Polycarbonates segment held a leading share of electric vehicle engineering plastics market in 2020
The valuation of the electric vehicle engineering plastics market is expected to touch US$ 11 Bn by 2031. Original equipment manufacturer (OEMs) and EV manufacturers, as per Transparency market Research, are increasingly seeking engineering plastics to meet the stringent mechanical and chemical property requirements for various EV components. Of note, the development of lighter-weight electric vehicles will boost their range considerably, thereby catalyzing purchase of these vehicles.
The Asia Pacific electric vehicle engineering plastics market is projected to rise at CAGR of more than 29.4 per cent during the forecast period. Asia Pacific is a highly lucrative market with sizable sales opportunities. The growth is increasingly fueled by massive revenue potential in China. European economies, especially Germany, are prominent markets due to the strong demand for EVs on the back of steady policy push by respective governments.
Stringent mechanical and chemical property requirements for EV components are generating massive revenue streams, note a TMR study on the electric vehicle engineering plastics market. The demand can be attributed from the polymers used in diverse components such as dashboard, interior trims, bumpers and lighting, electric motor and powertrain, and connectors and cables.
Polycarbonate Plastics for EV Components
Polycarbonates (PCs) have garnered noticeable attention of polymer manufacturers owing to their salient impact resistance and properties to meet the transparency requirements of automotive components. The segment held a leading share of electric vehicle engineering plastics market in 2020. Suppliers of engineering plastics thus are witnessing massive revenue opportunities in the sales of PC plastics.
Several electric vehicle manufacturers are utilizing thermoplastics for meeting the safety, durability, and light weighting of automotive components to promote driving experience. In particular, flame-retardant high-performance thermoplastics are being extensively utilized in battery modules and other automotive components to ensure safety.
R&D in Glass-Fiber
A number of polymer manufacturers are witnessing vast demand possibilities in glass-fiber reinforced polyamide-6 due to their potential in meeting stringent mechanical and chemical property requirements for OEMs. These are characterized by insulation property and shock absorption and thermal management criteria. Continued R&D of engineering plastics is opening new opportunities, assert TMR analysts in a study on electric vehicle engineering plastics market.
International standards notably various ISO/IEC and LSR Standards are anchoring the adoption of EV engineering plastics among OEMs. Chemical companies are keenly garnering revenue gains from the demand for polymer solutions, which help stakeholders in the EV industry, comply with strict emission norms pertaining to fuel efficiency and use of recycled waste and residues.
