U.S. Electric Vehicle Plastics Market Size to Hit USD 1,376.63 Mn by 2033

According to Nova One Advisor, the U.S. electric vehicle plastics market size was exhibited at USD 216.85 million in 2023 and is projected to hit around USD 1,376.63 million by 2033, growing at a CAGR of 20.3% during the forecast period 2024 to 2033.

The automotive industry is undergoing a significant transformation, driven largely by the increasing demand for lightweight vehicles. This shift is primarily motivated by the need to enhance fuel efficiency and meet stringent environmental regulations. One of the key materials enabling this trend is plastic, which offers substantial weight reduction possibilities compared to traditional metals.

Thermoset polyurethane, for example, has been shown to reduce the overall weight of a vehicle by almost 40%. This reduction in weight is particularly advantageous for electric vehicles (EVs), which rely on heavy batteries. By decreasing the vehicle's weight, manufacturers can accommodate larger or more efficient batteries, ultimately improving the vehicle's range and battery life. Additionally, lighter vehicles offer better acceleration, handling, and reduced noise and vibration, contributing to a smoother ride experience.

The focus on lightweight materials extends to various types of thermoplastic elastomers, which are increasingly used in EV components. These materials include polymers such as polypropylene, polyurethane, and polyamides. One of the advantages of using plastics is their ability to bind together without the need for welding, unlike metals. This not only reduces the weight associated with welded joints but also simplifies the manufacturing process.

The rising cost of traditional automotive metals like magnesium and aluminum is another factor driving the shift towards plastics. As a result, manufacturers are increasingly using plastics to replace metals in various automotive components. For instance, polypropylene's chemical resistance and water imperviousness make it an ideal material for automotive bumpers, cable insulation, battery boxes, and carpets. These properties also make it suitable for other applications like chemical tanks and non-automotive products.

The use of a diverse range of plastics, including acrylonitrile butadiene styrene (ABS), polyvinyl chloride (PVC), polymethyl methacrylate (PMMA), and polycarbonate, not only reduces vehicle weight but also provides new revenue streams for automotive plastic manufacturers. The versatility and adaptability of these materials allow for innovation in automotive design and construction, which is crucial as the industry continues to evolve towards more sustainable and efficient vehicles.

Overall, the market for automotive plastics is poised for significant growth as the industry prioritizes weight reduction and the benefits it brings to vehicle performance, efficiency, and sustainability. The ongoing development of new plastic materials and manufacturing techniques will likely further expand the applications and advantages of plastics in the automotive sector.

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U.S. Electric Vehicle Plastics Market Key Takeaways:

• Polyurethane (PU) segment dominated the market with a revenue share of over 29% in 2023.
• Polypropylene (PP) segment is expected witness the fastest growth during the forecast period.
• The batteries segment dominated the market with the largest revenue share in 2023.
• The International Energy Agency has forecasted that EV sales globally is estimated at 60% of the total vehicles sold by 2033.
• The battery electric vehicle (BEV) segment dominated the market with a revenue share of 85% in 2023.
• The exterior furnishing segment dominated the market with a revenue share of 32% in 2023.
• The interior furnishing segment is anticipated to grow at the fastest CAGR of 22.9% during the forecast period.

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Some of the prominent players in the U.S. electric vehicle plastics market include:

• BASF
• SABIC
• LyondellBasell Industries Holdings B.V.
• Evonik Industries
• Covestro AG
• Dupont
• LANXESS

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the U.S. electric vehicle plastics market

Resin

• Polypropylene (PP)
• Polyamide (PA)
• Polycarbonate (PC)
• Polyethylene (PE)
• Polyurethane (PU)
• Polyvinyl Chloride (PVC)
• Polyvinyl Butyral (PVB)
• Polybutylene Terephthalate (PBT)
• Acrylonitrile Butadiene Styrene (ABS)
• Polyethylene Terephthalate (PET)
• Others

Components

• Steering & Dashboards
• Car Upholstery
• Bumper
• Door Assembly
• Exterior Trim
• Interior Trim
• Connector and Cables
• Battery
• Lighting
• Electric Wiring
• Others

Vehicle Type

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

Application

• Interior
• Exterior
• Powertrain System/Under Bonnet
• Lighting & Electric Wiring

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the U.S. Electric Vehicle Plastics Market analysis from 2021 to 2033 to identify the prevailing U.S. Electric Vehicle Plastics Market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the cancer supportive care drugs industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global U.S. Electric Vehicle Plastics Market trends, key players, market segments, application areas, and market growth strategies.

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