June 24, 2020

Plastics for Electric Vehicle Market Worth $2,621 Million by 2025

Plastics for Electric Vehicle Market Worth $2,621 Million by 2025


CHICAGO, June 24, 2020 /PRNewswire/ — According to the new market research report Plastics for Electric Vehicle Market by Plastic Type (ABS, PU, PA, PC, PVB, PP, PVC, PMMA, HDPE, LDPE, PBT), Application & Component (Dashboard, Seat, Trim, Bumper, Body, Battery, Engine, Lighting, Wiring), EV Type and Region – Global Forecast to 2025″, published by MarketsandMarkets™, the Plastics for Electric Vehicle Market is projected to grow at a CAGR of 26.9% to reach a market size of USD 2,621million by 2025 from 797 million in 2020. The rising trend of weight reduction in PHEV/ HEV and BEV is estimated to increase the demand of high performance plastics. Additionally, the interior application is estimated to account for majority of plastic demand in an electric vehicle and the trend is projected to continue during the forecast period.

Browse in-depth TOC on “Plastics for Electric Vehicle Market”
143 – Tables
70 – Figures
190 – Pages

Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id= 219387183

“Polyurethane (PU) to have the largest market value among other types of plastics.”

 Polyurethane materials are widely used by car manufacturers which offers benefits in terms of comfort, safety, lightweight and longevity with design freedom. Polyurethane (PU) is a strong and light material that helps designers and manufacturers design seating that can be assembled, disassembled and recycled. Also, polyurethane is used in interior parts manufacturing such as dashboard, and as TPU in door handles and instrument panels has reduced the weight of vehicles. Also, high versatility and easy mold ability of the product enables the automobile manufacturers to produce various shapes and design for the vehicles. Polyurethane are most durable and can be recycled as well and hence find considerable adoption in electric vehicles.

“Lighting and electric wiring is the fastest growing market by application”

 Electric components are being increasingly used in electric cars, which have increased the need for wires, cables, and connectors. The onboard chargers are used to convert AC into DC while charging. These chargers work at voltage levels that help to avoid overheating. Connectors, cables, and hoses are used to supply power from the battery to other parts of the electric car. These components should sustain the high temperature arising from the battery during its charging or use. Hence, plastics are suitable material for these components as they can resist high temperatures and offer electrical insulation. Components made of polymers such as ABS, polycarbonate, PBT, and polyamide are preferred. In Europe, due to increase in addition of advanced safety features, the electronic components such as circuits, sensors etc. associated with it add more electronic components which in turn increases the use of plastic in electric vehicle. Also, front and rear headlamp wiring, rear-view camera modules and 360-degree camera (in some cases) likely to have crucial role in market growth. Thus, demand is estimated to increase for plastics components which are used to make connectors, lamp housings components and electrical and electronic components required for electric vehicle.

Request FREE Sample Report:
https://www.marketsandmarkets.com/requestsampleNew.asp?id= 219387183

Asia is expected to hold the largest market size in Plastics for Electric Vehicle Market during the forecast period”

Asia is estimated to account for the largest share of the Plastics for Electric Vehicle Market. The high sales of electric vehicle in this region is the main driving factor for the growth of the Plastics for Electric Vehicle Market. Also, the presence of major plastic suppliers and rising government mandates to promote the adoption of electric vehice are expected to drive the market. Furthermore, the development of manufacturing facilities by major electric vehicle OEMs is likely to create opportunities for plastic suppliers and thereby increasing the demand for plastic for electrc vehicle during the forecast period.

The Plastics for Electric Vehicle Market is dominated by globally established players namely BASF (Germany), SABIC (Saudi Arabia), Dow (US), Lyondellbasell Industries Holdings B.V (Netherlands), DuPont de Nemours, Inc.(US), Covestro (Germany), Solvay (Belgium), LANXESS (Germany), LG Chem (South Korea), Asahi Kasei (Japan).

 Browse Related Reports:

Automotive Lightweight Material Market by Material (Metal, Composite, Plastic, Elastomer), Application & Component (Frame, Engine, Exhaust, Transmission, Closure, Interior), Vehicle Type (ICE, Electric & Hybrid), Region – Global Forecast to 2027

Automotive Acoustic Materials Market by Type (ABS, Fiberglass, PP, PU, PVC & Textile), Component (Arch Liner, Dash, Fender & Floor Insulator, Door, Head & Bonnet Liner, Engine Cover, Trunk Trim, Parcel Tray), ICE & EV, and Region – Forecast to 2027

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’ flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/electric-vehicle-plastic-market.asp 
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/electric-vehicle-plastic.asp

SOURCE MarketsandMarkets



Click Here To Read Original Story

Leave a Reply

Your email address will not be published. Required fields are marked *