The pressing need for reducing CO2 emissions from vehicles in a number of industrialized nations has bolstered the demand for reducing the vehicular weight. Plastics have been popularly used in various automobile parts, interior as well as exterior, as substitutes for metals to significantly reduce the weight and mitigate the adverse environmental impact. The growing use of plastic composites and hybrids in electric vehicles will lead to interesting avenues in the automotive industry world over. The striking emergence of electric vehicles in several developing and developed countries follows from a robust push from government and private players to reduce the dependence on internal combustion engines and fossil fuels. A number of prominent automobile manufacturers in major regions are focused on rolling out electric cars or their variants in the coming years. They are increasingly inclined to reduce the weight of the vehicles by using cost-effective materials such as plastics. The use of plastics enable auto makers to achieve the objective of fuel efficient engines and embark on the path of design innovations.
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Various types of plastics such as polyurethane, polypropylene, polyvinyl chloride, polystyrene, polyoxymethylene, polycarbonate, acrylic, and polyamide are used for automotive parts, reduces the overall weight of the vehicles, apart from imparting remarkable strength. The report offers a comprehensive insights into the growth drivers and notable trends, key challenges and emerging opportunities, regulatory landscape, major technological advances, and the competitive landscape in various regions.
Global Plastics in Electrical Vehicles Market: Trends and Opportunities
The persistent drive for achieving fuel economy and reducing vehicular emissions in various parts of the world has led to the demand for materials and composites in the automotive industry to reduce the vehicle’s weight. This is the primary factor stimulating the demand for plastics in electric vehicles. The sustained focus on greener transportation solutions by governments in several emerging and developed nations is a key factor bolstering the production of electric vehicles and their variants. This is fortifying the demand for plastics for making automotive parts of electric vehicles (EV). The extensive use of various types of composite plastics in battery electric vehicle (BEV) to achieve the desired weight saving cost is a key factor boosting the market for plastics in electric vehicles.
Research in various developing and developed nations into developing highly innovative lightweight materials using plastics are catalyzing the growth of the market. Furthermore, the policy push in several developing economies to promote the use of electric vehicles is a notable trend accentuating the growth of the market. The decrease in the prices of raw materials for manufacturing electric vehicles in several countries is expected to provide a robust fillip to their production, which positively reflects on the uptake of plastics to achieve the lightweight architectures. The advent of biodegradable plastic or bioplastics in the automotive industry is likely to open up exciting prospects over the forecast period.
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Global Plastics in Electrical Vehicles Market: Regional Outlook
Regionally, both North America and Europe are prominent markets for plastics in electric vehicles. The extensive production of electric vehicles in various economies of North America is stoking the demand for plastics for lightweighting of vehicles. The rapid strides taken in EV production in various parts of Europe and substantial developments in charging infrastructures are expected to fuel the growth of this regional market.
Meanwhile, Asia Pacific is witnessing a surge of promising opportunities for market players to capitalize on. Sustained government initiatives in the form of subsidies and taxation schemes in major economies are crucial factors accentuating the regional market. Japan and China being the major producers of EVs are likely to witness burgeoning demand for plastics for automotive parts.
Companies mentioned in the report
Some of the prominent players operating in the plastics in electric vehicles market are Dow, DuPont, INEOS, Evonik Industries, LyondellBasell Industries Holdings B.V., Formosa Plastics Corporation, BASF SE, and Saudi Basic Industries Corporation (SABIC). The report highlights their key strategies and evaluates their impact on the global competitive dynamics over the forecast period.
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