Advanced Materials in Electrical Vehicle Charging Infrastructure Market

Market Synopsis:

Global Advanced Materials in Electrical Vehicle Charging Infrastructure Market is valued at USD 448.38 Million in 2022 and is projected to reach a value of USD 5467.62 Million by 2030 at a Compound Annual Growth Rate (CAGR) of 36.70% over the forecast period.

Rising demand for electric vehicles and favorable government initiatives for developing electric vehicle charging points drive the market. The requirement for charging stations is growing to increase the use of electric vehicles. This rise has increased the investments as electric vehicle drivers should be assured that charging stations are in proximity. This has resulted in increased consumption of advanced materials that are essential raw materials in the charging infrastructure for electric vehicles. The growing demands for EV charging stations will have a direct effect on the requirements for raw materials such as aluminum, copper, stainless steel, polycarbonates, elastomers, and thermoplastic polyurethanes used in complex manufacturing components of Electric vehicle charging outlets such as enclosures, cable, insulation cables, connectors, and jackets, and flexible conduits. Government rules and consumer demand for plug-in hybrids and electric vehicles (EVs) have encouraged key players to build them. Vehicle owners demand fast charging facilities along significant highways and accessible charging areas such as retail outlets, businesses, restaurants, nearby multi-dwelling residences, etc. Various vital players collaborate to produce low-cost, reliable, and sustainable materials for electric vehicle chargers. However, the lack of well-developed electric vehicle charging infrastructure limits the market's widespread adoption of electric vehicles. Several firms invest in Research and Development (R&D) to provide backup for electric car supply equipment in residential wall chargers and public charging stations through lightweight, functional, and resilient solutions.

Market Segmentation:

The Advanced Materials in Electrical Vehicle Charging Infrastructure Market is segmented based on Material and Region. The Advanced Materials in Electrical Vehicle Charging Infrastructure Market is segmented into Polycarbonate, Polyurethane, and Other Materials based on the segment Material.

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Based on Material:

The Polycarbonate sub-segment is expected to grow at the highest rate in the Advanced Materials in Electrical Vehicle Charging Infrastructure Market. Polycarbonate is gradually becoming the most functional material for electric vehicle charging infrastructure. This is primarily attributed to its exceptional robustness, high dimensional stability, impact resistance, flame retardancy, and outstanding insulating qualities that can be adjusted to meet product safety regulations. In addition, polycarbonate materials exhibit exceptional resistance to rust, corrosion, and weathering, making them a very appropriate for outdoor charging facilities capable of withstanding various storage temperatures. Furthermore, compared to semi-crystalline materials, housings made of polycarbonate materials have less shrinkage during molding and less water absorption.

Moreover, PC materials provide good moisture resistance and impact strength at low temperatures. Polycarbonate ornamental components, casings, and front cover also give flame and UV resistance. Polycarbonate materials are predicted to provide the EV charging infrastructure market with a scalable and cost-effective growth trajectory. These materials are easily mass-produced and offer the high functionality required for an electric enclosure, as well as robustness and better aesthetics that increase the attractiveness to EV drivers.

Asia Pacific is Projected to Grow at the Highest CAGR During the Forecast Period

Asia Pacific Advanced Materials in Electrical Vehicle Charging Infrastructure market grows at the highest Compound Annual Growth Rate (CAGR) during the forecast period. The growth of this market in the region is attributed to the growing adoption of electric vehicles. Many private companies in the Asia Pacific region are shifting to electric cars. This results in the growth of advanced materials in the electric vehicle charging infrastructure market. Rising concerns about climate change amongst people in this region help grow the market. Various government initiatives to reduce carbon emissions resulted in increased adoption of electric vehicles in the Asia Pacific is also developing the market. Furthermore, increasing strategic collaborations and growing new markets would function as market drivers and boost favorable chances for the Asia Pacific market's growth rate. The rapid advancement of technology will create new market prospects for the market's growth rate.

Competitive Landscape:

The key players in the Global Advanced Materials in Electrical Vehicle Charging Infrastructure Market include- Ryerson Holding Corporation (U.S.), DOMO Chemicals GmbH (Germany), DuPont de Nemours Inc. (U.S.), SABIC (Saudi Arabia), BASF SE (Germany), Thyssenkrupp AG (Germany), Covestro AG (Germany), Evonik Industries AG (Germany), POSCO (South Korea), Trinseo S.A. (U.S.), Celanese Corporation (U.S.), Lanxess AG (Germany) and others.

Segmentation of the Global Advanced Materials in Electrical Vehicle Charging Infrastructure Market: