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 market 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 the electric vehicles market through different parameters and presented a detailed report on several aspects including drivers, trends, and opportunities of the market.
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 environmental conservation.
· Government Incentives
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 instigates consumers to purchase electric vehicles as their product is environment-friendly.
· Rising Demand for Battery Technology
Batteries are a basic part of electric vehicles. Automotive companies have started using plastics in batteries to cut down the financial costs while assuring the quality of electric vehicles for customer satisfaction and increased sales.
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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A. Polyurethanes Market in India
B. Thermoplastic Elastomers Market
What can you expect from the report?
The Plastics in Electric Vehicles Market is Prepared with the Main Agenda to Cover the following 20 points:
1. Plastics in Electric Vehicles Market Size by Product Categories & Application
2. Plastics in Electric Vehicles Market trends & Relevant Market Data
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End-user Analysis
7. Product Benchmarking
8. Product Developments
9. Mergers & Acquisition Analysis
10. Patent Analysis
11. Plastics in Electric Vehicles Market Demand Analysis (Revenue & Volume)
12. Country-level Analysis
13. Competitor Analysis
14. Plastics in Electric Vehicles Market Shares Analysis
15. Value Chain Analysis
16. Supply Chain Analysis
17. Plastics in Electric Vehicles Market Strategic Analysis
18. Plastics in Electric Vehicles Market Current & Future Market Landscape Analysis
19. Opportunity Analysis
20. Plastics in Electric Vehicles Market Revenue and Volume Analysis
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