Plastic in Electric Vehicles Market is expected to grow at CAGR of 43.03% to reach $6274.31 million by 2023
Asia-Pacific dominates with major share and growth in the Plastic in Electric Vehicles Market
Europe is the dominating market holding a share of approximately 32% in 2017. The European market generated revenue of $251.56 million in the year 2017. The market is expected to grow at a CAGR of 43.92% to reach revenue of $2235.46 million by 2023. Germany is the leading region in the European market, where Germany summed up 39100 passenger cars and light commercial vehicles. Asia-Pacific market is the fastest growing market with a CAGR of 48.23%. The APAC market gained a value of $212.10 million in 2017, and the market is estimated to reach revenue of $2249.86 million by 2023. China is the leading manufacturing country and with high processing industries. The major contribution of China is a factor behind the fastest growth of the APAC market. North America market demand for Electric Vehicles products is estimated to grow at a CAGR of 39.02% and to reach $1228.49 million by 2023, which is very low if compared to other continents. The U.S. is expected to propel the demand for plastic material electric vehicles in the coming years.
Selected Type done in the full Report:
Light weight nature type of plastic are strongly known for its nature that helps the electric vehicles to improve its efficiency. Among all the types of plastic, Polypropylene market is the leading type segment, which is forecast to lead the market at CAGR of 32.73% with revenue of $283.04 million till 2018. Polypropylene market is expected to reach revenue of $1154.03 million by 2023. In the upcoming years, polyurethane will grow its dominance for the forecast period of 2018-2023. The Polyurethane market is expected to grow at a CAGR of 42.78% to reach revenue of $1594.58 million in 2023. Polycarbonate is slated to witness a faster growth rate, with a CAGR of 51.99% to reach revenue of $490.89 million by 2023. The Plastic used in electric vehicles for interior furnishings, exterior parts, transmission systems, power train systems and a few others are forcing the plastic industry as an effective solution in saving fuel and gaining engine power.
Excerpts on Market Growth Factors
- High adaptability to suit the customer requirements and early arrival of plastic raw materials into emerging application areas like automobiles, especially Electric vehicles is creating opportunities for the automobile industry. In the upcoming future, aerospace and defense will also be included.
- Electric and hybrid cars offer reduced fuel, automobile emissions free vehicle, and low operating costs, which are the reasons behind the high adoption of plastic on the electric vehicles market.
- Enhanced elastomer and modified thermoplastic polyolefins and other compound grades are driven by technological breakthrough such as an increase in the surge of electric vehicles.
Key players of the Plastic in Electric Vehicles Market
Dow and DuPont, BASF and Covestro are amongst the key market players in the plastic used electric vehicle market. Dow and DuPont together held a share of 31%, BASF SE holds 11% while Covestro AG occupies 10% of the market. Du Pont De Nemours and Company has patents in the category of Battery Pack Cell, Electric vehicle Motors, Film Capacitors, and Connectors and Cable Jacketing. Covestro has products such as Roof module, Side Windows, Sunroof Encapsulation, and Industrial vehicle parts made up of Polyurethane and Polybutylene Terephthalate. BASF SE is offering plastics under the category chemicals for Engineered Plastics and Foam specialties.
- Thermoplastic Elastomers Market: Type (Polyolefin Blend, Elastomeric Alloy, Thermoplastic Polyurethanes, Thermoplastic Copolyester, Thermoplastic Polyamides, Others) Application (Automotive, Construction, Packaging, Industrial, Others) & Geography - Forecast(2018 - 2023)
- Polyurethanes Market: Product Type (Flexible Foam, Rigid Foam, Coatings, Adhesives, Sealants, Elastomers, Others) Industry (Apparels, Appliances, Automotive, Building, Construction, Furnishings, Marine, Medical, Packaging, Others) & Geography - Forecast(2018 - 2023)