Plastic Materials Market for electric & hybrid vehicles is projected to grow at a CAGR of 27.82% during the forecast period, to reach a market size of USD 1.49 billion by 2021. The market is driven by factors such as the increasing sales of electric & hybrid vehicles, stringent fuel emission regulations, supporting government policies for alternate fuel vehicles, light weighting of vehicle and others. Addition to that, the growth of automotive plastic market in BRIC countries is also creating a new revenue pocket for tier1 players and OEMs. Browse 125 market data tables and 59 figures spread through 178 pages and in-depth TOC on “Plastic Components Market - Global Forecast to 2021” Don’t miss out on business opportunities in Plastic Components Market.
Speak to Our Analyst and gain crucial industry insights that will help your business grow: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=219387183 Key Players of Plastic Components Market: •
BASF SE (Germany)
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Dow Chemical Company (U.S.)
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INEOS Capital Limited (Switzerland)
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SABIC (Saudi Arabia)
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Lyondellbasell Industries Holdings B.V. (The Netherlands)
Battery electric vehicles to be the fastest growing segment in the electric vehicle plastics market The Battery Electric Vehicle (BEV) segment is projected to grow at the highest CAGR during the forecast period. The primary difference in the plastics employed in a BEV compared to a Hybrid Electric Vehicle (HEV) is the under hood components. The growth of this market is driven by factors such as increasing innovation, environmental concerns, and stringent emission regulations. To promote the growth of BEVs, governments are introducing various tax and non-tax incentives for electric vehicle owners. This in turn supplements the growth of the plastics employed in these BEVs. Get Free Sample Report of this Report at: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=219387183
Polyurethanes to be the largest material segment used in electric vehicles Polyurethanes are expected to dominate the electric vehicle plastics market. The growth of this market can be attributed to the advantages offered by polyurethanes, such as high strength, flexibility, and resistance to temperature, weather, and radiation. The key applications of polyurethanes are seating, electric wiring, and hard plastic parts. The average percentage of polyurethanes employed in a passenger car is around 15%–20%, according to MarketsandMarkets analysis. Many automotive plastic manufacturers, such as BASF SE (Germany) and The Dow Chemical Company (U.S.), have a wide range of polyurethane products for the automotive industry. Asia-Oceania to be the largest market for electric vehicle plastics market Asia-Oceania is estimated to dominate the electric vehicle plastics market, and is projected to grow at the highest CAGR during the forecast period. The region has emerged as a hub for electric vehicles in recent years, with China and Japan as the frontrunners. Governments in Asia-Oceania are also trying to provide incentives to support the demand for electric vehicles. For instance, in Japan, electric vehicles are exempted from acquisition tax and tonnage tax, and have a 50% exemption from automobile tax. About MarketsandMarkets™
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