South Korea Electric Vehicle Plastics Market Size & Outlook
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South Korea electric vehicle plastics market highlights
- The South Korea electric vehicle plastics market generated a revenue of USD 34.0 million in 2023 and is expected to reach USD 163.3 million by 2030.
- The South Korea market is expected to grow at a CAGR of 25.2% from 2024 to 2030.
- In terms of segment, polyurethane (pu) was the largest revenue generating resin in 2023.
- Polypropylene (PP) is the most lucrative resin segment registering the fastest growth during the forecast period.
Electric vehicle plastics market data book summary
| Market revenue in 2023 | USD 34.0 million |
| Market revenue in 2030 | USD 163.3 million |
| Growth rate | 25.2% (CAGR from 2023 to 2030) |
| Largest segment | Polyurethane (pu) |
| Fastest growing segment | Polypropylene (PP) |
| Historical data | 2019 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | 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) |
| Key market players worldwide | Basf SE, SABIC, LyondellBasell Industries NV Class A, Evonik Industries AG, Covestro AG, DuPont de Nemours Inc, Sumitomo Chemical Co Ltd, LG Chem, Asahi Kasei Corp, Lanxess AG, INEOS, Celanese Corp Class A, AGC Inc, Ems-Chemie Holding AG, Mitsubishi Electric Corp |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.4% of the global electric vehicle plastics market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China electric vehicle plastics market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 336.4 million by 2030.
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Electric Vehicle Plastics Market Scope
Electric Vehicle Plastics Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| INEOS | View profile | 10001+ | Rolle, Geneve, Switzerland, Europe | http://www.ineos.com/ |
| Ems-Chemie Holding AG | View profile | 2736 | Via Innovativa 1, Domat/Ems, Switzerland, 7013 | https://www.ems-group.com |
| SABIC | View profile | 10001+ | Riyadh, Ar Riyad, Saudi Arabia, Asia | http://www.sabic.com |
| Lanxess AG | View profile | 12621 | Kennedyplatz 1, Cologne, Germany, 50569 | https://www.lanxess.com |
| AGC Inc | View profile | 61671 | 1-5-1, Marunouchi, Chiyoda-ku, Tokyo, Japan, 100-8405 | https://www.agc.com |
| LG Chem | View profile | 10001+ | Seoul, Seoul-t'ukpyolsi, South Korea, Asia | https://www.lgchem.com |
| Celanese Corp Class A | View profile | 12410 | 222 West Las Colinas Boulevard, Suite 900N, Irving, TX, United States, 75039-5421 | https://www.celanese.com |
| DuPont de Nemours Inc | View profile | 24000 | 974 Centre Road, Building 730, Wilmington, DE, United States, 19805 | https://www.dupont.com |
| LyondellBasell Industries NV Class A | View profile | 20000 | One Vine Street, 4th Floor, London, United Kingdom, W1J0AH | https://www.lyondellbasell.com |
| Sumitomo Chemical Co Ltd | View profile | 37235 | 27-1, Shinkawa 2-chome, Chuo-ku, Tokyo, Japan, 104-8260 | http://www.sumitomo-chem.co.jp |
| Covestro AG | View profile | 17520 | Kaiser-Wilhelm-Allee 60, Leverkusen, NW, Germany, 51373 | https://www.covestro.com/en |
| Asahi Kasei Corp | View profile | 48897 | 1-105 Kanda Jinbocho, Chiyoda-ku, Tokyo, Japan, 101-8101 | http://www.asahi-kasei.co.jp |
| Evonik Industries AG | View profile | 33409 | Rellinghauser Strasse 1-11, Essen, NW, Germany, 45128 | https://www.evonik.com |
| Basf SE | View profile | 111855 | Carl-Bosch-Strasse 38, Ludwigshafen am Rhein, Germany, 67056 | https://www.basf.com |
| Mitsubishi Electric Corp | View profile | 149134 | Tokyo Building, 2-7-3, Marunouchi, Chiyoda-ku, Tokyo, Japan, 100-8310 | https://www.mitsubishielectric.com |
South Korea electric vehicle plastics market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to electric vehicle plastics market will help companies and investors design strategic landscapes.
Polyurethane (pu) was the largest segment with a revenue share of 26.76% in 2023. Horizon Databook has segmented the South Korea electric vehicle plastics market based on 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) covering the revenue growth of each sub-segment from 2019 to 2030.
South Korea has witnessed a rapid increase in the sales of electric vehicles, reaching approximately 28,000 in 2021 compared with approximately 1,500 electric vehicles sold in the country in 2020. This increase in the number of vehicles sold in South Korea can be attributed to an innovative policy formulated by the government of the country that incentivizes the adoption of electric vehicles in South Korea for commercial usage.
Electric light commercial vehicle (LCV) models face fewer hurdles to obtain commercial registration permits in the country than internal combustion engine (ICE) light commercial vehicles (LCVs) that have resulted in a significant surge in the sales of electric light commercial vehicles (LCV) in 2021 and 2022 in South Korea compared with their sales in 2020.
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Target buyers of South Korea electric vehicle plastics market databook
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Our clientele includes a mix of electric vehicle plastics market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea electric vehicle plastics market , including forecasts for subscribers. This country databook contains high-level insights into South Korea electric vehicle plastics market from 2019 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea electric vehicle plastics market size, by components, 2019-2030 (US$M)
South Korea Electric Vehicle Plastics Market Outlook Share, 2023 & 2030 (US$M)
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