Advancement in battery technology, steadily decreasing cost of batteries, emerging need for alternative solutions to scarce fossil fuels, and innovation in electric vehicles are some of the key factors that drive the — plastics in electric vehicles market, according to a market intelligence report published by IndustryARC. As per the findings of the report, the evaluated plastics in electric vehicles market size revenue in 2013 was $1,294.75m. Moreover, the market is expected to register a CAGR of 37.3% during the forecast period 2018-2023.
The report is titled ‘Plastics in Electric Vehicles Market: By Type (polyamide, ABS, ASA, PET, PBT, others); By Vehicle (HEW, PHEV, BEV); By Applications (cooling pipes, fans, reinforcement, battery packs structures & cells); By Geography-Forecast (2018-2023).’ Chemical experts at IndustryARC have analyzed the plastics in electric vehicles market through different parameters and presented a detailed report on several aspects including drivers, trends, and opportunities of the market. This report covers plastics in electric vehicles market Size by type and applications, plastics in electric vehicles market share by top 5 companies and also the market share by start-ups during the forecast period.
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Plastics in Electric Vehicles Market: Regional Analysis
According to the automotive analyst at IndustryARC, Europe is the geographic leader of plastics in the electric vehicles market with an evaluated demand share of $309.57m in 2018. This share is primarily credited to the fact that Europe houses the world’s largest automotive industry, which is growing at an accelerated rate owing to unprecedented technological advancements taking place in automation. Other factors that have influenced this regional share include the rising popularity of products made out of renewable sources to cut down climate change. Prominent automotive companies in Europe are now regularly substituting metals used in vehicles with plastic materials to achieve lightweight advantages.
Plastics in Electric Vehicles Market: Market Forces
Several market forces have influenced the growth of plastic in the electric vehicles market:
Scarcity of Fossil Fuels:
Since the world is facing an acute shortage pertaining to fossil fuels, it is safe to assume that key market players of the automotive industry are looking for a solution to metals used in the vehicles. These metals are now being substituted with plastics obtained from biopolymers which are in accordance with environment conservation.
Key market players are motivated and inspired to work for environment conservation in accordance with consumer needs and norms laid out by the government. These are accomplished together by using plastics in electric vehicles. This instigate consumers to purchase electric vehicles as their product is environment-friendly.
Rising Demand for Battery Technology:
Batteries are basic part of electric vehicles. Automotive companies have started using plastics in batteries to cut down the financial costs while assuring quality of electric vehicles for customer satisfaction and increased sales.
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Plastics in Electric Vehicles Market: Competitive Landscape
There has been an extraordinary increase in developments in electric vehicles owing to consistent developments by key market players. Some of these companies are assessed in the report are BASF SE, Du Pont De Nemours And Company, Covestro AG, Solvay SA, Evonik Industries AG, Rochling Group, The Dow Chemical Company, Eastman Chemical Company, Lanxess AG, Saudi Arabia Basic Industries Corporations, and Mitsubishi Chemical Holdings Corporation.
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