Electric Vehicle Plastics Market Size, Share, Trends, Report 2027
The electric vehicle plastics market size is expected to grow from USD 3.7 billion in 2022 and is projected to reach USD 12.6 billion in 2027, at a CAGR of 27.9% during the forecast period. Race to reduce the vehicle’s overall weight to increase driving range and emissions, along with increasing demand for superior quality vehicle interiors, are driving the plastics market in electric vehicles.
OEMs’ inclination toward thermally stable plastics in heat-sensitive applications
The new-generation electric and hybrid vehicles must be lighter and stronger to increase vehicle range. Automotive OEMs focus more on specific application segments of electric vehicles, such as electric motors, battery thermal management, and chassis. Numerous applications for metal replacement in various underhood components using high-performance plastic materials, mainly polyamide-based materials, make these conversions possible, with high tensile strength, high-temperature resistance, and light-weighting benefits.
Thermally conductive plastics in LED enclosures and electric battery housings in electric vehicles can allow higher voltages with safety. Also, they offer greater light weighting options, are more customizable, and can create more uniform thermal management systems.
Polyamides have great opportunities in battery trays and connectors in electric vehicles, as electric cars have many sensors, cameras, and radars. The connectors are molded from polyamide due to their temperature resistance property. Manufacturers such as BASF use special polyamide and polybutylene terephthalate grades that meet the demands for flame retardancy, color stability, and electrical isolation. This allows BASF to save weight and installation space around the battery pack and improve the vehicle’s safety. Thus, the demand for thermally stable plastics is increasing in the electric & hybrid vehicle segment.
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Use of anti-microbial plastics/additives in electric vehicles to keep occupants safe and healthy
Anti-microbial plastics are plastics with anti-microbial capabilities that inhibit the growth of microorganisms such as bacteria or fungi. Antibacterial plastic is expected to gain popularity in the automotive industry because of COVID-19. Also, considering this as an opportunity, several car care product suppliers have introduced products such as anti-microbial surface protection treatments for cars.
Hong Kong University of Science and Technology researchers have developed a multilevel anti-microbial polymer (MAP-1) coating that can effectively kill viruses, bacteria, and even hard-to-kill spores and may also be effective against COVID-19. The researchers developed the new MAP-1 coating using a special blend of anti-microbial polymers, which is highly versatile with an effective period of up to 90 days. The coating is designed for use on different surfaces, including metals, concrete, wood, glass, and plastics, as well as fabrics, leather, and textiles, without changing the material’s appearance and tactile feel. Therefore, due to rising concerns over hygiene factors related to the vehicle interior and most-touched vehicle parts, anti-microbial plastics are likely to be adopted by electric vehicle manufacturers in the near future.
Furthermore, most interior and exterior modern vehicle parts are made of plastics. Most commonly used plastics are polyurethanes, polypropylene, polyethylene, and engineering plastics (acrylonitrile butadiene styrene, acrylic-styrene-acrylonitrile, polybutylene terephthalate, polyoxymethylene, and polyamide). Anti-microbial additives are mainly used in dashboards, steering wheels, loudspeaker grills, carpets, door linings, seat belts, and airbags. Therefore, their wide application in interiors and exteriors makes them compatible with future vehicles in terms of hygiene perspective.
Asia Pacific region to establish dominance in the global Electric Vehicle Plastics market
The Asia Pacific is expected to hold a market share of 54.7% in 2022. The electric vehicle market in China is booming. According to IEA, sales were highest in China, where they tripled relative to 2020 to 3.3 million units after several years of relative stagnation, and in Europe, which increased by two-thirds year-on-year to 2.3 million units. The demand for plastic from the BEV segment in the country is anticipated to remain the most attractive throughout the forecast period owing to their popularity and zero emission characteristics compared to PHEVs. Additionally, investments from companies like Tesla in the country are further anticipated to boost the demand for electric vehicles thus the plastic components. The government in India is pushing the deployment of EV charging stations by providing capital subsidies through Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India, (FAME) India Scheme Phase II and state level initiatives.
Key Market Players
The Electric Vehicle Plastics market is dominated by global players and comprises several regional players as well. The key players in the Electric Vehicle Plastics market are BASF SE(Germany), Lyondellbasell Industries Holdings B.V. (Netherlands), Sabic (Saudi Arabia), Dow (US) & Dupont (US).
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