The Global Electric Vehicles Engineering Plastics market size was estimated at USD 13.2 billion in 2021 and it is expected to surpass around USD 110.2 billion by 2030 with a registered CAGR of 27.90% from 2022 to 2030.
Demand for plastics in this sector is expected to increase in response to consumer demand for lighter BEVs/PHEVs and HEVs and improved plastic performance in demanding environments. Growing environmental concerns, stringent emission regulations encouraging electrification and lighter weight, expanded use of antimicrobial polymers in EVs, and other reasons are important market drivers. The US, UK, India, Japan, China, Germany, and Canada are the major countries with the greatest potential for industrial expansion globally.
Electric vehicles produce less heat than internal combustion engines (ICEs), allowing manufacturers to use polymers instead of expensive metals. During the forecast period, these factors are expected to drive product demand. Plastics are suitable for use in EVs because of their customization, formability, economy, performance, and organic compatibility. Low weight, part integration, molded parts for non-linear regions, and noise and vibration damping are important properties of plastics. The need for plastics in EVs is also expected to be driven by these factors.
Market Dynamics:
Drivers:
Since electric vehicles generate less heat than ICE, resin can be used instead of expensive metal. These factors are expected to drive the product demand over the forecast period. Plastic's customizability, formability, low price, performance and natural fit make it suitable for use in EVs. Key features of plastics include light weight, component integration, molded parts that fit in nonlinear spaces, and noise and vibration damping. These factors are also expected to drive the demand for plastics in EVs.
Restraints:
Electric Vehicle Engineering Plastics Recycling Law - Engineering plastics recycling is governed by several laws, so some plastics are not recycled and form permanent chemical connections. According to one study, millions of end-of-life cars are improperly maintained in Europe each year, contributing to environmental problems. The wide range of plastics used in EVs is an obstacle for recyclers.
Governments in several countries have implemented rules and laws regarding electric vehicle engineering and plastic recycling. In terms of revenue, the market's ability to develop is constrained by the high cost of technology and information recycling facilities and recycling regulations limiting the use of engineering plastics in EVs.
Transportation is important for PHEV, HEV, and BEV in the civilization we live in today. Fossil fuels have been used in transport vehicles since ancient times. As a result, there are growing concerns about the preservation of fossil resources for future generations. Especially because of the increasing scarcity of resources and environmental issues therefore, the need to protect the environment and the increasing pollution present significant challenges to both societies and governments worldwide.
Key players:
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Celanese Corp.,
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AGC Chemicals,
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EMS Chemie Holding,
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Mitsubishi Engineering Plastics Corp.
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And Others
Market Segmentation:
Electric Vehicles Engineering Plastics Market, By Resin
Electric Vehicles Engineering Plastics Market, By Components
Electric Vehicles Engineering Plastics Market, By Vehicle Type
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Hybrid Electric Vehicle (HEV)/ Plug-in Hybrid Vehicle (PHEV)
Electric Vehicles Engineering Plastics Market, By Geography
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa (MEA)
Asia Pacific was the dominant region in 2021, accounting for over XX% of global revenue share. China, Japan, South Korea and India are the major countries in the region with high production capacity. This is supported by the easy availability of raw materials and a skilled and affordable workforce. China is one of the largest EV sellers in the region. Growing disposable income and rising demand for EVs among middle-class populations in emerging economies such as China and India are expected to propel the growth of the electric vehicles engineering plastics market over the forecast period.
Europe also accounted for a significant revenue share in 2021. Chemical companies in the region are manufacturing plastics for electric vehicles on a large scale. Tax exemption, subsidy and support policies will boost the Electric Vehicles Engineering Plastics Market in the region and drive the demand for the product during the forecast period. Global automaker Volkswagen plans to invest $XX billion to add 25 new electric vehicles to its existing electric vehicle portfolio in North America. Additionally, the manufacturer expects XX% of vehicle sales across the United States to be electric vehicles over the next few years.
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2021-2030 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 27.90% |
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Market growth 2022-2030 |
USD 110.2 billion |
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Market structure |
Fragmented |
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Competitive landscape |
Leading companies, competitive strategies, consumer |
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Companies profiled |
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Customization purview |
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