PRESS RELEASE
Published January 30, 2023
Electric Vehicle Plastics Market:
While metal is the go-to material when it comes to manufacturing of various components for automobiles, the resultant increase in weight of vehicles have led the automobile manufacturers to look out for alternatives in order to improve the overall efficiency of vehicles. Hence, plastics are common materials after metals that are utilized currently to build various parts of a vehicle. From the perspective of electric vehicles, higher quantity of plastic material is used than the conventional vehicles owing to inclusion of larger battery pack, smaller size of internal combustion engine and demand for lightweight materials to improve fuel efficiency. Electric vehicle plastics are those raw materials, which are prominently used to manufacture parts and supplies that make up an electric vehicle.
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Electric Vehicle Plastics Market: Dynamics
With a move towards manufacturing automobiles that contribute less greenhouse gases emissions and highly fuel efficient, electric vehicles and its variants are being manufactured by almost all the major automobile manufacturers owing to improving year on year sales of electric vehicles directly influencing the growth of the electric vehicle plastics market.
Another factor that drives the growth of the market is the decrease in the prices of raw materials used in the manufacture of electric vehicles. The increasing involvement of plastics as raw materials to build automotive parts and supplies is also one of the major factors attributing to the growth of the electric vehicle plastics market.
Electric Vehicle Plastics Market: Segmentation
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Electric Vehicle Plastics Market: Regional Outlook
The electric vehicles market in North America and Western Europe region are flourishing at a healthy rate as a result of increasing adoption of non-polluting vehicles as a means of transportation, thereby rendering an attractive prospect for the growth of electric vehicle plastics market. Close on the heels of the above two regions, Asia Pacific region along with Japan has also witnessed a healthy sales of electric vehicles especially in China further improving the demand of such vehicles paving a way for the growth of the electric vehicle plastics market.
In contrast, the market in Latin America and Middle East & Africa region may witness a slower growth rate of electric vehicle plastics due to lower demands and sales of electric vehicles, but may improve in later years when the demand for fossil fuels increases.
Electric Vehicle Plastics Market: Key Players
Examples of some of the participants involved in the manufacture of Global Electric Vehicle Plastics are:
- Saudi Basic Industries Corporation (SABIC)
- BASF SE
- Formosa Plastics Corporation, U.S.A.
- LyondellBasell Industries Holdings B.V.
- Evonik Industries
- INEOS
- I. du Pont de Nemours and Company
- The Dow Chemical Company
- Air Liquide S.A.
- Sumitomo Chemical Co., Ltd.
- Mitsui Chemicals, Inc.
- Hexion Inc.
- Momentive Performance Materials
- Hanwha Azdel, Inc.
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