EV Engineering Plastic

EV Engineering Plastic

The electric vehicle (EV) engineering plastic market refers to the market for plastics used in the production of electric vehicles. As the demand for EVs increases globally due to concerns over environmental pollution and depletion of non-renewable energy resources, the market for EV plastics is also growing.

The EV engineering plastic market is expected to grow at a strong CAGR of 26.7% during the forecast period owing to the increasing advancement of the EV manufacturing technology. The adoption of electric vehicles (EVs) has been on the rise in recent years, and this trend has resulted in a growing demand for EV-related products, including EV plastic components. For instance, according to the international council of clean transportation, in 2021 the EV sales reached 6.1 million sales. the growth of the EV market has led to an increased focus on improving the performance and efficiency of EVs. To achieve this, automakers are turning to new materials and designs for their vehicles, including the use of plastic components. Plastic components can help to reduce the weight of EVs, which can improve their range and performance.

• Based on rensin, the market is segmented into polypropylene, polyamide, polycarbonate, polyethylene, polyurethane, polyvinyl chloride, and others. The polypropylene segment is expected to garner the largest market share in 2021 and is expected to maintain the similar growth trend throughout the forecast period. Polypropylene (PP) is a type of plastic that is commonly used in the automotive industry, including in the manufacturing of EVs. There are several reasons why PP is a popular material choice for EV components such as its light weight, PP is a lightweight material, which makes it ideal for use in EVs as it helps to reduce the overall weight of the vehicle. This, in turn, can improve the EV's energy efficiency and range.
• Based on application, the market is segmented into interior and exterior. The exterior segment is expected to have the largest market share of the EV engineering plastic market and is expected to maintain its growth during the forecast period. There are various factors for the use of plastics in the exterior body of an electric vehicle, such as its ability to significantly reduce the weight of a vehicle. Plastics are much lighter than traditional metal materials, such as steel or aluminum. By using plastics in the external body of EVs, manufacturers can reduce the weight of the vehicle, which can increase its range and overall energy efficiency.
• For a better understanding of the market adoption of the EV plastic industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, Netherlands, France, Norway, Switzerland, Denmark, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Rest of World. The Asia-Pacific (APAC) region has been experiencing significant growth in the production and adoption of electric vehicles (EVs), which has been driving the demand for EV plastics in the region. Furthermore, one of the key drivers of this growth is government initiatives and policies aimed at reducing greenhouse gas emissions and promoting sustainable transportation. For example, many countries in the APAC region have set targets for the percentage of EVs on their roads by a certain year and offer subsidies or tax incentives to encourage EV adoption.
• Some of the major players operating in the market include BASF SE; SABIC; LyondellBasell Industries Holdings B.V; Evonik Industries; Covestro AG; DuPont; Sumitomo Chemical Co., Ltd; LG Chem.; Asahi Kasei Corporation; Mitsubishi Engineering-Plastics Corporation.