The Electric Vehicle Plastics market is expected to witness substantial growth, with a projected increase from USD 3.7 billion in 2022 to USD 12.6 billion by 2027, at a CAGR of 27.9% over the forecast period.
The market for electric vehicle plastics is being driven by the race to reduce overall vehicle weight to increase driving range, decrease emissions in hybrid vehicles, and the growing demand for high-quality vehicle interiors.
Polyurethanes and polypropylene are expected to hold significant market shares in the electric vehicle plastics industry. Polyurethanes offer benefits such as comfort, safety, lightweight, and durability, making them widely used in car manufacturing. They are particularly in demand in the Asia Pacific region, where there is a growing need for better seat comfort. Polypropylene, on the other hand, is a lightweight thermoplastic that is cost-effective and popular in cost-conscious markets like the Asia Pacific.
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The leading applications for plastics in electric vehicles are interior components and powertrains. Plastics play a crucial role in providing aesthetically pleasing interiors, better flowability, and higher dimensional stability for easy and cost-effective production. Additionally, they help reduce noise, vibration, and harshness (NVH) levels in electric vehicles. In powertrains, polymers are used to dissipate heat effectively and improve battery performance, contributing to longer driving ranges.
The Asia Pacific region is expected to dominate the global electric vehicle plastics market, accounting for approximately 55% of the market share in 2022. China’s booming electric vehicle market is a significant factor driving this dominance, with the country witnessing a significant increase in EV sales. In India, the government’s initiatives, such as subsidies and the promotion of EV charging stations, are driving the demand for electric vehicles and, subsequently, plastic components. Japan, on the other hand, sees higher demand for plug-in hybrid electric vehicles (PHEVs), creating growth opportunities for EV plastic component manufacturers.
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Prominent players in the Electric Vehicle Plastics market include BASF SE, Lyondellbasell Industries Holdings B.V., Sabic, Dow, and Dupont.
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