The Plastic for Electric Vehicle Market is projected to grow at a CAGR of 26.9% to reach a market size of USD 2,621 million by 2025 from 797 million in 2020. The stringent emission standards coupled with automakers focus on weight reduction is driving the demand of plastics in electric vehicles. Additionally, the OEMs inclination towards thermally stable plastics is further anticipated to drive the demand of plastic in electric vehicles.
To cater OEM demands, the plastic suppliers are developing plastics for electric vehicles which are efficient and lighter in weight. These developments are mainly focused on light weight and high tensile strength of the platsic. For instance, BASF presented prototypes of the world's first particle foam based on polyethersulfone (PESU). The foam is characterized by its unique combination of properties like high-temperature resistance, inherent flame retardancy, and its extreme light weight, great stiffness and strength. It is therefore particularly well suited for complex-shaped components in cars, airplanes, and trains, which require excellent mechanical properties together with the ability to withstand high operating temperatures or meet stringent flame-retardant requirements. Thus, development of plastics in sync with the OEMs and the component manufacturer’s demand is anticipated to create lucrative growth opportunities.
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BEV segment is estimated to be the largest and fastest growing market by vehicle type in plastics for electric vehicle market. Due to stringant emission regulation and government pushing towards electric mobility are the major factors driving the plastics for electric vehicle. Also, BEV manufacturers are working on reducing their overall weight, which will allow to increase the power of electric vehicle, and result in extend range of electric vehicle. To reduce the weight of the vehicle automotive OEMs are focusing on metal to plastic conversion and injection moulded plastic parts. Furthermore, OEMS are also, focusing on strength and safety, lower cost and suitable plastics with high temperature resistive property for battery compartment area. This trend is likely to create new opportunities for the plastic supplier, which are lighter in weight and comparatively less expensive than metal components.
According to MarketsandMarkets, Asia is estimated to be the largest and fastest-growing market for plastics for electric vehicles in the forecasted period, 2020-2025. The primary reason for this growth is due to attractive government schemes and policies for promoting electric vehicle. Also, implementation of stringent emission standards like China 6a, BS-VI is expected to boost BEV sales which in turn increases demand for plastics for electric vehicle. Also, the presence of numerous players in the region paves the way for continuous developments for high temperature resistive and high performance plastics which in turn is likely to drive the plastics for electric vehicle market in the region.
Thus, with increasing sales of electric vehicles globally, increasing demand for light weight materials and stringent emission norms, the plastics for electric vehicle market is expected to witness significant growth during the forecast period. Additionally, continuous developments in plastics for electric vehicle, including high tensile strength, thermally stable plastics are also likely to further fuel the demand.
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Key Market Players
Some of the key players in the plastics for electric vehicle market is dominated by global players and comprise several regional players. The key players in the plastics for electric vehicle market are 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) has adopted the strategies of expansion and partnerships to retain its leading position in the plastics for electric vehicle market.
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