Dublin, Jan. 28, 2021 (GLOBE NEWSWIRE) -- The "Plastics for Electric Vehicle Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Plastic Type, Component, Vehicle Type, and Application" report has been added to ResearchAndMarkets.com's offering.
The 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% during 2020-2027
Plastics can be an electric conductor and also an insulator. Thermoplastics polymer can be produced in various shapes and designs as per the requirement of electric vehicles due to the high versatility and easy moldability of plastics. The use of plastics for electric vehicles reduces the weight of these vehicles, which provides a greater range between recharges. Plastics offer excellent heat resistance that enables the construction of battery compartments and cooling systems and do not hamper the durability and safety provided by electric vehicles. The injection-molded plastics are less costly than metal components, which attracts the attention of the manufactures of electric vehicles.
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.
The rising demand for electric vehicles propels the growth of other industries such as plastics, as it is one of the preferred materials used in the manufacturing of these vehicles. Plastic is alternatively used in place of metals for cooling pipes and fans, and other automotive components - such as energy recovery devices, casing materials, and others.
The stringent emission norms and regulations implemented by governments are also motivating the manufacturers to minimize the weight of passenger cars and look for environment-friendly automotive options. Further, the advancement of technologies such as hybrid, plug-in-hybrid, and battery electric vehicles would offer lucrative opportunities for the plastics for the electric vehicle market during the forecast period. All such factors are anticipated to drive the growth of the global electric vehicles plastic market.
The COVID-19 outbreak was first reported in Wuhan, China, in December 2019. Lockdowns, travel bans, and business shutdown measures implemented to control the spread of the virus are putting limitations on the supplies of chemicals and materials products. Therefore, the players operating in the plastics for electric vehicle market are facing a significant loss.
BASF SE; Solvay S.A.; DuPont de Nemours, Inc.; The Dow Chemical Company; LG Chem Ltd; Lanxess AG; Sabic; Covestro AG; Asahi Kasei Corporation; and LyondellBasell Industries Holdings B.V. are among the players operating in the global plastics for electric vehicle market.
Key Topics Covered:
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
4. Plastics for Electric Vehicles Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Expert Opinion
4.4 Ecosystem Analysis
5. Plastics for Electric Vehicle Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Demand of Electric Vehicles
5.1.2 Adoption of Lightweight Materials in an Urge to Reduce Vehicle Weight
5.2 Market Restraints
5.2.1 Recycling of Plastic Materials Used in Electric Vehicle
5.3 Market Opportunities
5.3.1 Use of Bio-Plastics in Electric Vehicles
5.4 Future Trends
5.4.1 Rising Use of Advanced and Multifunctional Plastic in Electric Vehicle
5.5 Impact Analysis Of Drivers And Restraints
6. Plastics for Electric Vehicles - Global Market Analysis
6.1 Plastics for Electric Vehicles Market Overview
6.2 Plastics for Electric Vehicles Market - Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning - Key Market Players
7. Plastics for Electric Vehicle Market Analysis - By Plastic Type
7.2 Plastics for Electric Vehicle Market, By Plastic Type (2019 and 2027)
7.3 Acrylonitrile Butadiene Styrene (ABS)
7.4 Polyamide (PA)
7.5 Polycarbonate (PC)
7.6 Polyvinyl Butyral
7.7 Polyurethane (PU)
7.8 Polypropylene (PP)
8. Plastics for Electric Vehicle Market Analysis - By Component
8.2 Plastics for Electric Vehicle Market, By Component (2019 and 2027)
8.5 Interior Trim
8.6 Car Upholstery
9. Plastics for Electric Vehicle Market Analysis - By Vehicle Type
9.2 Plastics for Electric Vehicle Market, By Vehicle Type (2019 and 2027)
9.4 PHEV/ HEV
10. Plastics for Electric Vehicle Market Analysis - By Application
10.2 Plastics for Electric Vehicle Market, By Application (2019 and 2027)
10.3 Powertrain System / Under Bonnet
10.6 Lighting and Electric Wiring
11. Plastics for Electric Vehicle Market - Geographic Analysis
12. Impact of COVID-19 Pandemic on Global Plastics for Electric Vehicle Market
13. Industry Landscape
13.1 Merger and Acquisition
13.2 Market Initiative
13.3 New Development
13.4 Investment Scenario
14. Company Profiles
DuPont de Nemours, Inc.
The Dow Chemical Company
LG Chem Ltd
Asahi Kasei Corporation
LyondellBasell Industries Holdings B.V
For more information about this report visit https://www.researchandmarkets.com/r/3txqk2
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