Plastics for Electric Vehicle Market

Market Leader - Plastics for Electric Vehicle Market

The plastics for electric vehicle market is projected to grow at a CAGR of 26.9% to reach a market size of USD 2,621 million by 2025 from USD 797 million in 2020. The rising trend of weight reduction in PHEV/ HEV and BEV is estimated to increase the demand of plastics. Stringent emission standards coupled with automakers focus on weight reduction and inclination towards thermally stable plastics. Also, Low manufacturing cost of plastic components coupled with growing investments for EV charging infrastructure is further likely to increase electric vehicle sales, thereby likely to bolster the demand of plastics for electric vehicle market during the forecast period.

The plastics for electric vehicle market is projected to grow at a CAGR of 26.9% to reach a market size of USD 2,621 million by 2025 from USD 797 million in 2020. The rising trend of weight reduction in PHEV/ HEV and BEV is estimated to increase the demand of plastics. Stringent emission standards coupled with automakers focus on weight reduction and inclination towards thermally stable plastics. Also, Low manufacturing cost of plastic components coupled with growing investments for EV charging infrastructure is further likely to increase electric vehicle sales, thereby likely to bolster the demand of plastics for electric vehicle market during the forecast period

Some of the prominent players plastic for electric vehicle market includes BASF (Germany), SABIC (Saudi Arabia), Dow (US), Lyondellbasell Industries Holdings B.V (Netherlands), and DuPont de Nemours, Inc. (US), Covestro (Germany), Solvay (Belgium), LANXESS (Germany), LG Chem (South Korea), Asahi Kasei (Japan). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the plastics for electric vehicle market. New product development and expoansions have been the most dominating strategy adopted by major players from 2018 to 2020, which helped them to innovate on their offerings and broaden their customer base.

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SABIC has a strong presence in the Asian, Middle East and European markets. Some of the company’s strategies includes new product development, expansion, and supply contract to strengthen its position in the plastics for electric vehicles market. Of these, new product development is the key strategy adopted by the company owing to its strong R&D capabilities. In May 2018, SABIC unveiled a new and growing portfolio of SABIC polypropylene (PP) compounds that deliver a soft feel combined with excellent scratch performance in unpainted, low-gloss automotive interior components. The new SABIC PP compounds offer luxurious haptics and finish that today’s consumers demand—even in lower-priced vehicles. At the same time, these injection molding materials can help automotive OEMs and tiers reduce costs by as much as 50% by avoiding secondary operations such as applying soft paint, fabric, foam, or other surface coverings.

Dow has strong R&D and production capacities. Strong presence in the developed markets of North America, Europe and has made the company a formidable competitor in the plastics for electric vehicles market. The company’s key strengths are stable revenue and advanced R&D capabilities, which have helped it to adopt the strategy of new product development. In March 2020, Dow announced a next generation, low-VOC thin-wall foam for instrument panels and interior trim (IPIT) applications, as the topic of automotive indoor air quality quickly gains traction in the industry. The next generation solution can enable manufacturers to improve automotive air quality from the inside out while offering design flexibility and light weighting advantages.

Related Reports:

Plastics for Electric Vehicle Market by Plastic Type (ABS, PU, PA, PC, PVB, PP, PVC, PMMA, HDPE, LDPE, PBT), Application & Component (Dashboard, Seat, Trim, Bumper, Body, Battery, Engine, Lighting, Wiring), EV Type and Region - Global Forecast to 2025

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[email protected]

Report Code
AT 4688
RI Published ON
6/23/2020
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