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, has stimulated the demand for this material, thereby promoting the development of the plastics market for electric vehicles over the forecast period.
However, recycling plastic materials used in electric vehicle parts due to sorting components made of varied plastics before the 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 due to the COVID-19 outburst, complete or partial shutdown across the globe to maintain social distance, and increasing cases. Furthermore, with supply chain disruptions, and delayed production lines, distributors, suppliers, and retailers have stocks in warehouses but cannot sell them, and players are leveraging the demand for end products.
The Asia Pacific dominates the global electric vehicle plastics market.
The global electric vehicle plastics market covers 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 by the global market and accounts for more than 31.2% of the total market. This is attributed to the increasing demand for plastics in electric vehicles and rising collaboration among players to enhance market penetration.
Global Electric Vehicle Plastics Market is led by 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, the battery electric vehicles segment accounted for a significant share 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, the polypropylene segment accounted for the largest share of the global electric vehicle plastics market, owing to its properties.
Battery electric vehicles are 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, the battery electric vehicles segment accounted for the largest share of the global electric vehicle plastics market.
Frequently asked questions about global electric vehicle plastics market
Disruption of supply chain and shutdown of production lines caused by the current pandemic
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
Battery electric vehicles is the major vehicle type segment in electric vehicle plastics market
Interior furnishings is the main application segment in electric vehicle plastics market
Kojundo Chemical, Citizen, Sparkler Ceramics, PI Ceramic, Techno Alpha, and Others are key players operating in this market
