As stated by an extensive report by Vantage Market Research, the Global Electric Vehicle Plastic Market accounted for USD 942.5 Million in 2021.
The components of electric vehicles are made of plastic, which is classed as electric vehicle plastic. Most electric vehicles use metallic batteries; however, the weight of the metal hinders the vehicle from functioning properly. As a result, plastic is used to keep the car in good working order. Electric car plastic is used in the production and supply of electric vehicle parts. Electric car polymers make up the luggage compartment, interior, exterior, and bonnet area. Plastic vehicles include polypropylene (PP), polyurethane (PUR), Acrylonitrile Butadiene Styrene (ABS), polyvinyl chloride (PVC), polyoxymethylene (POM), polystyrene (PS), polycarbonate, polyamide (PC), acrylic (PMMA), and others (Polyethylene). The growing demand for weight reduction in electric vehicles combined with an increase in demand for thermally stable plastic is expected to drive the demand for plastic in electric vehicles.
The increasing need for fuel-efficient and lightweight vehicles is anticipated to augment the growth of the Electric Vehicle Plastic Market during the forecast period. Government rules for safety, carbon emissions, and lightweight automobiles have all contributed to this. As a result, OEMs have begun to adopt materials that will allow them to reduce vehicle weight more effectively. OEMs can choose from a number of plastics for interior and exterior applications. Polyvinyl chloride (PVC) is commonly used to build automobile doors and instrument panels, for example. Low-cost plastics and interior finishes are chosen in cost-sensitive vehicle markets. High-quality polymers and finishes are used by luxury and premium automotive makers. The wide range of alternatives available is also projected to drive the demand for plastics in electric vehicles. Furthermore, the increasing adoption of personal vehicles in turn is expected to support the growth of the market during the forecast period.
However, the rising issues regarding the recycling of plastic materials in electric vehicles along with the high cost of capital and infrastructure for re-engineering of plastics are expected to hamper the growth of the market in the years to come. Moreover, the use of bio-plastics in electric vehicles and the use of antimicrobial plastics/additives in electric vehicles are expected to create immense opportunities for the growth of the market in the years to come.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR)and is likely to continue with the same trend during the forecast period. This is attributable to the increasingly growing demand for electric vehicles across the region owing to the rising disposable income of the consumers. Furthermore, most of the companies in economies such as China, India, and Japan are focusing on manufacturing electric vehicles in the region which is also expected to fuel the regional growth of the market.
Some of the prominent players operating in the Global Electric Vehicle Plastic Market include BASF (Germany), SABIC (Saudi Arabia), Dow (US), Lyondellbasell Industries Holdings B.V (Netherlands), DuPont de Nemours Inc.(US), Covestro (Germany), Solvay (Belgium), LANXESS (Germany), LG Chem (South Korea), Asahi Kasei (Japan) and others.