EV Engineering Plastic Market: Current Analysis and Forecast (2022-2028)
Emphasis on Rensin (Polypropylene, Polyamide, Polycarbonate, Polyethylene, Polyurethane, Polyvinyl Chloride, and Others); Application (Interior and Exterior) Region/Country.
The EV engineering plastic market is expected to grow at a strong CAGR of around 26.6% during the forecast period 2022-2028 owing to the increasing demand for electric vehicles around the world.
Engineering plastics are adaptable plastic materials with exceptional physical and electrical characteristics, including stability, improved chemical resistance, heat resistance, abrasion resistance, and weatherability.
The growing adoption of EV engineering plastics is attributed to the various benefits if EV engineering plastics such as they are lightweight, durable, and offer excellent strength-to-weight ratios, which can help reduce the overall weight of the vehicle and improve its energy efficiency. For instance, according to iea, the adoption of EV’s in the European region is increasing with a 65% rate. Additionally, engineering plastics are corrosion-resistant, which can be particularly important for EV components that are exposed to harsh environmental conditions. Furthermore, as the demand for EVs continues to grow, manufacturers are looking for ways to reduce costs and improve production efficiency. Engineering plastics can be molded into complex shapes and offer greater design flexibility than traditional materials, which can help reduce manufacturing costs and improve assembly efficiency.
Some of the major players operating in the market include BASF SE; SABIC; LyondellBasell Industries Holdings B.V; Evonik Industries; Covestro AG; DuPont; Sumitomo Chemical Co., Ltd; LG Chem.; Asahi Kasei Corporation; Mitsubishi Engineering-Plastics Corporation. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst rensin, the polypropylene segment held a dominating share of the market in 2021”
Based on rensin, the market is segmented into polypropylene, polyamide, polycarbonate, polyethylene, polyurethane, polyvinyl chloride, and others. The polypropylene segment is expected to garner the largest market share in 2021 and is expected to maintain a similar growth trend throughout the forecast period. One of the primary reasons for the interest in polypropylene for EV plastics is its low cost compared to other materials like engineering plastics. This makes it an attractive option for manufacturers looking to reduce costs while maintaining the necessary performance and safety requirements.
“Amongst application, the exterior segment held a dominating share of the market in 2021”
On the basis of application, the market is segmented into interior and exterior. The exterior segment held the largest market of the EV engineering plastic market. The growth of the segment is attributed to its features such as weight reduction, Plastic is much lighter than other materials such as metal, which is commonly used for car exteriors. EVs are designed to be as lightweight as possible to maximize their driving range, and plastic helps to achieve that goal. Furthermore, Plastic can be more durable and resistant to damage from the elements than other materials. This is important for EVs, which often have aerodynamic designs and are meant to be driven at high speeds. Plastic is also easier to repair or replace than metal in case of damage.
“APAC dominated the EV Engineering Plastic market in 2021”
APAC dominated the EV plastics market in 2021 and is expected to maintain this position throughout the forecast period. The adoption of electric vehicles is growing rapidly in the countries such as China and India, driven by government regulations aimed at reducing carbon emissions and increasing environmental sustainability. This is driving the demand for lightweight and high-performance plastics in electric vehicles. Also China is the manufacturing hub for companies like Tesla which is expected to further drive the market during the forecast period.
EV Engineering Plastic Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global EV Engineering Plastic market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the EV Engineering Plastic Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global EV Engineering Plastic market were the three major steps undertaken to create and analyze the adoption of EV Engineering Plastic in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global EV Engineering Plastic market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the EV engineering plastic market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the EV engineering plastic market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as rensin and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the EV engineering plastic market. Further, we conducted factor analysis using dependent and independent variables such as rensin and application of the EV engineering plastic market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the EV engineering plastic market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global EV Engineering Plastic market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the EV engineering plastic market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global EV Engineering Plastic market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global EV engineering plastic market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the rensin and application in the global EV Engineering Plastic market.
The main objective of the Global EV Engineering Plastic Market Study
The current & future market trends of the global EV engineering plastic market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the EV engineering plastic market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the rensin and application.
- Define and analysis of the regulatory framework for the EV engineering plastic
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the EV engineering plastic market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the EV engineering plastic market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
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