According to the latest market study on “Plastics for Electric Vehicle Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Plastic Type (Acrylonitrile Butadiene Styrene (ABS), Polyamide (PA), Polycarbonate (PC), Polyvinyl Butyral, Polyurethane (PU), Polypropylene (PP), and Others), Component (Dashboard, Seats, Interior Trim, Car Upholstery, Bumper, and Others), Vehicle Type (BEV and PHEV/HEV), and Application (Powertrain System/Under Bonnet, Exterior, Interior, and Lighting and Electric Wiring),” the market was valued at US$ 966.09 million in 2019 and is projected to reach US$ 4,021.72 million by 2027; it is expected to grow at a CAGR of 19.7% during 2020–2027. The report highlights key driving factors and prominent market players with their developments in the market.
Rising Demand for Electric Vehicles to Escalate Market Growth at 19.7% CAGR during 2020–2027
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Plastics can be an electric conductor and also an insulator. Thermoplastics polymer can be produced in various shapes and designs as per the requirement of electric vehicles due to the high versatility and easy moldability of plastics. The use of plastics for electric vehicles reduces the weight of these vehicles, which provides a greater range between recharges. Plastics offer excellent heat resistance that enables the construction of battery compartments and cooling systems and do not hamper the durability and safety provided by electric vehicles. The injection-molded plastics are less costly than metal components, which attracts the attention of the manufactures of electric vehicles.
BASF SE; Solvay S.A.; DuPont de Nemours, Inc.; The Dow Chemical Company; LG Chem Ltd; Lanxess AG; Sabic; Covestro AG; Asahi Kasei Corporation; and LyondellBasell Industries Holdings B.V. are among the players operating in the global plastics for electric vehicle market.
Automobile manufacturing is shifting toward generating less emissions of greenhouse gases and becoming fuel-efficient with the growing emphasis on environmental sustainability. Cost-effectiveness; environment sustainability; convenience; adoption of advanced technology; and various government policies such as preferential rates, incentives toward equipment purchase, and significant rebates are among the factors propelling the demand for electric vehicles across the world. According to IEA, 40% year-on-year increase has been registered with the sales of 2.1 million electric cars globally in 2019, significantly surpassing that of 2018. The increasing number of investments brought by OEMs is creating a technological revolution across the automotive industry across the world. The rising demand for electric vehicles propels the growth of other industries such as plastics, as it is one of the preferred materials used in the manufacturing of these vehicles. Plastic is alternatively used in place of metals for cooling pipes and fans, and other automotive components— such as energy recovery devices, casing materials, and others. The stringent emission norms and regulations implemented by governments are also motivating the manufacturers to minimize the weight of passenger cars and look for environment-friendly automotive options. Further, the advancement of technologies such as hybrid, plug-in-hybrid, and battery electric vehicles would offer lucrative opportunities for the plastics for the electric vehicle market during the forecast period. All such factors are anticipated to drive the growth of the global electric vehicles plastic market.
The COVID-19 outbreak was first reported in Wuhan, China, in December 2019. Lockdowns, travel bans, and business shutdown measures implemented to control the spread of the virus are putting limitations on the supplies of chemicals and materials products. Therefore, the players operating in the plastics for electric vehicle market are facing a significant loss.
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Report Spotlights
- Progressive industry trends in the global plastic for electric vehicle market that help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the plastic for electric vehicle market from 2017 to 2027
- Estimation of plastic for electric vehicle demand across various industries globally
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the market
- Recent developments to understand the competitive market scenario and the demand for plastic for electric vehicle
- Market trends and outlook, and factors driving and restraining the growth of the market
- Understanding on strategies that underpin the global plastic for electric vehicle market growth, which assists stakeholders in decision making
- Plastic for electric vehicle market size at various nodes of market
- Detailed overview and segmentation of the market, and industry dynamics
- Global plastic for electric vehicle market size in various regions with promising growth opportunities in the these regions
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