The Electric Vehicle Plastics Market is expected to cross market value of USD 4,880.8 million in 2027 from USD 781.9 million in 2020. It is expected to grow at a CAGR of over 36.1% during the forecast period.
Key Market Drivers and Restraints
Rising awareness regarding plastics in electric vehicles is expected to drive the growth of the global electric vehicle plastics market. Also, increasing demand for polypropylene owing to its properties, such as light weight, flexibility, and high strength have stimulated the demand for this material, thereby promoting the development of the plastics market for electric vehicles over the forecast period.
However, recycling of plastic materials used in electric vehicle parts due to sorting of components made of varied plastics before recycling process is expected to hamper the global electric vehicle plastics market.
Impact of COVID 19
The electric vehicle plastics market will show considerable growth on the back of the global pandemic. As a result of the COVID-19 outburst, complete or partial shutdown across the globe in order to maintain social distance and increasing cases. Furthermore, with supply chain disruptions, delayed production lines, and distributors, suppliers, and retailers have stocks in warehouses but cannot sell them, as well as players are leveraging the demand for end-products.
Asia Pacific to dominate the global electric vehicle plastics market
The global electric vehicle plastics market covers the six regions, namely Europe, North America, Asia Pacific, Latin America (LATAM), Middle East and Africa, including all the key economies in these regions. Asia Pacific market is dominated the global market and accounted for more than 31.2% of the total market. This is attributed to increasing demand for the plastics in electric vehicles and rising collaboration among players to enhance market penetration.
Global Electric Vehicle Plastics Market is led by the Battery Electric Vehicles
Based on vehicle type, the global electric vehicle plastics market is segregated into hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs). In 2020, battery electric vehicles segment is accounted for a significant share in 2020 of the global electric vehicle plastics market.
Polypropylene would continue to dominate the global electric vehicle plastics market in terms of material type
Polypropylene (PP), polyurethane (PU), acrylonitrile butadiene styrene (ABS), polyvinyl chloride (PVC), polyethylene (PE), polystyrene (PS), polycarbonate (PC), polyamide (PA), polymethyl methacrylate (PMMA), and others (polyoxymethylene, etc.) are the material types of electric vehicle plastics market. In 2020, polypropylene segment accounted for the largest share of global electric vehicle plastics market, owing to its properties.
Battery electric vehicles is the major segment in the global electric vehicle plastics market in terms of vehicle type
Hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs) are the vehicle types of electric vehicle plastics market. In 2020, battery electric vehicles segment accounted for the largest share of global electric vehicle plastics market.
Frequently asked questions about global electric vehicle plastics market
What are the consequences of COVID 19 on global electric vehicle plastics market? Ans: Disruption of supply chain and shutdown of production lines caused by the current pandemic
Which are the key material types through electric vehicle plastics market? Ans: Polypropylene (PP), polyurethane (PU), acrylonitrile butadiene styrene (ABS), polyvinyl chloride (PVC), polyethylene (PE), polystyrene (PS), polycarbonate (PC), polyamide (PA), polymethyl methacrylate (PMMA), and others (polyoxymethylene, etc.) are the most frequently through electric vehicle plastics market
Which is the key vehicle type through which electric vehicle plastics market occurs? Ans: Battery electric vehicles is the major vehicle type segment in electric vehicle plastics market
Which is the key application through which electric vehicle plastics market occurs? Ans: Interior furnishings is the main application segment in electric vehicle plastics market
Who are the key players in the global electric vehicle plastics market? Ans: Kojundo Chemical, Citizen, Sparkler Ceramics, PI Ceramic, Techno Alpha, and Others are key players operating in this market
Which is the leading regional market for global electric vehicle plastics market? Ans: Asia Pacific has the largest share owing to local presence of market players and increasing demand in electric vehicles
What will be the CAGR (2021 - 2027) of in global electric vehicle plastics market? Ans: The market is anticipated to grow at a CAGR of 36.1% throughout the forecast period
Which are the major factors driving the growth of global electric vehicle plastics market? Ans: Increasing demand for the plastics in electric vehicles owing to its properties is a key driving factors propelling the growth of this market
