially-available concurrent production of bio-based polypropylene and low-density bio-based polyethylene. By using these materials, the weight of a vehicle can be reduced by as much as 40% through the use of plastics used in the E.V. Additionally, high-performance polymers and elastomers are utilized to connect functions and parts. Miniaturization helps in reducing the size of packaging and also strengthens it.

It is estimated that the German federal government has invested over USD 1.77 billion in the development of electronic mobility till June 2020. The automotive business has invested USD 20.07 billion in marketing and production over the same time. Additionally, Federal government officials have offered USD 354.15 million to enhance the nation's charging infrastructure. USD 236.10 million will be allocated for rapid charging infrastructure as well as USD 118.05 million is allocated for regular charging. These factors are expected to fuel the electric car market for plastics in Germany.

Market Dynamics of the Global Electric Vehicle Plastics Market:

The market in plastic for an electric vehicle is being driven, primarily due to the trends in lightweight plastic applications as a manufacturing component. Utilizing lightweight polymers in the electric vehicle result in an increase in fuel efficiency as well as an increase in the range of battery-electric vehicle (BEV) performance.

BEV is expected to be the leading producer of the electric vehicle plastics industry, which will drive global demand for plastics from electric vehicles. The benefits of plastics are less carbon emissions and lesser dependence on petroleum fuel the plastics market for electric vehicles. 

For example, Germany has promised to cut the emissions of carbon dioxide by 40% in 2020. There is around 880 vehicle model still exist in the country. These vehicles have an emission level of only 130 gm per km of carbon dioxide. More than 500 vehicles are able to stay within the limit of 120 gm/km.

Based on the National Electric Mobility Platform (NPE), Germany's vision for 2020 is heavily based on a cross-sectoral strategy for an industry that goes beyond the traditional boundaries of the industry to create feasible and sustainable solutions to electro-mobility that are required to meet the country's ambitious goals.

In addition, it is expected that electric vehicle components like pumps, energy recovery systems, casings, fans, and other non-moving parts are likely to be made of plastic, thus reducing the weight but not compromising its performance. This will lead to a rise in demand for the plastics used in electric vehicles worldwide.

However, the recycling of plastic components used in electric components of vehicles could be hindering the development of the electric vehicle plastic market in the world. Components of vehicles are made of various plastic materials, which require component separation before recycling.

However, OEMs also focuses on the strength and durability of their products and on the cost-effectiveness of material for batteries compartment field with high-temperature resistance properties. This trend is likely to provide the plastic industry with an opportunity to expand globally. These plastics are lighter in weight and are comparatively cheaper than metal components.

The Key Market Segmentation of the Global Electric Vehicle Plastics Market: 

Global Electric Vehicle Plastics Market can be divided into Material Types, Applications, and Geographical landscapes, etc. 

Electric Vehicle Plastics Market Segmentation By Material Type:

Polypropylene (P.P.), Polyurethane (P.U.), Polyamide (P.A.), Polyvinyl Chloride (PVC), Acrylonitrile Butadiene Styrene (ABS), Polycarbonate (P.C.), Polyethylene (P.E.) And Others

Electric Vehicle Plastics Market Segmentation By Application:

Interior, Exterior And Under Bonnet

Electric Vehicle Plastics Market Segmentation By Geographical Landscape:

North America, Europe, Asia Pacific, South America And Middle East and Africa

Major Key Players in the Global Electric Vehicle Plastics Market Are:

  • Arkema S.A. (France)
  • BASF SE (Germany)
  • Borealis AG (Austria)
  • Dow (U.S.), 
  • DuPont (U.S.)
  • DSM Engineering (The Netherlands)
  • Evonik Industries AG (Germany)
  • ExxonMobil Corporation (U.S.)
  • LANXESS (Germany)
  • G. Chem (South Korea)
  • LyondellBasell (The Netherlands)
  • SABIC (Saudi Arabia)
  • Covestro AG (Germany)
  • Arkal Automotive (U.S.)      

The Covid-19 Impact Analysis:

The auto industry was experiencing a lot of pressure due to the introduction of BS-VI norms, which caused interruptions to the inventories of automakers. At the present time, the attack of the COVID-19 pandemic has been putting massive pressure on the automobile industry. In India, For instance, Hero MotoCorp, a top two-wheeler manufacturer, announced an abrupt reduction of 42% of sales in April 2020. 

The pandemic has caused disruption to supply chains and has slowed production, which has led to a reduction in sales at the retail store. In addition, consumers are likely to purchase new cars just after the COVID-19 situation is easing, as unneeded purchases could cause a significant impact on their savings and could push into a financial crisis if the uncertainty is caused by coronavirus continues. Additionally, many aren't sure of their current job or the health and economic impacts this virus can impact their lives. This is impacting their purchasing decision-making.

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