Growing Importance of High-Performance Plastic linked to Global Electric Vehicle Plastic Market Growth

According to Inkwood Research, the Global Electric Vehicle Plastic Market is expected to project a CAGR of 28.72% in terms of revenue during the forecasted years, 2022-2030.
"Browse 47 Market Data Tables and 46 Figures spread over 220 Pages, along with an in-depth TOC on the Global Electric Vehicle Plastic Market Forecast 2022-2030."

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Plastics have a central role in supplementing automotive innovation, making them fuel-efficient and minimizing their environmental impact. Also, plastics fulfil the specific needs of electric vehicles for sustainable materials and high durability that produce little or no noise. In addition, reinforced plastics offer stability and strength equivalent to metals.

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Increasing Significance of High-Performance Plastic propels Market Demands
The transition to connected cars and autonomous driving has led to vehicle electrification. This has raised the role of plastics in a number of modern safety innovations in the automotive sector, including crumple zones, airbags, and seat belts. For instance, as per the National Highway Traffic Safety Administration, seatbelts made from polyester fiber minimize death risks in car crashes. Whereas airbags minimize driver fatalities by almost 30%.
Besides, an added small plastic layer on sunroofs, windows, and windshields protects passengers from glass splinters. In addition, fiber-reinforced polymers used in crumple zones absorb four times the crush energy as steel, thereby reducing impact injuries. As a result, plastics are vital for the longevity of expensive batteries since traditional metal and glass materials cannot absorb the necessary force to keep these batteries secure.

Internal is the Largest Revenue-Generating Application
The interior applications of plastics in electric vehicles include buttons, electric circuit kits, dashboards, etc. The vehicle interior is the focal point of future vehicles since passenger comfort translates to the passenger experience. Accordingly, production efficiencies and design freedom are important to automotive interiors in the evolving manufacturing landscape.

Asia-Pacific: Largest Revenue-Generating & Fastest-Growing Region
The growing demand for electric vehicles, attributed to the rising environmental consciousness and government regulations, is propelling the growth of electric vehicle plastics in Asia-Pacific. This is because plastics are one of the preferred materials used in electric vehicle manufacturing. In addition, the stringent emission regulations have resulted in manufacturers minimizing the weight of passenger cars, which offers growth opportunities for electric vehicle plastics.
The competitive rivalry is high with new developments among established companies and a low threat of new entrants. Some of the eminent companies in the market include BASF Group, Plastic Omnium, Evonik Industries, Covestro AG, etc.

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Related Reports:
GLOBAL ELECTRIC VEHICLE POLYMER MARKET
GLOBAL AUTOMOTIVE CHASSIS SYSTEM MARKET
GLOBAL ELECTRIC MOTOR MARKET

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This release was published on openPR.