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Electric Vehicle Engineering Plastics Market Trends and Competitive Outlook till 2031
2/9/2022
Electric Vehicle Engineering Plastics Market: Introduction
Transparency Market Research delivers key insights on the global electric vehicle engineering plastics market. In terms of revenue, the global electric vehicle engineering plastics market is estimated to expand at a CAGR of 27.3% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global electric vehicle engineering plastics market.
The global electric vehicle engineering plastics market is broadly affected by several factors, including increase in usage of electric vehicle engineering plastics in various components such as interior trim, exterior trim, and electronic components. The rise in global demand for interior trim and exterior trim has led to a significant rise in the usage of electric vehicle engineering plastics. Increase in production and demand for electronic components is expected to be the primary driver of the global electric vehicle engineering plastics market. The rise in demand for interior trim and exterior trim components is propelling the electric vehicle engineering plastics market.
Electric Vehicle Engineering Plastics Market: Dynamics
Engineering plastics are high-performance plastics with excellent mechanical strength, heat-resistance, chemical resistance, and other properties. They are used in every facet of modern life from automobiles, household appliances and electronic devices to aircraft as well as food and medical products packaging. Several industries, including aerospace, automotive, and household appliance production use electric vehicle engineering plastics in vapor degreasing of metal parts to remove soil and metal chips during fabrication and prior to galvanization.
The use of engineering plastics in electric vehicles reduces the weight of these vehicles, which provides a greater range between recharges. Plastics offer excellent heat resistance, which enables the construction of battery compartments and cooling systems, and do not hamper the durability and safety provided by electric vehicles.
The global interior trim segment is expected to expand considerably during the forecast period. Thus, rise in production of interior trim, exterior trim, and electronic components is projected to boost the demand for electric vehicle engineering plastics during the forecast period.
Manufacturers are focusing on interior trim, as the share held by this segment in the electric vehicle engineering plastics market is likely to increase during the forecast period.
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Electric Vehicle Engineering Plastics Market: Prominent Regions
Asia Pacific holds the major share of the global electric vehicle engineering plastics market. The market in the region is anticipated to expand at a CAGR of more than 29.4% during the forecast period. Increase in demand for electric vehicle engineering plastics in various components such as interior trim, exterior trim, and electronic components is driving the electric vehicle engineering plastics market in Asia Pacific. China is a key country of the electric vehicle engineering plastics market in Asia Pacific. It held significant share of the electric vehicle engineering plastics market in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
Europe is also a prominent region of the global electric vehicle engineering plastics market. Germany led the electric vehicle engineering plastics market in Europe in 2020. The increase in demand for electric vehicle engineering plastics in interior trim, exterior trim, and electronic components is driving the market in Germany.
Electric Vehicle Engineering Plastics Market: Major Players
The global electric vehicle engineering plastics market is consolidated with the presence of key players. Prominent players operating in the global electric vehicle engineering plastics market include BASF SE, Covestro AG, Celanese Corporation, DuPont de Nemours, Inc., Evonik Industries AG, LANXESS Deutschland GmbH, Mitsubishi Engineering-Plastics Corporation, LG Chem, Solvay, SABIC, DSM, Teijin Limited, Avient Corporation, Eastman Chemical Company, Arkema, Toray Industries Inc., and Kureha Corporation.
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