Global Electric Vehicle Engineering Plastics Market – Industry Trends and Forecast to 2030

Electric Vehicle Engineering Plastics Market Analysis and Size

The essential factors contributing to the growth of the global electric vehicle engineering plastics market in the forecast period of 2023 to 2030 include the growing global concern to reduce carbon footprints. Also, the surging demand for thermally stable plastics is significantly contributing to the market’s growth.

Data Bridge Market Research analyses that the global electric vehicle engineering plastics market which was USD 33,463.87 Million in 2022, is expected to reach USD 1,06,238.53 million by 2030, growing at a CAGR of 18.27% during the forecast period of 2023 to 2030. In 2023, “Acrylonitrile Butadiene Styrene (ABS)” of plastic type segment will dominate the market due to surging demand for thermally stable plastics. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Electric Vehicle Engineering Plastics Market Scope and Segmentation

Market Definition

Electric vehicle engineering plastics are basically the plastics that are basically utilized for electric vehicles and it reduces the weight of these vehicles, which generally offers a high range between recharges. The electric vehicle engineering plastics also offer excellent heat resistance that enables the construction of battery compartments and cooling systems and also do not hamper the durability and safety provided by electric vehicles.

Global Electric Vehicle Engineering Plastics Market Dynamics

Drivers

• Rising Trend of Weight Reduction in PHEV/HEV and BEV

The increasing focus on weight reduction in plug-in hybrid electric vehicles (PHEV), Hybrid electric vehicles (HEV), and range-extended electric vehicles (REV) is a key driver in the global electric vehicle engineering plastics market. Lightweight materials, such as advanced plastics, are essential for improving fuel efficiency and extending electric range. As automakers strive for greater sustainability and regulatory compliance, the demand for innovative engineering plastics that reduce vehicle weight while maintaining safety and performance standards is on the rise, creating significant growth opportunities in this market segment.

• Increasing Concern to Reduce the Level of Carbon Footprints

The growing global concern to reduce carbon footprints is a major driver in the global electric vehicle engineering plastics market. EVs are hailed as environmentally friendly alternatives to traditional combustion engine vehicles. To meet sustainability goals and reduce greenhouse gas emissions, automakers are increasingly adopting lightweight engineering plastics in EV manufacturing. These materials enhance vehicle efficiency and reduce energy consumption, contributing to lower carbon emissions during production and operation. This eco-conscious shift fuels demand for innovative engineering plastics, propelling the growth of the global electric vehicle engineering plastics market.

• Increasing Demand of Thermally Stable Plastic

The surging demand for thermally stable plastics is a significant driver in the global electric vehicle engineering plastics market. Electric vehicles (EVs) require components capable of withstanding high temperatures, particularly in battery and powertrain systems. Thermally stable plastics offer the necessary durability and fire resistance, ensuring the safe and reliable operation of EVs. As the EV market expands rapidly to meet sustainability goals, the need for such advanced materials grows, leading to increased demand for thermally stable plastics and driving growth in the global electric vehicle engineering plastics market.

Opportunity

• Rising Government Mandates to Promote the Adoption of Electric Cars

The increasing government mandates to promote electric car adoption present a significant opportunity in the global electric vehicle engineering plastics market. Many governments worldwide are implementing stringent emissions regulations and offering incentives for electric vehicle adoption. This creates a favourable environment for automakers to invest in electric vehicle production, leading to higher demand for engineering plastics used in EV components. As automakers strive to comply with these mandates and capitalize on incentives, the electric vehicle engineering plastics market is poised for substantial growth, driven by the expanding global electric vehicle engineering plastics market.

Restraint/Challenge

• High Cost of Capital and Infrastructure for Re-Engineering of Plastics

The high cost of capital and infrastructure for re-engineering plastics poses a significant challenge in the global electric vehicle engineering plastics market. Transitioning from traditional materials to advanced engineering plastics in electric vehicle production requires substantial investments in research, development, and manufacturing processes. In addition, establishing the necessary infrastructure for the production and recycling of these materials can be costly. These financial barriers may deter some manufacturers from adopting engineering plastics, slowing down the pace of innovation and adoption in the electric vehicle industry and hindering market growth.

This global electric vehicle engineering plastics market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global electric vehicle engineering plastics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In June 2022, Sabic launched NORYL. This resin is a product well suited for insulation film used in electric vehicle (EV) battery modules to help improve protection against short circuits and fire propagation
• In June 2022, BASF SE launched Ultradur an engineering plastic product that is equipped with highly effective additives that delays hydrolytic degradation. This makes the material resistant to damage by water at elevated temperatures. This material can provide safety for sensitive electronics in extremely challenging conditions

Global Electric Vehicle Engineering Plastics Market Scope   

The global electric vehicle engineering plastics market is segmented on the basis of plastic type, component application and vehicle type. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Plastic Type

• Acrylonitrile Butadiene Styrene (ABS)
• Polyamide (PA)
• Polycarbonate (PC)
• Polyvinyl Butyral
• Polyurethane (PU)
• Polypropylene (PP)
• Polyvinyl Chloride (PVC)
• Polymethylmethacrylate (PMMA)
• High-Density Polyethylene (HDPE)
• Low-Density Polyethylene (LDPE)
• Polybutylene Terephthalate (PBT)
• Others

Component

• Dashboard
• Seat
• Trim
• Bumper
• Body
• Battery
• Engine
• Lighting
• Wiring

Application

• Powertrain System/ Under Bonnet
• Exterior
• Interior
• Lighting 
• Electric Wiring

Vehicle Type

• BEV
• PHEV/ HEV

Global Electric Vehicle Engineering Plastics Market Regional Analysis/Insights

The global electric vehicle engineering plastics market is analysed and market size insights and trends are provided by plastic type, component application and vehicle type as referenced above.

The countries covered in the global electric vehicle engineering plastics market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E., Saudi Arabia, Egypt, South Africa, Israel, and Rest of Middle East and Africa

Asia-Pacific is expected to dominate the global electric vehicle engineering plastics market due to the increasing focus on weight reduction in plug-in hybrid electric vehicles (PHEV), hybrid electric vehicles (HEV), and range-extended electric vehicles (REV).

North America is expected to grow in the global electric vehicle engineering plastics market during the forecast period of 2023 to 2030, due to the increase concern to reduce carbon footprints.

The country section of the report also provides individual market impacting factors and changes in regulations in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Electric Vehicle Engineering Plastics Market Share Analysis

The global electric vehicle engineering plastics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global electric vehicle engineering plastics market.

Some of the major players operating in the global electric vehicle engineering plastics market are:

• BASF SE (Germany)
• Covestro AG (Germany)
• Celanese Corporation (U.S.)
• DuPont. (U.S.)
• corporate.evonik (Germany)
• LANXESS (Germany)
• Mitsubishi Engineering-Plastics Corporation (Japan)
• LG Chem (South Korea)
• Solvay (Belgium)
• SABIC (Saudi Arabia)
• DSM (Netherlands)
• Teijin Aramid B.V. (Netherlands)
• Avient (U.S.)
• Eastman Chemical Company (U.S.)
• Arkema (France)
• Toray Industries Inc. (Japan)
• Kureha Corporation. (Japan)
• Dow (U.S.)
• TPC Group (U.S.)
• Formosa Plastics Corporation, U.S.A. (U.S.)
• ZEON Corporation. (Japan)
• China Petrochemical Corporation (China)
• Borealis AG. (Austria)
• Versalis S.p.A. (Italy)

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