The Asia-Pacific electric vehicle plastic market is expected to record a CAGR of 29.35% during the forecast period, 2022-2030, and is predicted to reach a revenue of $7211.68 million by 2030.

The electric vehicle plastic market growth in Asia-Pacific is attributed to the rising demand for plastic parts and accessories in electric vehicles and the thriving electric vehicle industry. Also, the increasing demand for lightweight vehicles for minimizing fuel consumption facilitates growth opportunities for the analyzed market, given the rising fuel prices.

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The Asia-Pacific electric vehicle plastic market growth analysis includes the evaluation of Vietnam, Japan, Australia & New Zealand, China, Thailand, South Korea, Indonesia, India, and Rest of Asia-Pacific. China is among the top nations globally for EV adoption, accounting for 12% of all new electric vehicle sales in 2021. The carmakers are extending their all-electric vehicle offerings with brands like Xpeng, NIO, Li Xiang, BYD, etc. Also, the country has strengthened its plastics supply chain. In addition, the growing living standards and stringent environmental policies have propelled the demand for sustainable high-performance materials in the country. The new state-of-the-art compounding line is set to help sustain the demand for high-performance materials like Stanyl PA 46, ForTii PA 4T/PPA, Arnitel thermoplastic copolyester, Arnite PET/PBT, etc.

Further, the government policies to curb carbon emissions and the carbon neutrality commitments by 2060 are facilitating a boom in the green-tech sector in China. Accordingly, the government has announced mandates to encourage the manufacturing of quality electric vehicles that can travel long ranges on a single charge. The mandates also entail rewarding manufacturers who meet these requirements with credits. Moreover, the electric vehicle sales hit record sales almost every month in 2021, accredited to the high quality variations, development of charging stations, and government initiatives. Such factors drive market growth in China.

Plastic consumption is on the rise in South Korea. There is an increased inclination toward single-use plastic items. The country’s general trading companies are trying to transition into eco-friendly companies by entering the electric vehicle machines and parts businesses. Also, the country plans to promote the pyrolysis plastic recycling adoption for converting waste plastics and vinyl into processed oil. This oil can be used as a raw material or fuel to produce recycled petrochemical products, which can be further used for electric vehicle plastic. Moreover, the Ministry of Environment has formed a task force that encompasses academics, private companies, and research institutes, to popularize pyrolysis recycling. Such factors boost growth opportunities in South Korea.

The segmentation of the Asia-Pacific electric vehicle plastic market includes plastic, vehicle, and application. The vehicle segment includes BEV and PHEV/HEV.

Battery electric vehicles (BEVs) are the simplest form of electric vehicles that use electrical power from a single source, the electrochemical battery, to power one more electric motors. They operate on stored electricity, and their central components include a high-voltage battery, a controller to manage the power electronics, and one or more electric motors. Most BEVs do not need a reduction gearbox or complex engine management systems. Therefore, the complete drivetrain is less complex compared to conventional vehicles with internal combustion engines.

Some of the eminent players in the Asia-Pacific electric vehicle plastic market include Mitsui Chemical, Sumitomo Chemical Co Ltd, Plastic Omnium, Momentive Performance Materials, etc.

Sumitomo Chemical Co Ltd is a major chemical company in Japan. The product portfolio includes methanol, resorcinol, alumina, cyclohexanone, etc. It caters to industries like pharmaceuticals, home appliances, energy, plastic, petrochemicals, etc. It is headquartered in Chuo City, Tokyo, Japan.

One of its key products, SUMIKASUPER E101, has application in engine compartments and automotive interiors of electric vehicles.

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