The global electric vehicles plastics market 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% in the forecast period. Plastics play a key role in helping to reduce the overall weight of a vehicle which improves it driving range and reduce CO2 emissions.
The electric vehicle plastics market is dominated by few global players and many regional players. Few of the key players include BASF SE (Germany), Lyondellbasell Industries Holdings B.V. (Netherlands), Sabic (Saudi Arabia), Dow (US), Dupont (US). Major strategies include new product launches, expansions, mergers & acquisitions, and partnerships/collaborations to further expand their presence in automotive suspension market. In recent years strategies adopted by major OEMs include New product launches, supply contract, and acquisitions/partnerships/collaborations. This has helped them to improve innovation on their product offerings and expand their customer base.
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BASF SE has a vast variety of plastic products for automotive applications. Company’s focus is strong in the R&D of new technologies evident from the significant allocation of revenue to the department. This helps the company to keep introducing new products in the market and stay ahead of the competition. They have a strong foothold in all regions globally. This allows the company to effectively market its product and increase product reach thus increasing sales. The company has made strategic expansions in the European and Asia Pacific region that enables them to maintain their foothold over those regions. The company expanded the capacity of 2 factories in China thus being able to cater to large customer base in the Asia Pacific region. The JV with Kolon Plastics in South Korea strengthens their grasp over the Asian market. The acquisiton of Solvays Polyamide business enhances their product portfolio for automobile thermoplastics. As of 2021 the company employs 111,047 employees. BASF currently operates six Verbund sites as well as 352 additional production sites in more than 80 countries
LyondellBasell Industries Holdings B.V. has witnessed tremendous increase in sales post pandemic indicating that they are able to meet sudden and high demand. They also increased the share allocated to R&D department of the revenue. This enabled them to launch new products like Beon 3D. The company has good geographical presence indicating wide market reach for their products. Company has established its brand in the sustainability space with procurement of recycled raw materials thus improving brand value. The company made strategic joint ventures and acquisitions to increase their polypropylene business globally. The company acquired TIVACO that will enable them to increase the quantity of recycled raw materials used in their feedstock. This will help them to reduce the input cost of raw materials and also help reduce the overall CO2 emissions of the company. The company has also made acquisitions and expansion in southeast asia thus enabling them to cater to this high demand region. The company has good global presence with 55 manufacturing facilities worldwide employing around 13,000 people.
Sabic has access to large capital since they are based in a fossil fuel producing nation. This allows them to focus on innovation and marketing of their products worldwide. The company has versatile product portfolio and have recently launched new products for automotive parts with complex geometries. This indicates their ability to provide high quality innovative products. The company successfully negotiated a collaboration with Bamberger to enhance their presence in the North American region, a region that has low revenue share in their business mix. The company made a JV deal to enhance their sustainable product portfolio that will also help them reduce overall raw material input cost. The company also expanded its production capacity in the southeast Asian region thus improving their presence in the Asia Pacific region. The company has presence in over 50 countries worldwide employing around 31,000 people. The company’s R&D department has secured 10,090 patents until 2021.
Electric Vehicle Plastics Market by Type (ABS, PU, PA, PC, PVB, PP, PVC, PMMA), Application & Component (Dashboard, Seat, Trim, Bumper, Body, Battery, Engine, Lighting, Wiring), Battery Type & Material, Vehicle Type and Region - Global Forecast to 2027
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