Plastic Components Market worth 1.49 Billion USD by 2021
The 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. The automotive industry is shifting its base to BRIC countries. Majority of the global automobile giants operating in the market have set up their manufacturing units in these regions, which will eventually drive the demand for automotive plastics.
Target Audience Of Plastic Materials Market • Automotive plastics manufacturers • Raw material suppliers for automotive plastics • Experts from the Electric Vehicles (EV) industry • Dealers and distributors of automotive plastics • Automotive OEMs • The automobile industry and related end-user industries
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Scope Of The Plastic Materials Market Plastic materials market for electric & hybrid vehicles, By Vehicle Type • Battery Electric Vehicle (BEV) • Hybrid Electric Vehicle (HEV) • Plug-In Hybrid Electric Vehicle (PHEV) Plastic materials market for electric & hybrid vehicles and ICE passenger cars, By Material • Polypropylene (PP) • Polyethylene (PE) • Acrylonitrile- Butadiene-Styrene (ABS) • Polyurethanes (PE) • Polyvinyl Chloride (PVC ) • Polyamide (PA, Nylon 6/6, Nylon 6)
Key players of Plastic Materials Market The electric vehicle plastics market is dominated by a few global players, and comprises several regional players. Some of the key manufacturers operating in the market are BASF SE (Germany), The Dow Chemical Company (U.S.), INEOS Capital Limited (Switzerland), SABIC (Saudi Arabia), and Lyondellbasell Industries Holdings B.V. (The Netherlands).
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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.
BROWSE 125 MARKET DATA TABLES AND 59 FIGURES SPREAD THROUGH 178 PAGES AND INDEPTH TOC ON “PLASTIC COMPONENTS MARKET BY VEHICLE TYPE (BEV, PHEV, HEV, & ICE), MATERIAL (PP, PE, ABS, PU, PVC, PA, PC, PVB & OTHER ENGINEERING PLASTICS), APPLICATION (INTERIOR, EXTERIOR, LIGHTING/ELECTRIC WIRING & UNDER THE HOOD), & REGION - GLOBAL FORECAST TO 2021”
This study answers several questions for the stakeholders, primarily which market segments to focus on in the next two to five years to prioritize efforts and investments.
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