A
new research report by Transparency Market Research offers a
comprehensive evaluation of the global Electric
Vehicle Plastics
Market. The
study, titled “Electric
Vehicle Plastics Market - Global Industry Analysis, Size, Share,
Growth, Trends, and Forecast 2016 - 2024”,
is available for sale on the firm’s website.
Components
of electric vehicles which are made of plastic fall under the
electric vehicle plastics category. Electric vehicles usually possess
metal batteries, the weight of which affects their functioning.
Instead of metals, plastics and composite materials can also be used
as they help reduce running costs. An electric vehicle requires
relatively little servicing and no expensive exhaust systems, starter
motors, fuel injection systems, radiators, and other parts. A higher
quantity of plastic material is used in these vehicles than in
conventional ones, owing to the inclusion of a larger battery pack,
the smaller size of the internal combustion engine, and demand for
lightweight materials to improve fuel efficiency. Electric vehicle
plastics are the raw materials prominently used to manufacture parts
and supplies.
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Market Research Report @
Increasing
demand for electric vehicles owing to growing environmental awareness
supported by innovation, government initiatives, and investments made
by OEMs has resulted in a technological revolution in the global
automobile industry. The need for electric vehicles propels allied
sectors such as plastics, an essential material required in the
manufacturing of the former. Manufacturers need lightweight materials
to develop electric vehicles, which is the primary driver of the
global electric vehicle plastics market. Environmental concerns are
expected to increase the requirement for electric vehicles, thereby
driving the electric vehicle plastics market over the forecast
period. With a shift in consumer need toward automobiles which
contribute to fewer greenhouse gas emissions, highly fuel-efficient
electric vehicles and their variants are being manufactured by almost
all major automakers owing to the improving year-on-year sales of
this product, directly influencing the development of the electric
vehicle plastics market. Another contributing factor is the decline
in the prices of raw materials used in the manufacture of electric
vehicles.
In
terms of material, electric vehicle plastic is categorized into the
following types: PP, PE, ABS, PE, PVC, PA, nylon 6, polycarbonate,
PVB, and other engineering resins. Based on vehicle type, the market
is classified into the hybrid, plug-in hybrid, and battery varieties.
On the basis of application, the market is segmented into the
interior, exterior, lighting & electric wiring, and under the
hood divisions. Polyurethanes are a widely used material in electric
vehicles, which could be attributed to the advantages they offer,
such as high strength, flexibility, resistance to temperature, and
radiation. Key applications of polyurethanes include seating,
electric wiring, and hard plastic parts. Battery electric vehicles
are a rapidly expanding segment in the electric vehicle plastics
market, driven by factors such as increasing innovation,
environmental concerns, and stringent emission regulations. To
promote their growth, governments are introducing various tax and
non-tax incentives for owners of these vehicles. This eventually
supplements the growth of the plastics employed in them.
The
global electric vehicle plastic market has witnessed modest growth in
2015 and is expected to follow the same trend during the forecast
period. Asia Pacific dominates the electric vehicle plastic market
and has emerged as a hub for electric vehicles in recent years, with
China and Japan being the leading players. Governments in APAC are
also trying to provide incentives to support the demand for electric
vehicles. The electric vehicle plastics market in North America and
Western Europe are flourishing at a healthy rate as a result of the
increasing adoption of non-polluting vehicles as a means of
transportation. The markets in Latin America and Middle East &
Africa are likely to experience a sluggish growth rate due to limited
demand for and sales of electric vehicles, but this situation could
improve in later years when the demand for fossil fuels increases.
Key
players operating in the global electric vehicle plastics market
include BASF SE, Formosa Plastic Corporation, U.S.A, Evonik
Industries, and Mitsui Chemicals, Inc.
Fill
the form for an exclusive sample of this report @
The
report offers a comprehensive evaluation of the market. It does so
via in-depth qualitative insights, historical data, and verifiable
projections about market size. The projections featured in the report
have been derived using proven research methodologies and
assumptions. By doing so, the research report serves as a repository
of analysis and information for every facet of the market, including
but not limited to: Regional markets, technology, types, and
applications.
The
study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The
regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
About
Us
Transparency
Market Research (TMR) is a market intelligence company, providing
global business information reports and services. Our exclusive blend
of quantitative forecasting and trends analysis provides
forward-looking insight for thousands of decision makers. TMR's
experienced team of Analysts, Researchers, and Consultants, use
proprietary data sources and various tools and techniques to gather
and analyze information.
Our
data repository is continuously updated and revised by a team of
research experts, so that it always reflects the latest trends and
information. With a broad research and analysis capability,
Transparency Market Research employs rigorous primary and secondary
research techniques in developing distinctive data sets and research
material for business reports.
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Us
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