Electric Vehicle Plastics Market: Introduction
While metal is the go-to material when it comes to manufacturing of various components for automobiles, the resultant increase in weight of vehicles have led the automobile manufacturers to look out for alternatives in order to improve the overall efficiency of vehicles. Hence, plastics are common materials after metals that are utilized currently to build various parts of a vehicle.
From the perspective of electric vehicles, higher quantity of plastic material is used than the conventional vehicles owing to inclusion of larger battery pack, smaller size of internal combustion engine and demand for lightweight materials to improve fuel efficiency. Electric vehicle plastics are those raw materials, which are prominently used to manufacture parts and supplies that make up an electric vehicle.
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Electric vehicle plastics made components can be found in the interior, exterior, luggage section and bonnet section of an electric vehicle. Inclusion of plastic based parts is advantageous as it can cover over half the volume of the electric vehicle alongside contributing less than 15% of the weight of the electric vehicle.
Rise in sales and production of electric vehicles coupled with Government regulations on automobile emissions are some of the key factors attributing to the growth of electric vehicle plastics market in the coming years.
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FACTS AT A GLANCE
Companies: Saudi Basic Industries Corporation (SABIC),BASF SE,Formosa Plastics Corporation, U.S.A.,LyondellBasell Industries Holdings B.V.,Evonik Industries,INEOS,I. du Pont de Nemours and Company,The Dow Chemical Company,Air Liquide S.A.,Sumitomo Chemical Co., Ltd.,Mitsui Chemicals, Inc.,Hexion Inc.,Momentive Performance Materials,Hanwha Azdel, Inc.
Coverage: All major geographies and key segments
Segments: Electric Vehicle Plastics Market Segmented By vehicle type such as Hybrid Electric Vehicles (HEVs), Plug-In Hybrid Electric Vehicles (PHEVs) and Battery Electric Vehicles (BEVs) with application such as Interior Furnishings, Exterior Furnishings, Power Plant System, Transmission Systems
Geographies: North America (U.S., Canada),Latin America (Mexico, Brazil, Argentina, Chile, Peru),Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe),CIS and Russia,Asia-Pacific (China, India, ASEAN, South Korea),Japan,Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
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ABSTRACT-
With a move towards manufacturing automobiles that contribute less greenhouse gases emissions and highly fuel efficient, electric vehicles and its variants are being manufactured by almost all the major automobile manufacturers owing to improving year on year sales of electric vehicles directly influencing the growth of the electric vehicle plastics market.
Another factor that drives the growth of the market is the decrease in the prices of raw materials used in the manufacture of electric vehicles. The increasing involvement of plastics as raw materials to build automotive parts and supplies is also one of the major factors attributing to the growth of the electric vehicle plastics market.
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