Global Electric Vehicle Plastics Market to Gain $7002.65 Million by 2028

According to Triton's report, the global electric vehicle plastics market, which gained $1079.55 million in 2021, is forecasted to record a progress at 30.48% CAGR by 2028.

A recent study conducted by Triton Market Research named 'Global Electric Vehicle Plastics Market,' provides global analysis and forecast by Electric Vehicle Type {HEV/PHEV, BEV}, by Plastic Type {Polyamide (PA), Polycarbonate (PC), Polyurethane (PU), Polypropylene (PP), Acrylonitrile Butadiene Styrene (ABS), Other Electric Vehicle Plastic Types), by Component {Internal, External, Powertrain}, and by Regional Outlook (North America, Asia-Pacific, Europe, Latin America, Middle East and Africa).

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According to Triton's Market Research, the global electric vehicle plastics market is expected to witness growth at a CAGR of 30.48% over the forecasted years 2022-2028, earning revenue worth $7002.65 million by 2028.

Lightweight electric vehicles are witnessing high demand, as they offer multiple benefits. This trend is expected to enhance the use of plastics in these vehicles as well. This is because plastics are a much more suitable option than metals for making EV components. The growing focus on manufacturing lightweight electric vehicles is driving the growth of the EV plastics market.

However, consumers are resisting from buying electric vehicles because of the lack of a well-developed battery charging infrastructure. This obstacle has hindered the growth of the electric vehicle plastics market.

The global electric vehicle plastics market is segmented into electric vehicle type, plastic type, and component. The electric vehicle type section is divided into HEV/PHEV and BEV. Whereas, component is categorized into internal, external, and powertrain. On the other hand, plastic type is divided into polyamide (PA), polycarbonate (PC), polyurethane (PU), polypropylene (PP), acrylonitrile butadiene styrene (ABS), and other electric vehicle plastic types.

The Asia-Pacific is the global market leader at present and is likely to maintain its position in the upcoming years. Among the countries, China is the largest market for electric vehicle plastics in the region. The usage of electric vehicles in the region is also on the rise as an environmentally sustainable alternative to fuel-based cars. The growing adoption of EVs has raised the demand for using plastic parts and accessories in these vehicles. All these factors are supporting the growth of the APAC market.

BASF SE, Mitsui Chemicals, Evonik Industries, Lanxess Corporation, DuPont, Hanwha Azdel Inc, Sumimoto Chemical Co Ltd, Momentive Performance Materials, Dow Chemical Company, Asahi Kasei Corp., LyondellBasell Industries NV, Covestro AG, Plastic Omnium, and Ineos Capital Ltd are some of the key companies involved in the growth of global electric vehicle plastics market.

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Question & Answer: Electric Vehicle Plastics Market
Question 1: What element is widening the scope and growth of the electric vehicle plastics market?
Answer: Lightweight electric vehicles are witnessing high demand, as they offer multiple benefits. This trend is expected to enhance the use of plastics in these vehicles as well. This is because plastics are a much more suitable option than metals for making EV components. The growing focus on manufacturing lightweight electric vehicles is driving the growth of the EV plastics market.

Question 2: What factors are impeding the global electric vehicle plastics market's growth?
Answer: Consumers are resisting from buying electric vehicles because of the lack of a well-developed battery charging infrastructure. This obstacle has hindered the growth of the electric vehicle plastics market.

Question 3: Which region holds the largest market for electric vehicles?
Answer: The Asia-Pacific is the global market leader at present and is likely to maintain its position in the upcoming years. Among the countries, China is the largest market for electric vehicle plastics in the region. The usage of electric vehicles in the region is also on the rise as an environmentally sustainable alternative to fuel-based cars. The growing adoption of EVs has raised the demand for using plastic parts and accessories in these vehicles. All these factors are supporting the growth of the APAC market.

Question 4: Which are the leading firms in the electric vehicle plastics market?
Answer: BASF SE, Mitsui Chemicals, Evonik Industries, Lanxess Corporation, DuPont, Hanwha Azdel Inc, Sumimoto Chemical Co Ltd, Momentive Performance Materials, Dow Chemical Company, Asahi Kasei Corp., LyondellBasell Industries NV, Covestro AG, Plastic Omnium, and Ineos Capital Ltd are some of the key companies involved in the growth of global electric vehicle plastics market.

Related Report
Global Electric Vehicle Polymers Market : https://www.tritonmarketresearch.com/reports/electric-vehicle-polymers-market

The global electric vehicle polymers market is anticipated to grow in value during 2019-2028 at a CAGR of 30.84% and is likely to gain $47.14 billion of revenue by 2028.

The market has witnessed significant growth owing to factors such as increased government incentives, the benefits of using polymers in the external body of electric vehicles, and the high demand for high-performance polymers.

The adoption of electric vehicle polymers has also created an opportunity for reducing the use of CO2-emitting vehicles. However, on the contrary, the fluctuation in the prices of raw materials is expected to negatively affect the growth of the electric vehicle polymers market.

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This release was published on openPR.