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The Plastics for Electric Vehicle Market is Projected to Grow at a CAGR of 26.9% by 2025!

Thermoplastics polymers offer automobile manufacturers the freedom to create and design parts in various parts and sizes. They have been widely used in vehicles for years to come. From improving the fuel efficiency to reducing the weight of the vehicle, plastics have revolutionized the automobile industry.

 

With the rising trend of environmental sustainability, automobile manufacturers are now designing electric vehicles (EV) to reduce carbon emissions. Plastics are playing a huge role in this as well.

 

Let us understand why plastics are considered in the manufacture of EV vehicles.

 

Why Plastics are Used in EV?

Due to plastics’ easy moldability and high versatility, they make for an ideal choice of material for the manufacture of electric vehicles (EV). The use of plastics in EV also enhances the durability and weight of the vehicles, thereby improving the range between each recharge. Plastics also offer great heat resistance, thereby enabling efficient cooling and construction of battery compartments, without hindering the safety and durability of EVs.

 

Rising Demand of Electric Vehicles Drives Market Growth

The global plastic for electric vehicle market is projected to grow at a CAGR of 26.9% through 2025. It is anticipated to reach a market size of $2,621 million during this time.

 

Automobile manufacturing is now moving towards making vehicles more fuel-efficient and reducing greenhouse gas emissions. There has also been a rising emphasis on cost-effectiveness, adoption of advanced technology, convenience and environment sustainability. All these factors are driving the demand for electric vehicles across the world.

 

Plastic Type Insights

Based on the type of plastic, the plastic for electric vehicle market is segmented into the following:

 

  • Acrylonitrile Butadiene Styrene (ABS)
  • Polycarbonate (PC)
  • Polypropylene (PP)
  • Polyamide (PA)
  • Polyurethane (PU)
  • Polyvinyl Butyral

 

The Polypropylene (PP) segment has accounted for the largest share of the EV market.

 

 

 

Application Insights

Based on the application, the plastic for electric vehicle market is divided into the following:

  • Lighting & electric wiring
  • Powertrain system/under bonnet
  • Exterior – bumpers, sunroof, carbon body kit
  • Interiors – dashboard, electric circuit kit, buttons
  • Battery compartment

 

The largest share of the market is accounted for by the interior segment.

 

Various types of high performance plastics are utilized in the electric vehicles to ensure safety and security. Polymers like Polypropylene are frequently used in parts such as gas cans, interior flooring and carpet fibers. PVC is used in dashboards and car tanks and due to its sleek finish. Dashboards and steering wheels are also manufactured with acrylonitrile butadiene styrene plastic (ABS). The wide scale application of plastics in the consoles, steering wheels, interior flooring, is the key factor for the growth of the plastics that are used in the electric vehicles.

 

We hope you have gained some valuable insights from this blog. It is fair to say that plastics have played a huge role in the manufacture of vehicles and will continue to influence the development of electric vehicles in the years to come!

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