The North America electric vehicle plastic market is predicted to register a CAGR of 28.43% during the forecast period, 2022-2030, and is set to reach a revenue of $3352.29 million by 2030.

The electric vehicle plastic market growth in North America is attributed to the region’s favorable policies. However, the slow growth of the automotive industry impacts the overall market growth in the region. Moreover, the increased production costs, pandemic-induced restrictions, and supply chain changes have hindered vehicle production in the region.

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The North America electric vehicle plastic market growth analysis includes the assessment of Canada and the United States. In the United States, the market growth is accredited to the increasing application of plastics in the automotive industry and the rising sales of electric vehicles. Also, consumers and states have a growing inclination towards lightweight electric vehicles. Besides,  California’s zero-emissions vehicle (ZEV) program entails government grants for the roll-out of electric vehicles. In addition, private investors in the country are significantly investing in electric vehicle charging stations.

Canada has been increasingly focusing on boosting its electric vehicle manufacturing to increase electric vehicle sales. Also, the Canadian market prospects are defined by its sophisticated infrastructure, government incentives, consumer awareness, and favorable regulatory framework. This is further set to improve electric vehicle sales and investments.

While the transition to electrification is in the nascent stages, many Canadian-based manufacturing facilities and companies have emerged with several key components and zero-emission vehicles produced domestically. Additionally, there is a growing need for policymakers to offer targeted support for communities and workers relying on the auto sector. Besides, several companies, like BASF SE, are setting up production facilities for electric vehicle batteries in Canada. For instance, BASF SE supplies cathode active materials (CAM) required for the production of lithium-ion batteries in electric vehicles.

The North America electric vehicle plastic market segmentation includes plastic, application, and vehicle. The vehicle segment includes PHEV/HEV and BEV.

Hybrid electric vehicles (HEVs) are powered by an internal combustion engine integrated with one or more electric motors that use the energy stored in batteries. They encompass the low tailpipe emissions and high fuel economy benefits combined with the range & power of conventional vehicles. The PPS utilization in HEVs ranges between 4-5 kgs and is vastly used in drive train components like motor insulation, condensers, and inverters. The advantages of HEVs include lesser maintenance costs and oil consumption over conventional vehicles, low carbon emissions, and more mileage.

A plug-in hybrid electric vehicle (PHEV) has rechargeable batteries. It entails the characteristics of the traditional hybrid electric vehicle and an all-electric vehicle with a plug to connect to the electrical grid. It has a larger all-electric range than conventional gasoline-electric hybrids. Its advantages include overnight charging using a home power supply, negligible fuel consumption, regenerative braking, etc.

Some of the prominent firms in the North America electric vehicle plastic market include INEOS Capital Ltd, LyondellBasell Industries NV, Lanxess AG, Mitsui Chemical, etc.

LyondellBasell Industries NV is a multinational chemical company incorporated in the Netherlands with operations in the US and offices in London, UK. It manufactures acetyls, oxygenated fuels, propylene oxide, polypropylene, propylene, polyethylene, and ethylene. Also, it is engaged in developing and licensing technologies for polymer production and refining crude oil. It has headquarters in Rotterdam, Netherlands.

One of its key products, Adflex KS 021 P, is a reactor TPO manufactures using LyondellBasell’s proprietary Catalloy process technology.

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