According to the market research report Plastic Materials Market by Type (PP, PE, ABS, PU, PVC, PA, PC, PVB & Other Engineering Plastics), Application (Interior, Exterior, Lighting/Electric Wiring & Under the hood), Vehicle Type (BEV, PHEV, HEV, & ICE), & Region - Global Forecast to 2021. Addition to that, the growth of automotive plastic market in BRIC countries is also creating a new revenue pocket for tier1 players and OEMs. The automotive industry is shifting its base to BRIC countries. Majority of the global automobile giants operating in the market have set up their manufacturing units in these regions, which will eventually drive the demand for automotive plastics.
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The plastic materials market for electric & hybrid vehicles is projected to grow at a CAGR of 27.82% during the forecast period, to reach a market size of USD 1.49 billion by 2021.
The Battery Electric Vehicle (BEV) segment is projected to grow at the highest CAGR during the forecast period. The primary difference in the plastics employed in a BEV compared to a Hybrid Electric Vehicle (HEV) is the under hood components. The growth of this market is driven by factors such as increasing innovation, environmental concerns, and stringent emission regulations. To promote the growth of BEVs, governments are introducing various tax and non-tax incentives for electric vehicle owners. This in turn supplements the growth of the plastics employed in these BEVs.
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Asia-Oceania is estimated to dominate the electric vehicle plastics market, and is projected to grow at the highest CAGR during the forecast period. The region has emerged as a hub for electric vehicles in recent years, with China and Japan as the frontrunners. Governments in Asia-Oceania are also trying to provide incentives to support the demand for electric vehicles. For instance, in Japan, electric vehicles are exempted from acquisition tax and tonnage tax, and have a 50% exemption from automobile tax.
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Polyurethanes is expected to dominate the electric vehicle plastics market. The growth of this market can be attributed to the advantages offered by polyurethanes, such as high strength, flexibility, and resistance to temperature, weather, and radiation. The key applications of polyurethanes are seating, electric wiring, and hard plastic parts. The average percentage of polyurethanes employed in a passenger car is around 15%–20%, according to MarketsandMarkets analysis. Many automotive plastic manufacturers, such as BASF SE (Germany) and The Dow Chemical Company (U.S.), have a wide range of polyurethane products for the automotive industry.
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Plastic Materials Market Market Key Players
The electric vehicle plastics market is dominated by a few global players, and comprises several regional players. Some of the key manufacturers operating in the market are BASF SE (Germany), The Dow Chemical Company (U.S.), INEOS Capital Limited (Switzerland), SABIC (Saudi Arabia), and Lyondellbasell Industries Holdings B.V. (The Netherlands).