Global Electric Vehicles Engineering Plastics Market Size By Vehicle Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV)/ Plug-in Hybrid Vehicle (PHEV)), By Resin (Polypropylene (PP), Polyethylene (PE)), By Components (Car Upholstery, Door Assembly), By Geographic Scope And Forecast

Electric Vehicles Engineering Plastics Market Size And Forecast

Electric Vehicles Engineering Plastics Market size was valued at USD 10.39 Billion in 2023 and is projected to reach USD 94.83 Billion by 2030, growing at a CAGR of 28.3% during the forecast period 2024-2030.

The demand for plastics in the industry is anticipated to rise in response to consumer demand for lighter BEV/PHEV and HEVs and improved plastic performance in challenging environments. Growing environmental concerns, strict emission regulations that encourage electrification and weight reduction, increased use of anti-microbial plastics in EVs, and other factors are key market drivers. The Global Electric Vehicles Engineering Plastics Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Electric Vehicles Engineering Plastics Market Definition

Engineering plastics are adaptable plastic materials with exceptional physical and electrical characteristics, including stability, superior chemical resistance, heat resistance, abrasion resistance, and weather ability. Over the course of the forecast period, the connectors and cables market is anticipated to grow steadily.

Global Electric Vehicles Engineering Plastics Market Overview

Governments have imposed strict emission regulations as a result of rising CO2 emissions and expanding environmental concerns. Thus, rising regulations around the globe are anticipated to lead to a huge increase in demand for electric vehicles (EVs) in the upcoming years, which is anticipated to increase demand for plastics over the forecast period. In terms of heat generation, electric vehicles perform differently from internal combustion engines (ICE).

Since electric vehicles produce less heat than internal combustion engines (ICE), manufacturers can use resins rather than pricey metals. Over the forecast period, these elements are anticipated to fuel product demand. Plastics are suitable for use in EVs due to their customizability, formability, affordability, performance, and organic fit. Low weight, part consolidation, molding components that fit in non-linear spaces, and noise and vibration dampening are important properties of plastics. The demand for plastics in EVs is anticipated to be driven by these factors as well.

However, there are a number of laws governing the recycling of engineering plastic, so some plastic does not get recycled and instead forms long-lasting chemical connections. The variety of plastics used in EVs presents a challenge for recyclers. Governments from various countries have implemented regulations and laws regarding the design of electric cars and plastic recycling. The high cost of information and technology recycling facilities, as well as recycling regulations that limit the use of engineering plastic in EVs, limit the market’s ability to grow in terms of revenue.

Global Electric Vehicles Engineering Plastics Market Segmentation Analysis

The Global Electric Vehicles Engineering Plastics Market is segmented on the basis of Vehicle Type, Resin, Components, and Geography.

Electric Vehicles Engineering Plastics Market, By Vehicle Type

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

Based on Vehicle Type, The market is segmented into Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle (HEV)/ Plug-in Hybrid Vehicle (PHEV). The Battery Electric Vehicle (BEV) is anticipated to dominate the Electric Vehicles Engineering Plastics Market in terms of Vehicle Type. In order to increase the range of the EV, BEV is focused on reducing the weight of the vehicle, which is made possible by the use of plastics. Vehicle safety and durability are top priorities for manufacturers, who also use economical plastics for the battery compartment. It is anticipated that these trends will increase demand for plastics over costly metals.

Electric Vehicles Engineering Plastics Market, By Resin

• Polypropylene (PP)
• Polyethylene (PE)
• Polyurethane (PU)
• Polyvinyl Chloride (PVC)
• Others

Based on Resin, The market is segmented into Polypropylene (PP), Polyethylene (PE), Polyurethane (PU), Polyvinyl Chloride (PVC), and Others. The market for Polyurethane (PU) is anticipated to dominate the Electric Vehicles Engineering Plastics Market in terms of Resin. It has improved chemical resistance, toughness, radiation resistance, water resistance, and other properties. In EV batteries, polyurethane increases power and promotes crash safety. Additionally, it is utilized in foam seating, cushions, electrical compounds, suspension bushings, and insulation panels.

Electric Vehicles Engineering Plastics Market, By Components

• Steering & Dashboards
• Car Upholstery
• Door Assembly
• Door Lining
• Roof Lining
• Seat Trim
• Others

Based on Components, The market is segmented into Steering & Dashboards, Car Upholstery, Door Assembly, Door Lining, Roof Lining, Seat Trim, and Others. The Steering & Dashboards, Car Upholstery, and Door Assembly are anticipated to dominate the Electric Vehicles Engineering Plastics Market in terms of Components. One of the main plastics used to make steering wheels and dashboards is acrylonitrile butadiene styrene because it has tensile strength, surface hardness, heat resistance, chemical resistance, and other properties. Because it is hard, scratch-resistant, transparent, and glossy, polymethyl methacrylate (PMMA) is used in car upholstery.

Electric Vehicles Engineering Plastics Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, The Global Electric Vehicles Engineering Plastics Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Asia Pacific will hold the largest market share for Electric Vehicles Engineering Plastics. The three largest nations in the region with the highest production capacities are China, Japan, and India. The simple accessibility of raw materials and the affordable, skilled labor force support this. One of the biggest EV markets in the world is China. Over the forecast period, it is anticipated that an increase in disposable income and rising demand for EVs from the middle-class population in emerging economies such as China and India will propel the industry’s growth.

Key Players

The “Global Electric Vehicles Engineering Plastics Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are BASF SE, SABIC, LyondellBasell Industries Holdings B.V., Evonik Industries, Covestro AG, Dupont, Sumitomo Chemicals Co. Ltd., LG Chem, Asahi Kasei, LANXESS.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Key Developments

• 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.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Electric Vehicles Engineering Plastics Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Electric Vehicles Engineering Plastics Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope