Global Electric Vehicle Plastics Market is Expected to Grow a CAGR of 3.2% during the Forecast Period

The latest market report published by Credence Research “Global Electric Vehicle Plastics Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global electric vehicle plastics market generated revenue of around USD781.9 million in 2020 and anticipated to grow at a CAGR of over 36.1%during the forecast period from 2021 to 2027 to reach around USD 4,880.8 million in 2027.

Browse the full report at  https://www.credenceresearch.com/report/electric-vehicle-plastics-market

Electric vehicle plastics are the raw materials mainly used to manufacture parts and consumables such as interior furnishing, exterior furnishing, luggage section, and bonnet section. The strict emission standards and weight reduction requirements of PHEV/HEV and BEV are expected to increase the demand for plastics. The application of lightweight plastics in electric vehicles will improve fuel efficiency and at the same time increase the range of battery electric vehicles.

Key Trends in Global Electric Vehicle Plastics Market

Growing Demand for Plastics in Electric Vehicles

Increasing awareness about plastics in electric vehicles has resulted in growth of the target market. Plastics is widely used for the inclusion of a larger battery pack, a smaller internal combustion engine size, and need for lightweight materials to improve fuel efficiency which in turn is a factor expected to boost the target market growth. New advancements in technologies for the development of electric vehicles has created potential opportunities for major manufacturers and suppliers of the electric vehicle plastics. Increasing trend for replacement of metals with plastics in interior components owing to lower risk at the time of crash or accident is a factor expected to drive growth of the target market.

Impact of COVID 19 on Electric Vehicle Plastics Market

The electric vehicle plastics market will exhibit significant growth on the back of the global pandemic. The impact of COVID-19 outbreak, affect the electric vehicle plastics due to complete or partial shutdown across the globe. According to recent updates, the plastic industry has been facing unprecedented economic damage due to disrupted global supply chain of the major players operating in the target market. Distributors, suppliers, and retailers have stocks in warehouses but cannot able to sell them, as manufacturers had to close their production in accordance with the lockdown.

Global Electric Vehicle Plastics Market by Material Type Insights

Polypropylene (PP), polyurethane (PU), acrylonitrile butadiene styrene (ABS), polyvinyl chloride (PVC), polyethylene (PE), polystyrene (PS), polycarbonate (PC), polyamide (PA), polymethyl methacrylate (PMMA), and others (polyoxymethylene, etc.) are the material types of electric vehicle plastics market. In 2020, Polypropylene segment accounted for the largest share of global electric vehicle plastics market.

Global Electric Vehicle Plastics Market by Application Insights

Based on application, the global electric vehicle plastics market is segregated into interior furnishings, exterior furnishings, power plant system, transmission systems, and others (chassis, etc.). Interior furnishings segment is accounted for a significant share in 2020 of the global electric vehicle plastics market.

Global Electric Vehicle Plastics Market by Vehicle Type Insights

Based on vehicle type, the global electric vehicle plastics market is segregated into hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs). Battery electric vehicles segment is accounted for a significant share in 2020 of the global electric vehicle plastics market.

Global Electric Vehicle Plastics Market by Regional Insights

The Asia Pacific market is accounted for the highest revenue share and is expected to dominate the global electric vehicle plastics market over the forecast period. This is attributed to increasing demand for the plastics in electric vehicles and the rising collaboration among players to improve market penetration and product development. North America electric vehicle plastics market is expected to register the considerable growth rate in the global market.

Global Electric Vehicle Plastics Market Competitive Landscape

Most prominent players in the global electric vehicle plastics Market include Saudi Basic Industries Corporation (SABIC), BASF SE, Formosa Plastics Corporation, LyondellBasell Industries Holdings B.V., Evonik Industries AG, INEOS AG, E.I. du Pont de Nemours and Company, The Dow Chemical Company, Air Liquide S.A., Sumitomo Chemical Co., Ltd., Mitsui Chemicals Inc., Hexion Inc., Momentive Performance Materials, Covestro AG, and Others. The report covers very detailed profiles of these key players.

Market Segmentation

Global Electric Vehicle Plastics Market by Application, 2015 – 2027

· Interior Furnishings

· Exterior Furnishings

· Power Plant System

· Transmission Systems

· Others (Chassis, etc.)

Global Electric Vehicle Plastics Market by Material Type, 2015 – 2027

· Polypropylene (PP)

· Polyurethane (PU)

· Acrylonitrile Butadiene Styrene (ABS)

· Polyvinyl Chloride (PVC)

· Polyethylene (PE)

· Polystyrene (PS)

· Polycarbonate (PC)

· Polyamide (PA)

· Polymethyl Methacrylate (PMMA)

· Others (Polyoxymethylene etc.)

Global Electric Vehicle Plastics Market by Vehicle Type, 2015 – 2027

· Hybrid Electric Vehicles (HEVs)

· Plug-In Hybrid Electric Vehicles (PHEVs)

· Battery Electric Vehicles (BEVs)

Global Electric Vehicle Plastics Market by Region, 2015 – 2027

· North America

· Europe

· Asia Pacific

· Latin America

· Middle East and Africa

Global Electric Vehicle Plastics Market: Key Players

· Saudi Basic Industries Corporation (SABIC)

· BASF SE

· Formosa Plastics Corporation

· LyondellBasell Industries Holdings B.V.

· Evonik Industries AG

· INEOS AG

· E.I. du Pont de Nemours and Company

· The Dow Chemical Company

· Air Liquide S.A.

· Sumitomo Chemical Co. Ltd.

· Mitsui Chemicals Inc.

· Hexion Inc.

· Momentive Performance Materials

· Covestro AG

. Others