Plastics for the Electric Vehicle Market by Plastic Type, Application & Component, EV Type and Region – Global Forecast to 2025 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The "Plastics for the Electric Vehicle Market by Plastic Type (ABS, PU, PA, PC, PVB, PP, PVC, PMMA, HDPE, LDPE, PBT), Application & Component (Dashboard, Seat, Trim, Bumper, Body, Battery, Engine, Lighting, Wiring), EV Type and Region – Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global plastic for the electric vehicle market is projected to reach USD 2,620.9 million by 2025 from USD 796.9 million in 2020.
The stringent emission norms and demand for weight reduction in PHEV/ HEV and BEV is estimated to increase the demand for plastics. The interior application segment is estimated to account for the majority of plastic demand in an electric vehicle and the trend is projected to continue during the forecast period.
Polypropylene is expected to hold the largest share in the market during the forecast period
As a thermoplastic polymer, polypropylene can easily be formed into almost any shape. It has properties such as low density, chemical resistance, water repellency, and resistance to stress, cracking, and extreme weather conditions. Low cost and flexibility to molding allow them to be used in various components/ automotive parts. Polypropylene is widely used in automotive applications such as bumpers, cable insulation, battery boxes, indoor and outdoor carpets, and carpet fibers. Therefore, polypropylene is projected to have significant demand in electric vehicles throughout the forecast period.
Asia is estimated to be the largest and fastest-growing region in the plastics for the electric vehicle market
Asia is projected to dominate the global plastic for the electric vehicles market. As Asia is the largest market for electric vehicles, the demand for plastic is much higher as compared to other geographies. Some of the prominent players catering to plastic demand in Asia include such as LG Chem, Asahi Kasei, Daikin, AGC, Sumitomo Chemical Company, and JSR Corporation. Additionally, with a continuous focus on weight reduction coupled with an increase in the average content of plastic per electric vehicle is anticipated to upsurge the demand of plastic in the near future.
The market size of plastics for electric vehicles by vehicle and application in Asia is estimated to be valued USD 387 million in 2020 and is projected to reach USD 1,353 million by 2025, registering the CAGR of 28.4%, during the forecast period. China is expected to lead the plastics for the electric vehicle market in Asia between 2020 and 2025 due to the increasing concern to reduce the level of carbon footprints, reduction in the overall weight of the cars, and rising government mandates to promote the adoption of electric cars.
- Stringent Emission Standards to Drive Electrification As Well As Weight Reduction
- Oem Inclination Toward Thermally Stable Plastics
- Covid-19 to Slowdown Sales of Evs
- Use of Bio-Plastics in Electric Vehicles
- Use of Anti-Microbial Plastics/Additives in Electric Vehicles
- Shifting Demands of Oems for Advanced Materials to Adhere to the Carbon Emission Targets
- High Cost of Capital and Infrastructure for Re-Engineering of Plastics
- Basf Se
- Lyondellbasell Industries Holdings B.V.
- Lg Chem
- Asahi Kasei Corporation
- Mitsui Chemicals
- Evonik Industries
- Sumitomo Chemical Co., Ltd
- Ube Industries Ltd
- Agc Chemicals
- Mitsubishi Engineering Plastics Corporation
- Celanese Corporation
- Formosa Plastics Corporation
- Ems Chemie Holding Ag
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