Plastics in Electric Vehicles market is tremendously growing and is estimated to reach USD 943.01 Million by 2021

July 07 03:32 2017
Usage of polypropylene in electric vehicles in order to reduce weight of the vehicles will increase the plastic in electronic vehicles market and is estimated to reach $943.01m by 2021.

According to the latest market research report “Plastics in Electric Vehicles Market: By Type (Polyamide, Polyurethanes, Polybutylene Terephthalate, Polystyrene and Others), By Application (Cooling Pipes, Fans, Reinforcement and Others) and By Geography – Forecast (2016-2022)published by IndustryARC, estimates the market to reach $943.01m by 2021.

Browse 44 Market Tables, 77 Figures spread through 147 slides and an in-depth TOC on Plastics in Electric Vehicles Market (2016 – 2022)” – http://industryarc.com/Report/11655/plastics-electric-vehicles-market.html

Lightweight materials are paramount in the construction of electric vehicles since they are helpful in increasing the range of vehicles. With electric vehicles making inroads into the mainstream, the market for these materials is growing at a much faster pace. Growing demand for light weighted automotive components is forcing plastic industry to their current boundaries. The development of this new design incorporates a persistent drive towards manufacturing more powerful, higher thrust, lighter weight, fuel efficient engines in the electric vehicles, accompanied with decline in noise and emissions. Furthermore, recently, government of various countries are taking up initiatives in order to promote the development as well as purchase of electric vehicles so as to reduce the dependency and stress over natural fuel resources. The key segmentations for polyurethane elastomers market includes by type, by application and by geography.

Escalating automobile industry coupled with rapidly expanding market of light weight electric vehicles in the emerging economies is anticipated to propel the demand for this market

The global plastic in electric vehicles market is estimated to grow with a CAGR of 37.3% during the forecast period and will reach $943.01m by 2021. Continued inputs by the government in terms of investments in plastic production and support by way of encouraging regulations is likely to contribute towards growth of this market. According to type, the global plastic in electric vehicles market has been categorized into polypropylene, polystyrene, polycarbonates, ABS, and many more. Polypropylene accounted the highest shipment and is the most dominant type of plastic used in electric vehicles. Moreover, these synthetic polymers are used as metal substitute for various engineering as well as automotive applications sue to their weight saving property which consequently increases fuel efficiency. Need for new solutions and alternative drive systems in order to compensate for the scarcity of fossil fuels coupled with reduced negative environmental impact of their emission is one of the major factor driving the plastic in electric vehicles market. Numerous parts manufactured from plastics is preferred in electric vehicles or automobile industry over conventional metals owing to its excellent mechanical properties such as light weight.

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The market has been segmented into Americas, Asia-Pacific, Europe and Rest of the World (RoW) on basis of geography. In 2015, Europe is the prominent region for plastic in electronic vehicles market and is estimated to grow with CAGR of 30.9% during the forecast period. Europe is the world’s largest manufacturer of automotive and is amongst the most technologically advanced regions with high demand of automation. In spite of low number of car registrations, considerable growth in electric vehicles was observed which was driven by government support as well as growing familiarity and willingness by the consumers.

The Prominent Players in this Market Include

  • E.I. DuPont de Nemours and Company

  • The Dow Chemical Co.

  • BASF SE

  • Covestro AG (Bayer)

  • Solvay SA

Dupont is the leading supplier in the plastic in electric vehicles market contributing to nearly 19% of overall revenue. The company through its broad range of products, product expansion and innovation have been successful in catering to a variety of customers, consequently maintaining their hold over the market. Covestro AG, The Dow Chemical Co., BASF SE, Solvay SA and some more are other companies that are prominent in plastic in electric vehicles market in 2015. With various product launches, mergers, acquisitions, collaborations and other strategies, these companies are obtaining market shares in the industry.

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