Electric Vehicle Engineering Plastics Market to Advance at CAGR of 27.3% during Forecast Period, Notes TMR Study

ALBANY, N.Y., Dec. 21, 2021 /PRNewswire/ -- Transparency Market Research: The valuation of the electric vehicle engineering plastics market is expected to touch US$ 11 Bn by 2031. Original equipment manufacturer (OEMs) and EV manufacturers are increasingly seeking engineering plastics to meet the meet stringent mechanical and chemical property requirements for various EV components. Of note, the development of lighter-weight electric vehicles will boost their range considerably, thereby catalyzing purchase of these vehicles.

Stringent mechanical and chemical property requirements for EV components are generating massive revenue streams, note a TMR study on the electric vehicle engineering plastics market.  The demand can be attributed from the polymers used in diverse components such as dashboard, interior trims, bumpers and lighting, electric motor and powertrain, and connectors and cables.

The electric vehicle production has gathered considerable momentum in several economies around the world. Robust policy push and government-driven incentives, including purchase incentives are key pivots for promotion of electromobility in transportation sector. Increasing focus of EV manufactures on meeting the safety, strength, and other performance requirements of automotive is bolstering the utilization of engineering plastics.

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Key Findings of Electric Vehicle Engineering Plastics Market Study

• Extensive Adoption of Polycarbonate Plastics for EV Components to Spur Revenue Generation: Polycarbonates (PCs) have garnered noticeable attention of polymer manufacturers owing to their salient impact resistance and properties to meet the transparency requirements of automotive components. The segment held a leading share of electric vehicle engineering plastics market in 2020. Suppliers of engineering plastics thus are witnessing massive revenue opportunities in the sales of PC plastics, finds an in-depth research report by TMR.
• Thermoplastic-based Solutions Gather Popularity for Strength and Lightweigting Performance: Several electric vehicle manufacturers are utilizing thermoplastics for meeting the safety, durability, and lightweighting of automotive components to promote driving experience. In particular, flame-retardant high-performance thermoplastics are being extensively utilized in battery modules and other automotive components to ensure safety.
• R&D in Glass-Fiber-Reinforced Polyamide-6 Boosts Prospect: A number of polymer manufacturers are witnessing vast demand possibilities in glass-fiber reinforced polyamide-6 due to their potential in meeting stringent mechanical and chemical property requirements for OEMs. These are characterized by insulation property and shock absorption and thermal management criteria. Continued R&D of engineering plastics is opening new opportunities, assert TMR analysts in a study on electric vehicle engineering plastics market.
• OEMs Seek Electric Vehicle Engineering Plastics for Complying with Stringent Emission Standards: International standards notably various ISO/IEC and LSR Standards are anchoring the adoption of EV engineering plastics among OEMs. Chemical companies are keenly garnering revenue gains from the demand for polymer solutions, which help stakeholders in the EV industry, comply with strict emission norms pertaining to fuel efficiency and use of recycled waste and residues.

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Electric Vehicle Engineering Plastics Market: Key Drivers

• Growing trends of electrification and weight reduction in vehicles have spurred R&D in high-performance polymer compounds
• Chemical companies in the electric vehicle engineering plastics market are increasingly customizing their products to meet the requirements of polymers for external and internal automotive components, extending the horizon of the electric vehicle engineering plastics market

Electric Vehicle Engineering Plastics Market: Regional Growth Dynamics

• European economies, especially Germany, are prominent markets due to the strong demand for EVs on the back of steady policy push by respective governments
• The Asia Pacific electric vehicle engineering plastics market is projected to rise at CAGR of more than 29.4% during the forecast period. Asia Pacific is a highly lucrative market with sizable sales opportunities. The growth is increasingly fueled by massive revenue potential in China.

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Key Players

Some of the prominent players in the electric vehicle engineering plastics market are:

• BASF SE
• Kureha Corporation
• Arkema
• Eastman Chemical Company
• Avient Corporation
• Teijin Limited
• DSM
• SABIC
• Solvay
• LG Chem
• LANXESS Deutschland GmbH
• Evonik Industries AG
• DuPont de Nemours, Inc.
• Covestro AG

Global Electric Vehicle Engineering Plastics Market: Segmentation

Electric Vehicle Engineering Plastics Market, by Product Type

• Polycarbonate (PC)
• Polyamide (PA)
• Polymethyl Methacrylate (PMMA)
• Polyacetal /Polyoxymethylene (POM)
• PET
• PBT
• Polyphenylene Oxide (PPO/PPE Blends)
• Fluoropolymer (PTFE and Other FPs)
• Polyphenylene Sulfide (PPS)
• Acrylonitrile Butadiene Styrene (ABS)
• Others (including Polyetheretherketone [PEEK] and Polysulphone)

Electric Vehicle Engineering Plastics Market, by Component

• Dashboard
• Bumpers and Lighting
• Interior Trim
• Exterior Trim
• Electric Motor and Powertrain
• Battery Pack
• Connectors and Cables
• Electronic Component
• Others (including Brakes and Radiator)

Electric Vehicle Engineering Plastics Market, by Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Russia & CIS
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• ASEAN
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
• GCC Countries
• South Africa
• Rest of Middle East & Africa

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