Electric Vehicle Plastics Market - Emerging Economies Projecting Strong Growth Rate

Polyurethane is the most widely used form of plastic used in electric vehicles and therefore the application of polyurethane in electric vehicles is expected to be the highest during the forecast period. The attributes of polyurethane such as flexibility, strength, resistance to radiation, temperature, and weather makes polyurethane an essential component of an electric vehicle. The key application areas of polyurethane are seating, hard plastic parts, electric wiring, air-conditioning ventilation, interior of passenger compartment, and other areas. Other plastic components such as polypropylene and PVC find major applications under the hood, and in the exterior and interior of electric vehicles.

The major driving factor for the global electric vehicle plastics market is the rising electric vehicle production globally. In addition, the light weight trend in the electric vehicle industry is also set to bolster the growth of this market. Due to the immense pollution created by conventional vehicles run on diesel and gasoline, and the rising concerns related to global warming, governments of various countries are encouraging automobile manufacturers to produce electric and hybrid vehicles as an alternative to vehicles run on harmful diesel and gasoline fuel. This in turn is driving the growth of electric vehicle plastics business, globally. The availability of electric vehicles and its plastic components is maximum in the North American and European regions compared to Asia Pacific, Middle East and Africa, and Latin America. However, by the end of the forecast period, there is going to be huge penetration of electric vehicles and electric vehicle plastics business in the sub-continents of Asia Pacific and Latin America. The major inhibiting factor of this market is the preference for close substitutes to plastics used in electric vehicles. Plastic components are less durable compared to metals and other materials and therefore, this might affect the overall performance of the electric vehicle, thereby decreasing the demand for electric vehicles.

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The electric vehicle plastics market can be classified by plastic material and by application type. The plastic material segment can be classified as polypropylene, polyurethane, PVC, and others. By application type, the market can be segregated as under the hood, exterior and interior.

In the electric vehicle plastics market, Europe holds the dominant market share in terms of revenue followed by North America, Asia Pacific, Middle East and Africa (MEA), and Latin America. The Asia Pacific region is expected to witness the highest growth rate over the forecast period from 2016 to 2024. There has been exponential growth of electric vehicle plastics market in countries such as China and Japan in the past five years. This is because of the rising awareness about environment friendly vehicles and increasing demand for electric vehicles in the region. In the coming years, India is set to be one of the crucial markets for electric vehicle plastics considering the country’s huge potential and demand for passenger vehicles. Production of electric vehicle plastic parts in North America and Europe is considered to be the highest at present but in the coming five years the business scenario is expected to change drastically. Global electric vehicle plastics manufacturers are heavily investing in countries such as China, India, Brazil, and South Africa. The cost of manufacturing in such countries is much cheaper than North American and European countries. In addition, low labor cost, availability of raw materials, and rising demand for electric vehicles in such countries is driving the business of global electric vehicle plastics part manufacturers.

The key players in the electric vehicle plastics market include The Dow Chemical Company (U.S.), BASF SE (Germany), INEOS Capital Limited (Switzerland), Lyondellbasell Industries Holdings B.V. (The Netherlands), and SABIC (Saudi Arabia).

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