Global Electric Vehicle Engineering Plastics Market Size Zooming More Than 4.6X to Surpass USD 68.2 Billion & 5.1 Million Tons by 2030

Global Electric Vehicle Engineering Plastics Market is expanding rapidly due to an increasing demand for lightweight materials, regulatory pressure for emissions reduction, advancements in EV technology, and growing environmental awareness among stakeholders.

Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated the Global Electric Vehicle Engineering Plastics Market size by value at USD 14.62 billion in 2023. During the forecast period between 2024 and 2030, Report Ocean expects the Global Electric Vehicle Engineering Plastics Market size to boom at a robust CAGR of 23.76% reaching a value of USD 68.21 billion by 2030. The Global Electric Vehicle Engineering Plastics Market is driven by various factors. Consumer demand for lighter BEVs (battery electric vehicles)/PHEV (plug in hybrid electric vehicles) and HEVs (hybrid electric vehicles), coupled with the need for enhanced plastic performance in challenging environments, is increasing the demand for plastics in the sector. Growing environmental concerns and strict emission regulations promoting electrification and weight reduction are also significant drivers for the market.

By volume, Report Ocean estimated the Global Electric Vehicle Engineering Plastics Market size at 3.2 million tons in 2023. During the forecast period between 2024 and 2030, Report Ocean expects the Global Electric Vehicle Engineering Plastics Market size to expand at a CAGR of 24.88% reaching the volume of 5.1 million tons by 2030. The greater use of anti-microbial polymers in EVs contributes to market growth. Major countries like United States, United Kingdom, India, Japan, China, Germany, and Canada show the most potential for industry expansion. Plastics offer advantages, such as customizability, formability, affordability, and performance, making them suitable for EV applications. They also contribute to weight reduction, part consolidation, and noise and vibration dampening, further driving their demand for EVs.

Opportunity - High focus on reducing carbon footprints through engineering plastics

The escalating global concern over carbon footprints drives the Global Electric Vehicle Engineering Plastics Market. Electric vehicles (EVs) are hailed as environmentally friendly alternatives, necessitating the adoption of lightweight engineering plastics to meet sustainability targets. By enhancing vehicle efficiency and curbing energy consumption, these materials contribute to reduced carbon emissions both in production and operation phases. The eco-conscious transition fosters a heightened demand for innovative engineering plastics, fueling the expansion of the Global Electric Vehicle Engineering Plastics Market.

Impact of Escalating Geopolitical Tensions on Global Electric Vehicle Engineering Plastics Market

Escalating geopolitical tensions can significantly impact the Global Electric Vehicle Engineering Plastics Market. Trade restrictions, tariffs, and disruptions in the supply chain can raise material costs and hinder market growth. For instance, during the US-China trade war, tariffs on imported goods led to increased costs for electric vehicle components. Similarly, political tensions between countries can disrupt the flow of critical raw materials used in engineering plastics production, affecting supply stability. Additionally, heightened geopolitical uncertainties may discourage investment in electric vehicle infrastructure and research, slowing down technological advancements. These factors collectively can create challenges for market players, affecting their production capabilities and profitability, and ultimately impeding the growth trajectory of the global electric vehicle engineering plastics market.

Global Electric Vehicle Engineering Plastics Market

Segmental Coverage

Global Electric Vehicle Engineering Plastics Market - By Plastic

Based on plastic, Global Electric Vehicle Engineering Plastics Market is divided into Acrylonitrile Butadiene Styrene (ABS), Polyamide (PA), Polycarbonate (PC), Polyvinyl Butyral, Polyurethane (PU), and Other (Polypropylene, Polyvinyl Chloride, Polymethylmethacrylate, High-Density Polyethylene, Low-Density Polyethylene, and Polybutylene Terephthalate) segments. The polyamide (PA) segment is the leading plastic in the Global Electric Vehicle Engineering Plastics Market. Polyamide, commonly known as nylon, is a versatile engineering plastic valued for its high strength, durability, and thermal resistance, making it ideal for various automotive applications. Its widespread usage in EV components, such as battery casings, connectors, and structural parts contributes significantly to its dominance in the market segment. With its favorable properties and extensive application scope, polyamide emerges as a prominent choice in the electric vehicle engineering plastics market, reflecting its pivotal role in advancing the automotive industry's transition towards sustainable mobility solutions.

Global Electric Vehicle Engineering Plastics Market - By Component

Based on component, Global Electric Vehicle Engineering Plastics Market is divided into Dashboard, Seat, Trim, Bumper, Body, Vehicle Type, Engine, Lighting, and Wiring segments. The body segment is the largest component in the Global Electric Vehicle Engineering Plastics Market. The segment encompasses a wide range of components, including the vehicle's structural framework, exterior panels, and other crucial elements that contribute to the overall design and functionality of the vehicle. As electric vehicles continue to gain popularity and manufacturers prioritize lightweight materials for improved efficiency, the demand for engineering plastics in body-related applications is expected to remain substantial, making it a significant portion of the market.

Competitive Landscape

Global Electric Vehicle Engineering Plastics Market is fiercely competitive. Major companies in the market include Covestro AG, Celanese Corporation, DuPont de Nemours, Inc., Evonik Industries AG, LANXESS Deutschland GmbH, Mitsubishi Engineering-Plastics Corporation, BASF SE, LyondellBasell Industries Holdings B.V., Sabic, Dow, Sumitomo Chemicals Co. Ltd, and Asahi Kasei. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Global Electric Vehicle Engineering Plastics Market.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Electric Vehicle Engineering Plastics Market. It also highlights the factors driving forecasts of total Market size. The report promises to provide recent technology trends in Global Electric Vehicle Engineering Plastics Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.