Meticulous Research®— a leading global market research company, published a research report titled “EV Charging Station Raw Materials Market by Material Type (Metals & Alloys (Stainless Steel, Carbon Steel, Aluminum, Copper, Other), Polymers (PC Resins, PC Blends, Elastomers, Polyurethanes, TPU)), Application, and Charging Type - Global Forecast to 2028”.
The EV charging station raw materials market is expected to grow at a CAGR of 34.1% from 2021 to reach $4.91 billion by 2028. By volume, this market is expected to grow at a CAGR of 45% from 2021 to reach 665,984.3 metric tonnes by 2028. This market is majorly driven by factors such as supportive government policies for EV charging stations, increasing adoption of EVs, and increasing initiatives by private companies for deploying EV charging infrastructure. However, the potential shortfall in mining capabilities and negative environmental effects of mining in ecologically sensitive regions obstruct the growth of this market to some extent. A highly vulnerable supply chain of raw materials is a major challenge for the growth of the EV charging station raw materials market.
The market is segmented based on material type, application, charging type, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on material type, the EV charging station raw materials market is mainly segmented into metals & alloys and polymers. In 2021, the metals and alloys segment is expected to account for the largest share of the EV charging station raw materials market. The large share of this segment is mainly because metals and alloys have the required physical and aesthetic properties that enable manufacturers to comply with all the design and operational standards for electric vehicles and charging stations at optimum prices.
Based on application, the EV charging station raw materials market is segmented into cords, connector guns, enclosures, charger plug holsters, nylon glands/lock nuts, electric circuit breakers, energy meters and timers, internal wiring, flexible conduits, thermal switches, cable hangers, displays, and other applications. In 2021, the cords segment is expected to account for the largest share of the EV charging station raw materials market. The large share of this segment is mainly attributed to the frequent changing of EV charging station cords due to low operational life, increasing adoption of EVs worldwide, rapid increase in demand of high power charging (HPC) cables, and technological developments in EV charging cables, such as liquid-cooling. However, the connector guns segment is expected to grow at the highest CAGR during the forecast period.
Based on charging type, the EV charging station raw materials market is segmented into level 1, level 2, and DC fast charging. The level 2 segment is expected to account for the largest share of the EV charging station raw materials market in 2021. The large share of this segment is mainly attributed to government funding and incentives for the installation of level 2 charging stations, lower installation cost compared to DC fast-charging stations, and greater efficiency in terms of less charging time than level 1 charging stations.
Geographically, the Asia-Pacific region is expected to account for the largest share of the EV charging station raw materials in 2021. The large share of this market is mainly attributed to the growing demand for EVs in China and Japan, rising government initiatives in emerging economies to reduce greenhouse gas emissions, and increasing initiatives by emerging economies– such as Indonesia and Thailand – to extend their footprint in EV and charging station production.
The key players operating in the EV charging station raw materials market are 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.), and Lanxess AG (Germany).
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