Future of Plastics in North American EV Industry: 2027 Forecast
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 adoption of bio-based plastics in electric vehicle (EV) manufacturing is rapidly increasing due to a g... moreFuture of Plastics in North American EV Industry: 2027 Forecast
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.
Get a sample PDF of the report: https://www.businessmarketinsights.com/sample/TIPRE00017235?utm_source=Blog&utm_medium=10640
The adoption of bio-based plastics in electric vehicle (EV) manufacturing is rapidly increasing due to a growing focus on minimizing CO2 emissions and reducing vehicle weight. These sustainable materials offer a greener alternative to traditional and even recycled plastics, proving beneficial for both the environment and production costs.
Why Bio-Based Plastics Are Gaining Traction in EVs
Diverse Applications: Bio-based plastics encompass a wide range of materials, from mass-commodity options like bio-based polyethylene (PE) and polyethylene terephthalate (PET) to high-performance polymers and thermoplastic co-polyester elastomers (TPC-ET).
Reduced CO2 Emissions: By opting for bio-based plastics, manufacturers can significantly reduce their carbon footprint, aligning with global efforts to combat climate change.
Lightweighting for Greater Range: The inherent properties of plastics allow for the creation of lighter components, which directly translates to a greater range between recharges for EVs. This is particularly impactful in "out-of-sight" components, where weight reduction can be substantial.
Cost-Effectiveness: Many manufacturers have found that integrating sustainable plastic materials into EV production is a cost-effective solution, especially when compared to traditional metal components that require more complex and expensive manufacturing processes like injection molding.
Enhanced Performance: Plastics offer excellent heat resistance, making them ideal for critical EV components such as battery compartments and cooling systems. They provide durability and safety without compromising performance.
Design Versatility: As thermoplastic polymers, plastics are highly versatile and easily moldable, allowing for diverse shapes and designs to meet the specific requirements of various EV parts.
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Potential Challenges: The Impact of Global Events
While the outlook for bio-plastics in EVs is positive, global events can pose challenges. For instance, the COVID-19 pandemic has demonstrated how disruptions, particularly in regions like the U.S. (which had a high number of confirmed cases compared to Canada and Mexico), can impact the chemical and materials industry. Supply chain disruptions, slowed manufacturing processes, and reduced research and development activities can all affect market growth.
Leading the Charge: Automakers Embracing Bio-Plastics
Prominent automotive manufacturers and suppliers worldwide are actively increasing their use of bio-plastics like bio-based polyesters and polyamides. This strategic shift aims to substantially minimize the environmental impact of their products.
For example, the KIA Soul EV extensively uses bio-plastics in various interior parts, including the carpet, door latches, and seat trims, prioritizing these over recycled plastics. Other major automakers, such as Toyota, BMW, and Nissan, are also following this trend to stay at the forefront of green technology in the evolving EV market. This widespread adoption is a significant driver for the growth of the plastics for electric vehicles market.
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
