Components of electric vehicles which are made of plastic fall
under the electric vehicle plastics category. Electric vehicles usually possess
metal batteries, the weight of which affects their functioning. Instead of
metals, plastics and composite materials can also be used as they help reduce
running costs. An electric vehicle requires relatively little servicing and no
expensive exhaust systems, starter motors, fuel injection systems, radiators,
and other parts. A higher quantity of plastic material is used in these
vehicles than in conventional ones, owing to the inclusion of a larger battery
pack, the smaller size of the internal combustion engine, and demand for
lightweight materials to improve fuel efficiency. Electric vehicle plastics are
the raw materials prominently used to manufacture parts and supplies.
Increasing
demand for electric vehicles owing to growing environmental awareness supported
by innovation, government initiatives, and investments made by OEMs has
resulted in a technological revolution in the global automobile industry. The
need for electric vehicles propels allied sectors such as plastics, an
essential material required in the manufacturing of the former. Manufacturers
need lightweight materials to develop electric vehicles, which is the primary
driver of the global electric vehicle plastics market. Environmental concerns
are expected to increase the requirement for electric vehicles, thereby driving
the electric
vehicle plastics market over the forecast period. With a shift in consumer
need toward automobiles which contribute to fewer greenhouse gas emissions,
highly fuel-efficient electric vehicles and their variants are being
manufactured by almost all major automakers owing to the improving year-on-year
sales of this product, directly influencing the development of the electric
vehicle plastics market. Another contributing factor is the decline in the
prices of raw materials used in the manufacture of electric vehicles.
In terms
of material, electric vehicle plastic is categorized into the following types:
PP, PE, ABS, PE, PVC, PA, nylon 6, polycarbonate, PVB, and other engineering
resins. Based on vehicle type, the market is classified into the hybrid,
plug-in hybrid, and battery varieties. On the basis of application, the market is
segmented into the interior, exterior, lighting & electric wiring, and
under the hood divisions. Polyurethanes are a widely used material in electric
vehicles, which could be attributed to the advantages they offer, such as high
strength, flexibility, resistance to temperature, and radiation. Key
applications of polyurethanes include seating, electric wiring, and hard
plastic parts. Battery electric vehicles are a rapidly expanding segment in the
electric vehicle plastics market, driven by factors such as increasing
innovation, environmental concerns, and stringent emission regulations. To
promote their growth, governments are introducing various tax and non-tax
incentives for owners of these vehicles. This eventually supplements the growth
of the plastics employed in them.
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The global
electric vehicle plastic market has witnessed modest growth in 2015 and is
expected to follow the same trend during the forecast period. Asia Pacific
dominates the electric vehicle plastic market and has emerged as a hub for electric
vehicles in recent years, with China and Japan being the leading players.
Governments in APAC are also trying to provide incentives to support the demand
for electric vehicles. The electric vehicle plastics market in North America
and Western Europe are flourishing at a healthy rate as a result of the
increasing adoption of non-polluting vehicles as a means of transportation. The
markets in Latin America and Middle East & Africa are likely to experience
a sluggish growth rate due to limited demand for and sales of electric
vehicles, but this situation could improve in later years when the demand for
fossil fuels increases.
Key
players operating in the global electric vehicle plastics market include BASF
SE, Formosa Plastic Corporation, U.S.A, Evonik Industries, and Mitsui
Chemicals, Inc.
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