The EV Charging Station Raw Materials Market is expected to reach a value of $4.91 billion by 2028, at a CAGR of 34.1% during the forecast period 2021-2028. In terms of volume, this market is expected to grow at a CAGR of 45% from 2021 to reach 665,984.3 metric tonnes by 2028. Supportive government policies for EV charging stations, increasing adoption of EVs, and increasing initiatives by private companies for deploying EV charging infrastructure are some of the major factors driving the growth of this market. The increasing adoption of electric mobility in emerging economies provides significant growth opportunities for market players.
The Impact of COVID-19 on the EV Charging Station Raw Materials Market
The COVID-19 pandemic outbreak has caused a widespread economic downturn. Several countries imposed strict lockdowns to contain the infection, thereby leading to the shutdown of manufacturing industries and disruptions in supply chains and production schedules. The economic slowdown has significantly disrupted the automotive industry, causing rapid declines in light vehicle sales.
With the increasing initiatives to boost the adoption of electric mobility across the world, the requirement of ancillary services, such as EV charging stations, is also expected to rise during the forecast period. Increasing demand for EV charging stations will directly impact the requirements of raw materials, such as stainless steel, copper, aluminum, polycarbonates, elastomers, and thermoplastics polyurethanes used for critical manufacturing components of EV charging stations, such as enclosures, cables, connectors, cable insulation and jacketing, and flexible conduits.
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Increasing Adoption of EVs to drive the EV Charging Station Raw Materials Market
Government regulations and consumer demand, driven by a desire to reduce carbon emissions, have pushed automakers to develop plug-in hybrids and EVs. Several companies are focusing on the development of innovative solutions for electric mobility and charging infrastructure. The rising demand for EVs is mainly attributed to supportive government policies and regulations promoting the adoption of EVs, increasing investments by leading automotive OEMs, rising environmental concerns regarding automotive emissions, and the decreasing prices of batteries.
With the increasing adoption of EVs, charging infrastructure for supporting the transition to electric mobility is also rising. EV drivers are increasingly demanding fast charging infrastructure along the major highways and locations such as retail shops, workplaces, restaurants, near multi-dwelling apartments, etc., for conveniently charging their vehicles. Owners of retail shops, residential apartments, and commercial spaces are increasingly deploying EV charging stations to increase the environment-friendly image of their establishment and attract more and more customers by providing a value-added service of EV charging. Hence, the market of raw materials required for supporting such high growth of EV charging stations is also expected to grow exponentially during the forecast period.
Key Findings in the EV Charging Station Raw Materials Market Study:
The polymers segment is projected to grow at the highest CAGR during the forecast period
Based on material type, the polymers segment is expected to grow at the highest CAGR by value during the forecast period. These materials have excellent heat resistance, weather resistance, strength, lightweight, and can be easily molded into any shape and size. Polymers also have higher aesthetic qualities and can be branded in any color as per the network operators’ requirements. Due to such factors, this segment is expected to grow at the highest CAGR during the forecast period.
The connector guns segment is projected to grow at the highest CAGR during the forecast period
The connector guns segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing demand for DC fast-charging stations in European countries and the U.S., increasing adoption of electric mobility in emerging economies, and increasing initiatives by governments for the rapid deployment of EV charging infrastructure.
The DC fast charging segment to grow at a significant pace during the forecast period
Based on charging type, the DC fast charging segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to growing government initiatives for installing fast-charging stations, rebate on the purchase of DC fast-charging stations, increasing investments from automakers towards the development of DC fast-charging station infrastructure to support their long-range battery-electric vehicle, and ability of DC fast chargers to provide faster charging as compared to Level 1 & Level 2 charging stations.
Asia-Pacific to be the fastest-growing regional market
The Asia-Pacific region is expected to account for the largest share of the EV charging station raw materials market in 2021, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Additionally, this region is also expected to witness the fastest growth during the forecast period. The factors attributed to the high growth of this region are high adoption of EVs and associated infrastructure to meet the climate change commitments, reduce air pollution, and increase energy security; increasing opportunity for economies with less developed automotive manufacturing capabilities to catch up with, or even advance, industry players in more established automotive manufacturing hubs; and ongoing investments by various countries for robust charging infrastructure used in shopping malls, public buildings, and parking facilities.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategies adopted by the leading market participants in the EV charging station raw materials market over the last four years. The key players profiled 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).
Scope of the Report
EV Charging Station Raw Materials Market, by Material Type
- Metals and Alloys
- Copper
- Stainless Steel
- Carbon Steel
- Aluminum
- Nickel
- Chrome
- Titanium
- Other Metals and Alloys
- Polymers
- Thermoplastic Polyurethanes
- Polycarbonate Blends
- Polyurethanes
- Elastomers
- Polycarbonate Resins
EV Charging Station Raw Materials Market, by Application
- Cords
- Internal Wiring
- Enclosures
- Connector Guns
- Thermal Switches
- Displays
- Flexible Conduits
- Electric Circuit Breakers
- Energy Meter and Timers
- Cable Hangers
- Charger Plug Holsters
- Nylon Glands/Lock Nuts
- Other Applications
EV Charging Station Raw Materials Market, by Charging Type
- Level 1
- Level 2
- DC Fast Charging
EV Charging Station Raw Materials Market, by Geography
- Asia-Pacific (APAC)
- China
- Japan
- South Korea
- Singapore
- India
- Rest of Asia-Pacific (RoAPAC)
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Morocco
- Rest of Europe (RoE)
- North America
- Latin America
- Middle East & Africa
Key Questions Answered in the Report: