Electric vehicles use plastics in place of traditional metals to reduce weight of the vehicles. The effect of it is that petrol consumption is reduced and less greenhouse effect is observed due to lower carbon dioxide emissions. Automobile components made up of metals lead to an increase in the weight of vehicles and have prompted automobile manufacturers to develop alternatives in order to improve the overall efficiency of vehicles. Therefore, presently, plastics are utilized to build various parts of a vehicle. In electric vehicles, advanced quality plastic material is used due to the demand for lightweight materials to improve fuel efficiency and larger battery pack. Components made of plastics can be found in the interior, exterior, luggage section, and bonnet section of an electric vehicle.
The global plastics in electrical vehicles market is driven because of the plastic material used in the manufacturing of vehicle components which results to lightweight increases fuel economy of the vehicle. Electric vehicles and their variants are being manufactured by almost all the major automobile manufacturers due to improving sales of electric vehicles, which propels the usage of the plastic in electric vehicles. The development of the new design includes a determined drive to manufacture higher thrust, more powerful, fuel efficient engines, and lightweight electric vehicles, along with a reduction in noise & emissions. Furthermore, governments of various countries are taking initiatives to promote the development as well as purchase of electric vehicles in order to reduce the dependency over natural fuel resources. Another factor that drives the market is the decrease in the prices of raw materials that are employed in the manufacture of electric vehicles. However, the non-degradable nature of plastics is likely to restrain the market during the forecast period.
Based on application, the global plastics in electrical vehicles market can be segregated into air-conditioners, fans, cooling pipes, pumps, and others.
In terms of type of material, the plastics in electric vehicles market can be segmented into polypropylene, polyurethane, pcrylonitrile butadiene styrene, polyvinyl chloride, polyoxymethylene, polystyrene, polycarbonate, polyamide, and acrylic. In terms of demand, the polypropylene segment dominated the market. Polypropylene is utilized in automotive parts such as bumpers, seats, armrests, headrest, and the car body. Properties such as enhanced strength, flexibility, and lightweight make the material suitable for automotive applications. Polyurethanes are extensively employed in the interior applications of passenger cars.
In terms of geography, the global plastics in electrical vehicles market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In North America there is a significant sales of electric cars due to a focused drive toward acceptance of non-polluting vehicles, which in turn will fuel the demand for plastic use in the region. Following Japan and China is witnessing considerable rise in sales of electric cars, which in turn is boosting the plastics in electric vehicles market. Middle East Asia and Latin America are witnessing sluggish growth of the market coupled with low sales of electric cars in the region.
Key industrial players operating in the global plastics in electrical vehicles market include Saudi Basic Industries Corporation (SABIC), BASF SE, Formosa Plastics Corporation, LyondellBasell Industries Holdings B.V., Evonik Industries, INEOS, E. I. du Pont de Nemours and Company, and The Dow Chemical Company.
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