Components of electric vehicles which are made of plastic fall under the electric vehicle plastics category. Electric vehicles usually possess metal batteries, the weight of which affects their functioning. Instead of metals, plastics and composite materials can also be used as they help reduce running costs. An electric vehicle requires relatively little servicing and no expensive exhaust systems, starter motors, fuel injection systems, radiators, and other parts. A higher quantity of plastic material is used in these vehicles than in conventional ones, owing to the inclusion of a larger battery pack, the smaller size of the internal combustion engine, and demand for lightweight materials to improve fuel efficiency. Electric vehicle plastics are the raw materials prominently used to manufacture parts and supplies.

Increasing demand for electric vehicles owing to growing environmental awareness supported by innovation, government initiatives, and investments made by OEMs has resulted in a technological revolution in the global automobile industry. The need for electric vehicles propels allied sectors such as plastics, an essential material required in the manufacturing of the former. Manufacturers need lightweight materials to develop electric vehicles, which is the primary driver of the global electric vehicle plastics market. Environmental concerns are expected to increase the requirement for electric vehicles, thereby driving the electric vehicle plastics market over the forecast period. With a shift in consumer need toward automobiles which contribute to fewer greenhouse gas emissions, highly fuel-efficient electric vehicles and their variants are being manufactured by almost all major automakers owing to the improving year-on-year sales of this product, directly influencing the development of the electric vehicle plastics market. Another contributing factor is the decline in the prices of raw materials used in the manufacture of electric vehicles.

In terms of material, electric vehicle plastic is categorized into the following types: PP, PE, ABS, PE, PVC, PA, nylon 6, polycarbonate, PVB, and other engineering resins. Based on vehicle type, the market is classified into the hybrid, plug-in hybrid, and battery varieties. On the basis of application, the market is segmented into the interior, exterior, lighting & electric wiring, and under the hood divisions. Polyurethanes are a widely used material in electric vehicles, which could be attributed to the advantages they offer, such as high strength, flexibility, resistance to temperature, and radiation. Key applications of polyurethanes include seating, electric wiring, and hard plastic parts. Battery electric vehicles are a rapidly expanding segment in the electric vehicle plastics market, driven by factors such as increasing innovation, environmental concerns, and stringent emission regulations. To promote their growth, governments are introducing various tax and non-tax incentives for owners of these vehicles. This eventually supplements the growth of the plastics employed in them.

The global electric vehicle plastic market has witnessed modest growth in 2015 and is expected to follow the same trend during the forecast period. Asia Pacific dominates the electric vehicle plastic market and has emerged as a hub for electric vehicles in recent years, with China and Japan being the leading players. Governments in APAC are also trying to provide incentives to support the demand for electric vehicles. The electric vehicle plastics market in North America and Western Europe are flourishing at a healthy rate as a result of the increasing adoption of non-polluting vehicles as a means of transportation. The markets in Latin America and Middle East & Africa are likely to experience a sluggish growth rate due to limited demand for and sales of electric vehicles, but this situation could improve in later years when the demand for fossil fuels increases.

Key players operating in the global electric vehicle plastics market include BASF SE, Formosa Plastic Corporation, U.S.A, Evonik Industries, and Mitsui Chemicals, Inc. 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Electric Vehicle Plastics Market

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