Electric Vehicles Plastics consists of raw materials, which are highly used in the production of parts and supplies that make up an electric vehicle. Electric Vehicle Plastics prepared components can be found in the interior and exterior section, luggage section and bonnet section. Addition of plastic based parts cover over half the volume alongside contributing less than 15% of the weight of the electric vehicles.
The use of plastics in electric vehicles has been developed very fast and the requirement of functional plastics, composites and plastics in electric vehicles are also gradually strengthening. The global Plastics in Electric Vehicles Market is estimated to surpass $527M in 2017 and is estimated to grow at a CAGR of 43.03% during forecast period 2018-2023. APAC is the fastest growing market with a CAGR of 48.23% which is mainly attributed to the growing demand from automotive industry.
What is plastics in electric vehicles?
Plastics are of light weight and are durable, and often less expensive than the materials that they replace, making them increasingly desirable for manufactures. Application of light weight plastics in electric vehicles results in the enhanced fuel efficiency along with the increase range of battery operated electric vehicles. The report say Hybrid Electric Vehicle will hold the largest share which will turn the growth of market. Plastics are used in many interior components of electric vehicles such as cabin elements, pumps, fans etc. to lessen the overall weight. Plastics are robust and are less expensive than metal which leads to overall cost reduction
What are the major applications for Plastics in electric vehicles?
Plastics in electric vehicles are used in cooling pipes, fans, reinforcement, battery packs, cells and many others. Plastic’s attributes such as reduction of carbon dioxide emissions and less dependence on petroleum drive the Plastics in Electric Vehicle Market. The recent trend of using polymers and plastics in electric vehicles is growing. The Plastic in Electric Vehicles Market is segmented into type, application, and by vehicles type. The type segment includes fourteen types among which Polyurethane, polypropylene and polyamide are the most extreme utilized types since past 3 years. Polyurethane is expected to gain highest revenue for the forecast period, but on the other hand polypropylene has surprisingly leading in usage in the highest volume for its less pricing.
Market Research and Market Trends of Plastics in electric vehicles
- DuPont a leading player in the manufacture of plastics is using high performance polymers and elastomers to integrate components and functions, this further reduces the weight, space and improves packaging. Which leads many of the automobile industries that are into manufacturing of electric cars prefer for such materials that meet environmental and consumer needs.
- Plastics are well suited for 3-D printing (also known as additive manufacturing), a process in which layer upon layer of material is built up to form an object—a car part, in this instance. This process can create less waste than traditional manufacturing techniques that strip away material from a larger piece.
- Manufacturers are using recycled plastics in industrial and automotive industry. The processed plastics are used in formation of containers, bottles and various other plastic items. Making of electric cars components such as seat cushions to dashboards to bumpers in their new vehicles. These recycled materials will reduce the industrial wastage, reduce the energy consumption, reduces automobile emissions and cut back the depletion of natural resources.
- The U.S government, many automobile manufacturers companies, and plastic manufacturers are heavily investing in a new technology called “carbon fiber-reinforced plastics” which are used as the mainstream. These have very lightweight composites and also manufacturers can speed up their production time and reduce costs.
- Plastics composites are further predicted to be used in chassis and in electric engines which can lead to the ultra-lightweight cars that will have lower emissions and better gas mileage. Hence, the future electric vehicle is predominantly of plastics.
Who are the Major Players in plastics in electric vehicles market?
The report includes profiles of some of the leading players in the Plastics in Electric Vehicles Market are E.I. DuPont de Nemours and Company, The Dow Chemical Co, BASF SE, Covestro AG (Bayer), and Solvay SA.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2023.
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