The Global Electric Vehicle Plastics Market to Exhibit 30.48% of CAGR by 2028

Triton Market Research presents the Global Electric Vehicle Plastics Market segmented by Electric Vehicle Type {BEV, HEV/PHEV}, by Component {Powertrain, External, Internal}, by Plastic Type {Polyurethane (PU), Polyamide (PA), Acrylonitrile Butadiene Styrene (ABS), Polypropylene (PP), Polycarbonate (PC), Other Electric Vehicle Plastic Types), and by Regional Outlook (North America, Asia-Pacific, Europe, Latin America, Middle East and Africa). It further discusses the Market Summary, Industry Outlook, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, and Forecasts & Analysis (2022-2028).

Triton Market Research’s market report highlights that the global market for electric vehicle plastics market would expand with a 30.48% CAGR for the forecasted period 2022-2028.

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Plastics have high versatility and can be easily molded, which makes them an ideal choice for manufacturing electric vehicles. Also, they offer great heat resistance, which enables efficient cooling and construction of battery compartments, so that the durability and safety of EVs are not hindered. The growing focus on using such high-performance plastic to ensure safety and lightweighting electric vehicles is driving the growth of the assessed market.

However, the slow adoption of electric vehicles in many regions due to their high cost and lack of fast charging points have hindered the growth of the electric vehicle plastics market.

The Asia-Pacific is the largest market for electric vehicle plastics at present and is anticipated to hold its leading position in the upcoming years. There is a rising demand for plastic parts and accessories in electric vehicles, which is contributing to the market’s growth. Moreover, the rising fuel prices have reduced fuel consumption, thereby offering a significant opportunity for the adoption of EVs. Moreover, the region is also an expanding market for plastics, which are being used for manufacturing hybrid and electric vehicles. Thus, all these factors are contributing to the growth of the electric vehicle plastics market in the APAC.

The key companies listed in the electric vehicle plastics market are LyondellBasell Industries NV, Plastic Omnium, Ineos Capital Ltd, Asahi Kasei Corp., DuPont, Dow Chemical Company, Momentive Performance Materials, BASF SE, Hanwha Azdel Inc, Mitsui Chemicals, Evonik Industries, Lanxess Corporation, Covestro AG, and Sumimoto Chemical Co Ltd.

There is strong competitive rivalry in the electric vehicle plastics market, with top players maintaining cut-throat competition. These players have innovated modern biodegradable plastic for use in electric vehicles. Besides, there is almost no substitute for EV plastics. Thus, the demand for using plastics in these vehicles is on the rise. This, in turn, is expected to boost the growth of the considered market.

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