The plastic for electric vehicle market in North America is expected to grow from US$ 213.50 million in 2019 to US$ 904.89 million by 2027; it is estimated to grow at a CAGR of 20.0% from 2020 to 2027.
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The electric vehicle (EV) market is increasingly embracing bio-based plastics as a sustainable alternative to traditional and recycled plastics. This shift is driven by a strong focus on minimizing CO2 emissions and reducing overall vehicle weight, particularly in out-of-sight components.
Why Bio-Based Plastics in EVs?
Bio-based plastics, which include materials like bio-based Polyethylene Terephthalate (PET), Polyethylene (PE), technical performance polymers, and thermoplastic co-polyester elastomers (TPC-ET), offer several advantages:
- Weight Reduction: Plastics inherently reduce vehicle weight, which in turn extends the range of EVs between recharges.
- Cost-Effectiveness: Injection-molded plastic components are often less expensive to produce than their metal counterparts.
- Performance: Many plastics provide excellent heat resistance, making them ideal for critical EV parts such as battery compartments and cooling systems, without compromising durability or safety.
- Environmental Benefits: The use of bio-based plastics helps manufacturers significantly minimize the environmental impact of their products.
Prominent automotive manufacturers and suppliers globally are actively integrating bio-plastics like bio-based polyesters and polyamides into their production lines. For example, the KIA Soul EV incorporates bio-plastics in various interior parts, including the carpet, door latch, and seat trims, moving away from recycled plastics. Other leading automakers like Toyota, BMW, and Nissan are also adopting this trend to stay at the forefront of green technologies in the EV sector.
Market Outlook
The growing adoption of bio-plastics in electric vehicles is expected to fuel significant demand for plastics in the coming years, thus bolstering the overall plastic for electric vehicle market.
Impact of COVID-19
It's important to note that the COVID-19 pandemic, particularly in regions like the U.S. with high case numbers, could impact the chemical and materials industry. Supply chain disruptions, along with affected manufacturing processes and research and development activities, may influence market growth.
North America Plastic for electric vehicle Market Segmentation
North America Plastic for electric vehicle Market- by Plastic Type
- Acrylonitrile Butadiene Styrene (ABS)
- Polyamide (PA)
- Polycarbonate (PC)
- Polyvinyl Butyral
- Polyurethane (PU)
- Polypropylene (PP)
- Others
North America Plastic for electric vehicle Market- by Component
- Dashboard
- Seats
- Interior Trim
- Car Upholstery
- Bumper
- Others
North America Plastic For Electric Vehicle Market – By Vehicle Type
- BEV
- PHEV/ HEV
North America Plastic For Electric Vehicle Market – By Application
- Powertrain System/ Under Bonnet
- Exterior
- Interior
- Lighting and Electric Wiring
North America Plastic for electric vehicle Market- by Country
- US
- Canada
- Mexico
Company Profiles
- BASF SE
- Solvay SA
- DuPont de Nemours, Inc.
- The Dow Chemical Company
- LG Chem Ltd.
- Lanxess AG
- Sabic
- Covestro AG
- Asahi Kasei Corporation
- Lyondellbasell Industries Holdings B.V.
North America Plastics For Electric Vehicle Strategic Insights
Strategic insights for the North America Plastics For Electric Vehicle provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
North America Plastics For Electric Vehicle Regional Insights
The geographic scope of the North America Plastics For Electric Vehicle refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
