EV Charging Station Raw Materials Market Size & Forecast

The EV Charging Station Raw Materials Market is expected to reach $8.1 billion by 2031, at a CAGR of 35.6% from 2024 to 2031. The growth of the EV charging station raw materials market is driven by supportive government policies for establishing EV charging stations, increasing adoption of EVs, and increasing initiatives by private companies for deploying EV charging infrastructure. Furthermore, the increasing adoption of electric mobility in emerging economies is expected to generate growth opportunities for the stakeholders in this market.

EV Charging Station Raw Materials Market Growth Drivers

Supportive Government Policies for Establishing EV Charging Stations

With advancements in electric drivetrain technology, governments worldwide are pushing for transitioning to EVs as a sustainable public and private transportation model. Charging stations are an important part of the electric vehicle ecosystem. Several governments worldwide are providing funding for charging infrastructure development. Furthermore, the environmental benefits of EVs have prompted governments to offer incentives and subsidies for purchasing them and associated charging infrastructure.

Some of the recent government initiatives aimed at establishing EV charging stations are as follows:

• In February 2024, the Ministry of Heavy Industries (MHI) (India) started setting up Public Charging Infrastructure to accelerate the deployment of public Electric Vehicle (EV) charging infrastructure in the country.
• In December 2023, the U.S. government opened America’s first electric vehicle (EV) fast charging stations funded through the National Electric Vehicle Infrastructure (NEVI) Formula Program.

Such government initiatives are driving the growth of the EV charging stations market, which, in turn, is expected to accelerate the demand for raw materials used in producing these stations.

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Increasing Adoption of EVs

With the rapid adoption of EVs, the demand for charging infrastructure to support the transition to electric mobility is also on the rise. EV drivers now seek fast charging options at major highways, retail shops, workplaces, restaurants, and near multi-dwelling apartments for convenient vehicle charging. In response to this growing demand, owners of retail shops, residential apartments, and commercial spaces are installing EV charging stations to enhance the eco-friendly reputation of their establishments and attract more customers by offering value-added EV charging services.

Stringent government regulations on carbon emissions and rising environmental consciousness have prompted automakers to develop new plug-in hybrids and EVs. In August 2021, the U.S. Senate passed a USD 1 trillion infrastructure bill, earmarking significant investments in electric vehicle infrastructure, including charging stations, alongside funding for EV manufacturing and research. This legislation was aimed at expediting the transition to EVs and curbing greenhouse gas emissions. Such initiatives are anticipated to drive the growth of the EV charging station raw materials market during the forecast period.

EV Charging Station Raw Materials Market Opportunity

Increasing Adoption of Electric Mobility in Emerging Economies

EVs have witnessed rapid evolution with the ongoing developments in the automotive sector. The rising consumer preference for shared mobility, growing adoption of mobility-as-a-service (MaaS), declining costs of high-capacity batteries, and significant investments by EV manufacturers are fueling electric mobility adoption in emerging regions.

There are still challenges that need to be addressed, including regulatory barriers, technological limitations, and public perception. As technology continues to evolve and improve, Autonomous Electric Vehicles (AEVs) are likely to gain traction. The increasing adoption of electric mobility in emerging economies can positively impact the environment, energy security, and economic development. Countries like South Africa, Kenya, Rwanda, Egypt, Vietnam, and Malaysia are actively promoting electric mobility through incentives such as tax breaks and reduced customs duties for EVs and components. Furthermore, several nations have launched initiatives for reducing greenhouse gas emissions, improving air quality, or increasing the adoption of sustainable modes of transport like electric vehicles. These factors are expected to offer opportunities for the growth of the EV charging station raw materials market.

EV Charging Station Raw Materials Market Analysis: Key Findings

By Material Type: In 2024, the Metals & Alloys Segment to Dominate the EV Charging Station Raw Materials Market

Based on material type, the global EV charging station raw materials market is segmented into metals & alloys and polymers. In 2024, the metals & alloys segment is expected to account for the larger share of over 60% of the global EV charging station raw materials market. This segment’s large market share can be attributed to the surge in electric vehicle adoption, increasing investments and initiatives by electric mobility stakeholders to deploy wireless EV charging systems, and increasing government initiatives aimed at promoting the use of EVs. Metals and alloys possess the essential physical and aesthetic properties necessary for manufacturers to meet design and operational standards for electric vehicles and charging stations at optimal prices. Among these, stainless steel, aluminum, copper, nickel, and titanium are the most utilized raw materials within the electric mobility ecosystem.

However, the polymer segment is projected to register a higher CAGR during the period. This growth is attributed to the rising demand for various polymers used in EV charging stations, coupled with the increasing focus on sustainability in sourcing materials. Polymers are utilized for making enclosures, cable coatings, flexible conduits, plug holsters, connectors, and displays for EV charging stations. These lightweight materials offer excellent durability and heat resistance while being easily moldable into various shapes and sizes.

By Application: In 2024, the Cords Segment to Dominate the EV Charging Station Raw Materials Market

Based on application, the global 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 2024, the cords segment is expected to account for the largest share of over 61% of the global EV charging station raw materials market. This segment’s large market share can be attributed to the frequent replacement of EV charging station cords due to their low operational lifespan, the global surge in EV adoption, the rising demand for high-power charging (HPC) cables, and technological advancements in EV charging cables, including innovations like liquid-cooling.

However, the connector guns segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by several factors, including the rising demand for DC fast-charging stations in European countries and the U.S., the rising adoption of electric mobility in emerging economies, and the growing initiatives by governments in countries like India, Thailand, Singapore, and other Southeast Asian nations aimed at accelerating the deployment of EV charging infrastructure and foster the development of an EV ecosystem, including the manufacturing of Electric Vehicle Supply Equipment (EVSE) components.

By Charging Type: In 2024, the Level 2 Charging Segment to Dominate the EV Charging Station Raw Materials Market

Based on charging type, the global EV charging station raw materials market is segmented into Level 1 charging, Level 2 charging, and DC fast-charging. In 2024, the Level 2 charging segment is expected to account for the largest share of over 85% of the global EV charging station raw materials market. This segment’s large market share can be attributed to increasing government funding and incentives aimed at the installation of Level 2 charging stations, the lower installation costs of Level 2 charging stations compared to DC fast-charging stations, and their greater efficiency, offering reduced charging times compared to Level 1 charging stations.

However, the DC fast-charging segment is projected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to increasing government initiatives aimed at installing fast-charging stations, rebates offered on the purchase of DC fast-charging stations, rising investments from automakers in the development of DC fast-charging station infrastructure to support their long-range battery-electric vehicles, and the superior charging speed provided by DC fast chargers compared to Level 1 and Level 2 charging stations.

Geographical Analysis

In 2024, the Asia-Pacific Region to Dominate the EV Charging Station Raw Materials Market

In 2024, Asia-Pacific is expected to account for the largest share of over 59% of the global EV charging station raw materials market. Asia-Pacific’s significant market share can be attributed to the growing demand for EVs in countries such as China and Japan and rising government initiatives to reduce greenhouse gas emissions. Additionally, electrification presents various opportunities across the value chain. For economies with well-established automotive manufacturing hubs like Indonesia and Thailand, it offers opportunities to expand their EV and charging station production. Moreover, it allows less developed economies to advance their automotive manufacturing capabilities. Moreover, the market in Asia-Pacific is projected to record the highest CAGR of over 38% during the forecast period.

EV Charging Station Raw Materials Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios and geographic presence and the key growth strategies adopted by them over the past 3–4 years. Some of 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).

EV Charging Station Raw Materials Industry Overview: Latest Developments from Key Industry Players

• In April 2024, Trinseo S.A. (U.S.) launched flame-retardant polycarbonate (PC) and PC/acrylonitrile-butadiene-styrene (ABS) materials in Shanghai for applications such as battery chargers, IT equipment, electronic and electrical products, and voltage stabilizers.
• In July 2022, the Government of Chhattisgarh (India) announced an electric vehicle (EV) policy to help create robust EV charging infrastructure in the Indian state of Chhattisgarh, accelerate the transition from Internal Combustion Engine (ICE) vehicles to electric vehicles, and incentivize EV manufacturing.
• In March 2021, DOMO Chemicals partnered with Bamberger Polymers, a distributor of high-quality thermoplastic resins. This partnership enabled Bamberger to provide DOMO's comprehensive North American product portfolio, featuring Domamid, Econamid, and DOMOnyl Nylon 6 and 66 compounds.

EV Charging Station Raw Materials Market Research Summary

Key questions answered in the EV charging station raw materials market report: