Electric Vehicles Engineering Plastics Market to Cross $88.48 billion Revenue by 2030

Electric Vehicles Engineering Plastics Market Overview

“The Electric Vehicles Engineering Plastics Market Predictable at $8.56 billion in 2022, is estimated to increase at a CAGR of 24.57% from $18.56 billion in 2023 to $88.48 billion by 2030.”

Engineering plastics, known for their stability, chemical resistance, heat resistance, abrasion resistance, and weather ability, are expected to significantly contribute to the steady growth of the connectors and cables market.

Governments are enforcing strict emission standards due to rising CO2 emissions and environmental concerns. This is expected to boost demand for electric cars (EVs) and plastics in the coming years, as EVs generate heat differently than ICEs.

Electric vehicles (EVs) are expected to increase demand for polymers due to their lower heat generation compared to ICE engines. These materials are favored due to their customizability, formability, affordability, performance, and organic fit. Key qualities of plastics include low weight, part consolidation, non-linear molding, and noise and vibration dampening, which are expected to drive demand for EVs.

The plastics sector is expected to experience increased demand due to consumer preference for lighter BEV/PHEV and HEVs, improved plastic performance in harsh environments, environmental concerns, stringent emission rules, weight reduction, and increased use of anti-microbial polymers in EVs. Major nations with the greatest potential for global industry expansion include America, the UK, India, Japan, China, Germany, and Canada.

Electric vehicles (EVs) are expected to favor polymers over expensive metals due to their lower heat generation compared to ICE engines. Plastics are ideal for EVs due to their customizable, formable, affordable, and performance properties. Key features include low weight, part consolidation, non-linear molding, and noise and vibration dampening, which are expected to boost demand for plastics in EVs.

Analysts’ Viewpoint

Despite the coronavirus pandemic, legislation and stimulus actions have boosted electric vehicle sales. Thermoplastic-based solutions are being developed for vehicle flexibility, ergonomics, and safety. Two-wall battery pack technologies are emerging, and plastics' anisotropic thermal conductivity can improve thermal management. Collaboration between electric vehicle engineering plastics companies is essential for mass production and performance enhancement. Parts reduction and assembly efficiency are also being used to reduce costs.

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Market Dynamics

Growth Drivers

Weight loss and electric automobiles are becoming increasingly popular.

PHEVs, HEVs, and BEVs are crucial modes of transportation in today's society, but their use of fossil fuels has raised concerns about resource preservation and environmental impact. The scarcity of resources and rising pollution pose a significant challenge to society and governments worldwide, necessitating a shift towards sustainable transportation options.

The introduction of e-bikes has revolutionized the electric vehicle market, increasing demand for plastic, a crucial raw material in electric cars. The weight reduction trend in PHEV/HEV and BEV vehicles is also boosting the demand for electric vehicle plastics, resulting in market growth.

Mechanical and chemical property requirements for EV components drive innovation.

The electric vehicle engineering plastics market is projected to grow at a CAGR of 27.3%, with Polyamide 6 reinforced with glass fibers being a key innovation due to its insulation and flame retardant properties.

Lanxess and Infac, a Korean auto part manufacturer, have partnered to create a battery module casing for electric vehicles. This collaboration is driven by the high processability and intricate functionality required for housing components, which makes it easier to produce fewer parts and streamline the battery assembly process for electric vehicles.

Opportunities

Research and development in glass-fiber-reinforced polyamide-6 improves prospects:

Polymer companies believe glass-fiber reinforced polyamide-6 has significant market potential due to its ability to meet high mechanical and chemical performance criteria for OEMs, including heat management, shock absorption, and insulating quality.

To achieve tight pollution requirements, OEMs seek engineered plastics for electric vehicles:

ISO/IEC and LSR Standards significantly influence EV engineering plastics usage by OEMs. The demand for polymer solutions to meet fuel economy and recyclable waste criteria is increasing, generating revenue for chemical companies in the EV sector.

Competitive Landscape of the Electric Vehicles Engineering Plastics Market

• BASF SE
• SABIC
• LyondellBasell Industries Holdings B.V.
• Evonik Industries
• Covestro AG, Dupont
• Sumitomo Chemicals Co. Ltd.
• LG Chem
• Asahi Kasei
• LANXESS
• INEOS Group
• Celanese Corp.
• AGC Chemicals
• EMS Chemie Holding
• Mitsubishi Engineering Plastics Corp.

Recent Developments in Electric Vehicles Engineering Plastics Market

The first parallel commercialization of bio-based polypropylene as well as bio-based low-density polyethylene was announced in 2019 by LyondellBasell and Neste, the world's largest producer of renewable fuel from waste and leftovers.

In May 2022, A cutting-edge plastic product created by LG Chem aids in preventing thermal runaway in EV batteries. The product is constructed using a variety of composite materials, including PA and PPO resin. The following are a few of the leading companies active in the global electric vehicle plastics market.

In June 2022, The engineering plastic product Ultradur, introduced by BASF SE, protects delicate electronics that are important in driving scenarios such as emergency braking. The PBT has excellent additives that significantly postpone hydrolytic degradation, making the material resistant to damage from water at high temperatures.

In June 2022, NORYL resin, a product well suited for insulation film used in electric vehicle (EV) battery modules, was introduced by SABIC, a global leader in the chemical industry, to help improve protection against short circuits and fire spread.

Regional Insights

In 2022, Asia Pacific accounted for over 52% of global revenue, with China, Japan, South Korea, and India being key players. The region's large production capacities and skilled labor force make it a hub for electric vehicles (EVs). The sector is expected to grow due to rising disposable income and middle-class demand in emerging economies. Europe also contributed significantly to income in 2021, with chemical industries producing large-scale polymers for EVs.

The US electric vehicle (EV) market is expanding due to tax breaks, subsidies, and legislation. Volkswagen plans to invest USD 7.1 billion in North America to add 25 new electric vehicles, predicting that EVs will account for 55% of all car sales in the coming years.

Segments Covered in the Electric Vehicles Engineering Plastics Market

Electric Vehicles Engineering Plastics Market By Resin

• Polypropylene (PP)
• Polyamide (PA)
• Polycarbonate (PC)
• Polyethylene (PE)
• Polyurethane (PU)
• Polyvinyl Chloride (PVC)
• Polyvinyl Butyral (PVB)
• Polybutylene Terephthalate (PBT)
• Acrylonitrile Butadiene Styrene (ABS)
• Polyethylene Terephthalate (PET)
• Others

Electric Vehicles Engineering Plastics Market By Components

• Steering & Dashboards
• Car Upholstery
• Bumper
• Door Assembly
• Exterior Trim
• Interior Trim
• Connector and Cables
• Battery
• Lighting
• Electric Wiring
• Others

Electric Vehicles Engineering Plastics Market By Vehicle Type

• Electric Vehicle Battery (EVB)
• Hybrid Electric Vehicle (HEV)/ Plug-in Hybrid Vehicle (PHEV)

Electric Vehicles Engineering Plastics Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Frequently Asked Questions:

What is the current size of electric vehicles engineering plastics market?

The Electric Vehicles Engineering Plastics Predictable at $8.56 billion in 2022, is estimated to increase at a CAGR of 24.57% from $18.56 billion in 2023 to $88.48 billion by 2030.

What will be the CAGR of global electric vehicles engineering plastics market?

The global electric vehicles engineering plastics market is poised to grow at a CAGR of 24.57% from 2023 to 2030.

Who are the prominent players operating in the electric vehicles engineering plastics market?

The major players operating in the electric vehicles engineering plastics market are BASF SE, SABIC, LyondellBasell Industries Holdings B.V., Evonik Industries, Covestro AG, Dupont, Sumitomo Chemicals Co. Ltd., LG Chem, Asahi Kasei, LANXESS, INEOS Group, Celanese Corp., AGC Chemicals, EMS Chemie Holding, Mitsubishi Engineering Plastics Corp.

Which are the driving factors of the electric vehicles engineering plastics market?

The increasing demand for replacing metals with plastics in interior components and the decrease in overall weight of the cars are driving the growth of the electric vehicles engineering plastics market.