Electric Vehicle Plastics Market Size, Share and Forecasts 2026
The global Electric Vehicle Plastics market was worth XX million in 2017 and is forecasted to reach XX million by 2025, growing at a CAGR of XX% during the forecast period (2019-2026).
(EMAILWIRE.COM, September 05, 2019 ) Market Overview
Plastics play a vital role in supporting the automotive industry. The development of advanced, high-performance polymers has dramatically increased their usage in the Electric vehicles.
The plastics are used mainly to make cars more energy efficient by reducing weight, together with providing durability, corrosion resistance, toughness, design flexibility, resiliency and high performance at low cost.
Market Dynamics
The key factors driving the market for electric vehicle plastics are the significant reduction in the weight of the vehicle and the lessening of manufacturing expenses. Plastics significantly reduce the vehicle weight when they are replaced with heavier materials such as metal and glass.
The vehicle weight has a significant correlation to the fuel consumption. Vehicle weight influences the fuel consumption and the carbon dioxide emissions and thereby, using plastics significantly improves the fuel economy of the vehicle. Use of plastics also reduces the manufacturing costs. For instance, a nylon bracket that holds together components under the hood might have mounts and other features molded right into it.
A similar part done in metal would be made of many pieces requiring expensive assembly steps. However, plastic parts have high operational and maintenance costs, which would hamper the growth of the market.
Market Segmentation
The global Electric Vehicle Plastics market is segmented on the basis of the type of electric vehicle, plastic type, and the application.
On the basis of the type of the electric vehicle, the market is segmented into Battery Electric Vehicles (BEV) and Plug-in Hybrid Electric Vehicles (PHEV). Battery electric vehicles are the dominant segment and account for a significant share of the market.
On the basis of the plastic type, the market is segmented into polypropylene, polyethylene, polyurethanes, polyamide, polyvinyl chloride and other engineering resins. Polyurethanes are a widely used material in electric vehicles owing to its high strength, flexibility, resistance to temperatures, and radiation. Some of the critical applications of polyurethanes include seating, electric wiring, cushions, and hard plastic parts.
On the basis of the application, the market is segmented into interior and exterior. Interior parts consist of seats, armrests, headrest, others. Exterior parts include of the car body, lights, bumpers, chassis, others.
Geographical Analysis
The global electric vehicle plastics market is segmented into the regions North America, Europe, Asia Pacific, South America and Rest of the World. The Asia Pacific is the largest and the fastest growing market, owing to the significant share of the electric vehicle market.
Competitive Analysis:
The principal market competitors are focused on manufacturing hybrid materials between plastics and metals for durable, lightweight materials. For instance, BASF and ILJIN in June 2018, launched the worlds first Steel-plastic hybrid suspension arm, for new electric vehicles. The suspension arm is 15% lighter than those made with conventional steel stamping.
Company profiles
Few of the key market players are:
BASF SE.
Formosa Plastic Corporation.
Evonik Industries.
Mitsui Chemicals.
Ineos Capital Limited.
SABIC
Akzo Nobel NV
View full sample report : https://www.datamintelligence.com/research-report/electric-vehicle-plastics-market
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About Us
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
Plastics play a vital role in supporting the automotive industry. The development of advanced, high-performance polymers has dramatically increased their usage in the Electric vehicles.
The plastics are used mainly to make cars more energy efficient by reducing weight, together with providing durability, corrosion resistance, toughness, design flexibility, resiliency and high performance at low cost.
Market Dynamics
The key factors driving the market for electric vehicle plastics are the significant reduction in the weight of the vehicle and the lessening of manufacturing expenses. Plastics significantly reduce the vehicle weight when they are replaced with heavier materials such as metal and glass.
The vehicle weight has a significant correlation to the fuel consumption. Vehicle weight influences the fuel consumption and the carbon dioxide emissions and thereby, using plastics significantly improves the fuel economy of the vehicle. Use of plastics also reduces the manufacturing costs. For instance, a nylon bracket that holds together components under the hood might have mounts and other features molded right into it.
A similar part done in metal would be made of many pieces requiring expensive assembly steps. However, plastic parts have high operational and maintenance costs, which would hamper the growth of the market.
Market Segmentation
The global Electric Vehicle Plastics market is segmented on the basis of the type of electric vehicle, plastic type, and the application.
On the basis of the type of the electric vehicle, the market is segmented into Battery Electric Vehicles (BEV) and Plug-in Hybrid Electric Vehicles (PHEV). Battery electric vehicles are the dominant segment and account for a significant share of the market.
On the basis of the plastic type, the market is segmented into polypropylene, polyethylene, polyurethanes, polyamide, polyvinyl chloride and other engineering resins. Polyurethanes are a widely used material in electric vehicles owing to its high strength, flexibility, resistance to temperatures, and radiation. Some of the critical applications of polyurethanes include seating, electric wiring, cushions, and hard plastic parts.
On the basis of the application, the market is segmented into interior and exterior. Interior parts consist of seats, armrests, headrest, others. Exterior parts include of the car body, lights, bumpers, chassis, others.
Geographical Analysis
The global electric vehicle plastics market is segmented into the regions North America, Europe, Asia Pacific, South America and Rest of the World. The Asia Pacific is the largest and the fastest growing market, owing to the significant share of the electric vehicle market.
Competitive Analysis:
The principal market competitors are focused on manufacturing hybrid materials between plastics and metals for durable, lightweight materials. For instance, BASF and ILJIN in June 2018, launched the worlds first Steel-plastic hybrid suspension arm, for new electric vehicles. The suspension arm is 15% lighter than those made with conventional steel stamping.
Company profiles
Few of the key market players are:
BASF SE.
Formosa Plastic Corporation.
Evonik Industries.
Mitsui Chemicals.
Ineos Capital Limited.
SABIC
Akzo Nobel NV
View full sample report : https://www.datamintelligence.com/research-report/electric-vehicle-plastics-market
Download free sample: https://www.datamintelligence.com/download-sample/electric-vehicle-plastics-market
About Us
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
Contact Information:
DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
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DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results