Plastic Materials Market Overview, Cost Structure Analysis

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The Plastic Materials Market for Electric & Hybrid Vehicles is projected to grow at a CAGR of 27.82% from 2016 to 2021, to reach a market size of USD 1.49 billion by 2021. The major drivers of this market are the supporting government policies increasing sales of electric and hybrid vehicle, stringent emission regulations, light weighting demand to achieve fuel efficiency, demand for better ergonomics and other factors.
Plastics used for Interior application is the fastest growing segment globally, in terms of value. Interior applications includes dashboard, seats, interior trim, car upholstery and others. Around 50-55% of plastic is used in the interior of a car which is majorly made up of polypropylene (PP), Acrylonitrile- Butadiene-Styrene (ABS), Polycarbonate (PC) and Polyvinyl Chloride (PVC). Plastics in the interior of car allows designers to have enhanced flexibility in styling, manufacturing and assembling auto components with reduced costs and weight reduction. Additionally, the plastics are increasing the luxury and comfort inside the cabin.
Car Plastic Materials

Battery electric vehicles to be the fastest growing segment in the electric vehicle plastics market

The Battery Electric Vehicle (BEV) segment is projected to grow at the highest CAGR during the forecast period. The primary difference in the plastics employed in a BEV compared to a Hybrid Electric Vehicle (HEV) is the under hood components. The growth of this market is driven by factors such as increasing innovation, environmental concerns, and stringent emission regulations. To promote the growth of BEVs, governments are introducing various tax and non-tax incentives for electric vehicle owners. This in turn supplements the growth of the plastics employed in these BEVs.
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Polyurethanes to be the largest material segment used in electric vehicles

Polyurethanes are expected to dominate the electric vehicle plastics market. The growth of this market can be attributed to the advantages offered by polyurethanes, such as high strength, flexibility, and resistance to temperature, weather, and radiation. The key applications of polyurethanes are seating, electric wiring, and hard plastic parts. The average percentage of polyurethanes employed in a passenger car is around 15%–20%, according to MarketsandMarkets analysis. Many automotive plastic manufacturers, such as BASF SE (Germany) and The Dow Chemical Company (U.S.), have a wide range of polyurethane products for the automotive industry.

Asia-Oceania to be the largest market for electric vehicle plastics market

Asia-Oceania is estimated to dominate the electric vehicle plastics market, and is projected to grow at the highest CAGR during the forecast period. The region has emerged as a hub for electric vehicles in recent years, with China and Japan as the frontrunners. Governments in Asia-Oceania are also trying to provide incentives to support the demand for electric vehicles. For instance, in Japan, electric vehicles are exempted from acquisition tax and tonnage tax, and have a 50% exemption from automobile tax.
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Major Market Developments

  • In 2015, Magna International Incorporated plans to expand its plant capacity in Queretaro, Mexico for the production of molded and painted exterior parts. This is expected to help the company to strengthen its position in this growing region. The production at this site will begin in 2016.
  • In 2015, Grupo Antolin signed an agreement with global automotive supplier, Magna International (Canada) to purchase all of its interiors businesses. The agreement will allow the company to reinforce its presence in Europe, North America, and Asia and to diversify its client base and product portfolio.
  • In 2014, Dow Building Solutions, a subsidiary of The Dow Chemical Company developed a new Polymeric Flame Retardant (PolyFR) IMPAXX for Coastal Automotive (U.S.A.). The product is used in doors, overhead systems, and pillar trims.

Scope Of The Report

Plastic materials market for electric & hybrid vehicles, By Vehicle Type

  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV)
  • Plug-In Hybrid Electric Vehicle (PHEV)

Plastic materials market for electric & hybrid vehicles and ICE passenger cars, By Material

  • Polypropylene (PP)
  • Polyethylene (PE)
  • Acrylonitrile- Butadiene-Styrene (ABS)
  • Polyurethanes (PE)
  • Polyvinyl Chloride (PVC )
  • Polyamide (PA, Nylon 6/6, Nylon 6)
  • Polycarbonate
  • Polyvinyl Butyral (PVB)
  • Other Engineering Resins
  • Others

Critical questions which the report answers

  • What are new application areas which the plastic materials manufacturers are exploring?
  • Which are the key players in the market and how intense is the competition?

Product type

The plastic materials market for electric & hybrid vehicles is segmented into nine different types, namely, polypropylene, polyurethanes, polyvinyl chloride, ABS, HDPE, polycarbonates, PMMA, polyamide, and PET. Polypropylene had the largest market for automotive plastics 2014. The higher demand for polypropylene is primarily attributed to its excellent surface finish qualities and improved mechanical properties. Polypropylene is extensively used in passenger cars for various applications, such as interior, exterior, and under hood components. Polypropylene being a commodity plastic is cheaper than other engineered plastics, which is why it is preferred over other plastics by design engineers. The low-cost vehicle design requirement for engineers is usually met by the use of polypropylene. The environment adaptability feature is the main driver of polypropylene in automotive applications.
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