Development of Interconnectivity Across Platforms and Devices along with Increased Smart Cities Mission has Propelled the Growth of the EV Engineering Plastic Market in the APAC Region!

The electric vehicle (EV) engineering plastics market in the Asia Pacific (APAC) region is expected to be driven by several factors. Firstly, the increasing adoption of EVs in the region due to government initiatives and rising environmental concerns is expected to boost demand for lightweight and durable plastic components. Secondly, the growing focus on reducing the weight of EVs to enhance their performance and increase their range is also expected to increase the demand for plastic materials. Additionally, advancements in plastic technology, such as the development of high-performance plastics that can withstand high temperatures and offer improved mechanical properties, are expected to further drive the market. Finally, the increasing demand for electric buses and other commercial vehicles in the region is expected to provide further growth opportunities for the EV plastics market.

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Further, the APAC EV Engineering Plastic Market is expected to grow at a strong CAGR of 26.5% during the forecast period (2022-2028). APAC is anticipated to emerge as the fastest-growing EV Engineering Plastic market primarily owing to the spur in demand for EV’s in the countries like China and India is expected to drive the market in the region during the forecast period. Furthermore, China is is the largest EV manufacturer of the world which is also expected to influence the market growth during the forecast period.

FIG. 1 APAC EV Engineering Plastic Market Revenue (2020-2028)- USD Mn

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. Polypropylene (PP) is a type of plastic that is commonly used in the automotive industry, including in the manufacturing of EVs. There are several reasons why PP is a popular material choice for EV components such as its light weight, PP is a lightweight material, which makes it ideal for use in EVs as it helps to reduce the overall weight of the vehicle. This, in turn, can improve the EV’s energy efficiency and range.

Based on application, the market is segmented into interior and exterior. The exterior segment is expected to have the largest market share of the EV engineering plastic market and is expected to maintain its growth during the forecast period. There are various factors for the use of plastics in the exterior body of an electric vehicle, such as its ability to significantly reduce the weight of a vehicle. Plastics are much lighter than traditional metal materials, such as steel or aluminum. By using plastics in the external body of EVs, manufacturers can reduce the weight of the vehicle, which can increase its range and overall energy efficiency.

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Global EV Engineering Plastic Market Segmentation

Market Insight, by Rensin

· Polypropylene

· Polyamide

· Polycarbonate

· Polyethylene

· Polyurethane

· Polyvinyl chloride

· Others

Market Insights, by Application

· Interior

· Exterior

Market Insight, by Region

· North America

o U.S.

o Canada

o Rest of North America

· Europe

o Germany

o UK

o Netherlands

o France

o Norway

o Switzerland

o Denmark

o Rest of Europe

· APAC

o China

o Japan

o India

o South Korea

o Rest of APAC

· Rest of the World

Top Company Profiles

· 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.