At 19.7% Of Plastics for Electric Vehicle Market Share Will Increase And Aimed To Cross US$ 4,021.72 million In 2027

As per research conducted by The Insight Partners, "Plastics for Electric Vehicle Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Plastic Type (Acrylonitrile Butadiene Styrene (ABS), Polyamide (PA), Polycarbonate (PC), Polyvinyl Butyral, Polyurethane (PU), Polypropylene (PP), and Others), Component (Dashboard, Seats, Interior Trim, Car Upholstery, Bumper, and Others), Vehicle Type (BEV and PHEV/HEV), and Application (Powertrain System/Under Bonnet, Exterior, Interior, and Lighting and Electric Wiring). The plastic for electric vehicle market was valued at US$ 966.09 million in 2019 and is projected to reach US$ 4,021.72 million by 2027; it is expected to grow at a CAGR of 19.7% from 2020 to 2027. The report offers an extensive analysis of changing market trends, top segments, major investment pockets, regional scenarios, value chain, and competitive landscape.

An exclusive Plastics for Electric Vehicle market research report provides depth analysis of the market dynamics across five regions such as North America, Europe, South America, Asia-Pacific, Middle East and Africa. The segmentation of the market by type, application, and region was done based on the thorough market analysis and validation through extensive primary inputs from industry experts, key opinion leaders of companies, and stakeholders) and secondary research (global/regional associations, trade journals, technical white papers, company's website, annual report SEC filing, and paid databases). Further, the market has been estimated by utilizing various research methodologies and internal statistical model.

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Plastics for Electric Vehicle market report also provide a thorough understanding of the cutting-edge competitive analysis of the emerging market trends along with the drivers, restraints, challenges, and opportunities in the Plastics for Electric Vehicle market to offer worthwhile insights and current scenario for making right decision. The report covers the prominent players in the market with detailed SWOT analysis, financial overview, and key developments of the products/services from the past three years. Moreover, the report also offers a 360º outlook of the market through the competitive landscape of the global industry player and helps the companies to garner Plastics for Electric Vehicle market revenue by understanding the strategic growth approaches.

Leading Plastics for Electric Vehicle market Players:
• BASF SE
• Solvay SA
• DuPont de Nemours, Inc.
• The Dow Chemical Company
• LG Chem Ltd.
• Lanxess AG
• Sabic
• Covestro AG
• Asahi Kasei Corporation
• Lyondellbasell Industries Holdings B.V.

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Market Insights

Rising Demand of Electric Vehicles Drives Market Growth

Automobile manufacturing is shifting toward generating less emissions of greenhouse gases and becoming fuel-efficient with the growing emphasis on environmental sustainability. Cost-effectiveness; environment sustainability; convenience; adoption of advanced technology; and various government policies such as preferential rates, incentives toward equipment purchase, and significant rebates are among the factors propelling the demand for electric vehicles across the world. According to IEA, 40% year-on-year increase has been registered with the sales of 2.1 million electric cars globally in 2019, significantly surpassing that of 2018.

Plastic Type Insights
Based on plastic type, the plastic for electric vehicle market is segmented into Acrylonitrile Butadiene Styrene (ABS), Polyamide (PA), Polycarbonate (PC), Polyvinyl Butyral, Polyurethane (PU), Polypropylene (PP), and Others. The Polypropylene (PP) segment accounted for the largest share of the market in 2019. Polypropylene (PP) refers to a thermoplastic "addition polymer" that is produced by combining propylene monomers. It is rigid and crystalline; therefore, it is widely used to make objects such as packaging trays, medical devices, and others. As one of the important family of polyolefin resins, it is molded and extruded into any plastic type that require flexibility, toughness, lightweight and heat resistance.

The report is a combination of qualitative and quantitative analysis of the virtual reality industry. The global market majorly considers five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America (SACM). The report also focuses on the exhaustive PEST analysis and extensive market dynamics during the forecast period.

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