Electric Vehicle Plastics Market by Resin, Components, Application

Description

List of Tables

[183 Pages Report] The Electric Vehicle Plastics Market size was estimated at USD 3.68 billion in 2023 and expected to reach USD 4.35 billion in 2024, at a CAGR 18.62% to reach USD 12.16 billion by 2030.

Electric vehicle (EV) plastics refer to specialized plastics used in the manufacturing and design of electric vehicles. These materials are chosen for their beneficial properties, such as lightweight, durability, flexibility, and resistance to chemicals and high temperatures. Additionally, EV plastics significantly improve electric cars' safety, performance, and aesthetic appeal. They are used in various vehicle parts, including the interior, exterior, and under the hood. By reducing the weight and improving the efficiency of electric vehicles, these plastics contribute to the automotive industry's efforts to produce more environmentally friendly and sustainable modes of transportation. Meanwhile, the global shift towards sustainable transportation solutions drives higher adoption rates of electric vehicles, fueling the demand for EV plastics. Despite the benefits of being lightweight and efficient, concerns about the recyclability and lifecycle environmental impact of certain plastics used in EVs pose ongoing challenges. Moreover, continuous innovations in plastic materials, including improved durability, heat resistance, and electrical insulation, enhance their applicability in EV manufacturing. In addition, there is growing interest in developing recyclable and bio-based plastics, opening new pathways for sustainability in EV manufacturing.

KEY MARKET STATISTICS
Base Year [2023]	USD 3.68 billion
Estimated Year [2024]	USD 4.35 billion
Forecast Year [2030]	USD 12.16 billion
CAGR (%)	18.62%

Resin: Utilization of varied resins in EV plastics offering exceptional durability and flexibility

In electric vehicle (EV) construction, various types of resin play a pivotal role in enhancing performance, durability, and efficiency. Polypropylene (PP), known for its lightweight and versatile properties, is commonly used in automotive parts such as bumpers and interior trims. Polyamide (PA), or Nylon, is valued for its high strength and thermal resistance, making it ideal for under-the-hood components requiring heat resilience. Polycarbonate (PC) offers exceptional clarity and impact resistance and is frequently employed in headlight and taillight assemblies. Polyethylene (PE) is favored for its electrical insulation properties and is used in battery casings and wire insulation. Polyurethane (PU) stands out for its flexibility and is often used in seating, insulation, and integral skin foam for dashboards. Polyvinyl chloride (PVC) is also used for sheathing wires and cables due to its resistance to environmental factors and electrical insulation properties. Polyvinyl butyral (PVB) is crucial in safety applications, primarily in laminating glass for windshields, due to its impact resistance and ability to hold together when shattered. Polybutylene terephthalate (PBT) is chosen for its stiffness and heat resistance, which is suitable for connectors and housings in electrical systems. Acrylonitrile butadiene styrene (ABS) combines strength and rigidity with a smooth finish, making it popular for interior components and trim. Moreover, polyethylene terephthalate (PET) is predominantly utilized in fiber applications for vehicle interiors, but its strength and thermal stability also lend well to under-the-hood plastic parts. Each of these materials contributes uniquely to the construction of electric vehicles, enhancing safety, performance, and the overall driving experience while also contributing to the EVs' sustainability goals by enabling lighter and more energy-efficient designs.

Application: Increasing usage of plastics as a high-perfoemance material in EV component manufacturing

In the exterior framework of electric vehicles, plastics are instrumental in constructing lightweight yet durable elements such as bumpers, body panels, and doors. This reduction in weight directly contributes to improved vehicle efficiency and range, a pivotal factor in EV performance. In the interior, plastics are utilized for their aesthetic flexibility, allowing for a wide range of designs and finishes and contributing to safety and comfort. Elements such as dashboards, seat frames, and trim panels are commonly crafted from high-quality plastics, offering a blend of durability and a pleasing interior environment for passengers. Given their insulating properties, plastics are integral in the safe housing of electric wiring systems, preventing short circuits and enhancing the vehicle's overall safety. Additionally, plastics serve a dual purpose for lighting by ensuring durability and enabling innovative design features due to their moldability and transparency, which are crucial for aesthetics and function. Moreover, in the powertrain system or under the bonnet area, plastics play a vital role in enclosing sensitive and crucial components for the vehicle's operation. Furthermore, the use of specialized high-temperature resistant plastics in these areas underscores the material's adaptability and essential role in the evolving electric vehicle sector. The strategic application of plastics in electric vehicles showcases a commitment to innovation, efficiency, and sustainability, marking a significant stride towards the future of mobility.

Regional Insights

The United States and Canada are at the forefront of the EV plastics market in the Americas. Consumers in these countries increasingly lean towards electric vehicles for their reduced environmental impact and lower running costs. Continuous demand is for high-performance, aesthetically pleasing, lightweight materials that enhance vehicle range and efficiency. The United States market is experiencing a surge in research and development activities, with several startups and established companies filing patents for new plastic composites and recycling technologies. Canada focuses on sustainable production methods and has seen investments in developing bio-based plastics for EV applications. On the other hand, Europe exhibits a strong inclination towards sustainability, reflected in their aggressive policies towards the electrification of transport and a circular economy. The region has also seen increased patents for lightweight and high-strength plastic components. The market is emerging in the Middle East and Africa, with a growing interest in adopting electric vehicles to reduce oil dependence and improve air quality. Consumers in these regions value innovation, sustainability, and safety in their vehicles. Moreover, The Asia Pacific region, led by China, Japan, and India, exhibits a high demand for electric vehicles, primarily due to increasing environmental awareness, supportive government policies, and advancements in EV technologies. Consumers in this region prioritize efficiency, durability, and affordability in their vehicles, directly influencing the demand for innovative plastic solutions.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Electric Vehicle Plastics Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Electric Vehicle Plastics Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Electric Vehicle Plastics Market, highlighting leading vendors and their innovative profiles. These include Arkema SA, Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro AG, DuPont de Nemours, Inc., Evonik Industries AG, ExxonMobil Corporation, Formosa Plastics Corporation, Freudenberg Sealing Technologies, Huntsman Corporation, Imerys SA, Ineos Group Limited, Lanxess AG, LG Chem Ltd., LyondellBasell Industries Holdings B.V., Mitsubishi Chemical Group, SABIC, Solvay SA, and The Dow Chemical Company.

Market Segmentation & Coverage

This research report categorizes the Electric Vehicle Plastics Market to forecast the revenues and analyze trends in each of the following sub-markets:

Resin
- Acrylonitrile Butadiene Styrene
- Polyamide
- Polybutylene Terephthalate
- Polycarbonate
- Polyethylene
- Polyethylene Terephthalate
- Polypropylene
- Polyurethane
- Polyvinyl Butyral
- Polyvinyl Chloride

Components
- Battery
- Bumper
- Car Upholstery
- Connector & Cables
- Door Assembly
- Steering & Dashboards

Application
- Exterior
- Interior
- Lighting & Electric Wiring
- Powertrain System/Under Bonnet

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Electric Vehicle Plastics Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Electric Vehicle Plastics Market?

3. What are the technology trends and regulatory frameworks in the Electric Vehicle Plastics Market?

4. What is the market share of the leading vendors in the Electric Vehicle Plastics Market?

5. Which modes and strategic moves are suitable for entering the Electric Vehicle Plastics Market?

Product Code: MRR-CA100284D016

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing number of global EV manufacturing and the need for heat-resistant lightweight plastic composites
  - 5.1.1.2. Rising demand for high-performance plastics for EV battery housings and components
- 5.1.2. Restraints
  - 5.1.2.1. Concerns associated with recyclability and sustainability
- 5.1.3. Opportunities
  - 5.1.3.1. Introduction of recyclable and biobased plastics for EVs
  - 5.1.3.2. Continuous innovations in plastic materials to improve durability, heat resistance, and electrical insulation
- 5.1.4. Challenges
  - 5.1.4.1. Strict regulations and standards associated with the EV plastics
5.2. Market Segmentation Analysis
- 5.2.1. Resin: Utilization of varied resins in EV plastics offering exceptional durability and flexibility
- 5.2.2. Application: Increasing usage of plastics as a high-perfoemance material in EV component manufacturing
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Electric Vehicle Plastics Market, by Resin

6.1. Introduction
6.2. Acrylonitrile Butadiene Styrene
6.3. Polyamide
6.4. Polybutylene Terephthalate
6.5. Polycarbonate
6.6. Polyethylene
6.7. Polyethylene Terephthalate
6.8. Polypropylene
6.9. Polyurethane
6.10. Polyvinyl Butyral
6.11. Polyvinyl Chloride

7. Electric Vehicle Plastics Market, by Components

7.1. Introduction
7.2. Battery
7.3. Bumper
7.4. Car Upholstery
7.5. Connector & Cables
7.6. Door Assembly
7.7. Steering & Dashboards

8. Electric Vehicle Plastics Market, by Application

8.1. Introduction
8.2. Exterior
8.3. Interior
8.4. Lighting & Electric Wiring
8.5. Powertrain System/Under Bonnet

9. Americas Electric Vehicle Plastics Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Electric Vehicle Plastics Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Electric Vehicle Plastics Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. Freudenberg Introduces Quantix ULTRA, a Breakthrough in Fire Safety for Electric Vehicles
- 12.3.2. Covestro and HiPhi Partnered for Advanced Material Solutions for Electric Vehicles
- 12.3.3. The Innovative Collaboration for Advanced Lightweight Battery Enclosures
12.4. Strategy Analysis & Recommendation

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio