Plastics for Electric VehicleMarket Size 2027 – Global Industry Sales, Revenue, Price Trends and More
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.
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 does not hamper the durability and safety provided by electric vehicles.
Rising Demand of Electric Vehicles Drives Market Growth
Automobile manufacturing is shifting toward generating fewer 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.
Plastic Type Insights
Based on plastic-type, the plastic for the electric vehicle market is segmented into Acrylonitrile Butadiene Styrene (ABS), Polyamide (PA), Polycarbonate (PC), Polyvinyl Butyral, Polyurethane (PU), Polypropylene (PP), and Others.
Application Insights
Based on application, the plastic for the electric vehicle market is further segmented into powertrain system/under the bonnet, exterior, interior, and lighting & electric wiring.
Company Profiles
- 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.