May 05, 2022 06:58 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, May 05, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Electric Vehicle Plastic Market finds that rising trend of weight reduction in PHEV/ HEV/ BEV and increasing demand of thermally stable plastic, are factors that influencing the growth of Electric Vehicle Plastic Market.
The total Global Electric Vehicle Plastic Market is estimated to reach USD 3862.1 Million by the year 2028. The Global Market value stood at USD 942.5 Million in the year 2021, and is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 26.50%, states Vantage Market Research, in a report, titled “Electric Vehicle Plastic Market Size, Share & Trends Analysis Report by Plastic Type (Acrylonitrile Butadiene Styrene (ABS), Polyamide (PA), Polycarbonate (PC), polyvinyl butyral), by Application (Powertrain System/ Under Bonnet, Exterior, Interior, Lighting & Electric Wiring), by Component (Dashboard, Seats, Interior trim, Car upholstery), by Vehicle Type (BEV, PHEV/ HEV), by Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Increasing Demand for EVs as well as Weight Reduction In PHEV, HEV, and BEV
Transportation plays an important role in the present-day society that we live in. Since old times, fossil fuels have been used in vehicles for transportations. Hence, the concerns regarding preservation and sustaining the fossil fuels for next generations is increasing. Especially, owing to mounting shortage of natural resources and environmental concerns. Thus, owing to the increase in pollution and the need to protect the environment, it poses a great challenge on society as well as government across the globe. Introduction of e–bikes is witnessing revolutionary effects as a perfect solution to this challenge. This is increasing the demand for e–bikes, ultimately, increasing the demand for the electric vehicle plastic as being a vital raw material. Moreover, changing trend to trend of weight reduction in PHEV/ HEV and BEV is further propelling the demand for electric vehicle plastics, in turn, propelling the market growth over the forecast period.
The Electric Vehicle Plastic Market Covers the Following Key Insights & Findings:
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Benefits of Purchasing Electric Vehicle Plastic Market Reports:
Segmentation of Electric Vehicle Plastic Market:
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Increasing Investments from Government as well as Major Players
Looking at the need to protect the environment as well as alternative solutions for vehicles using fossil fuels, several countries have recognized the need to go electric vehicles. Whereas with the US and China already gearing up to electric vehicles. Therefore, major players engaged in the market as well as several governments across the globe government are investing their money greatly for technology development, and reducing wright with need for high heat resistant plastic as well as production of electric vehicles (EVs). For instance, In 2019, BASF has launched its smart Verbund project in Zhanjiang, Guangdong province, China, and commenced building its first plant. It marks a milestone of the company’s USD10 billion investment projects announced in July 2018.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The Report on Electric Vehicle Plastic Market Highlights:
Asia Pacific Holds Maximum Market Share
Asia Pacific dominated the growth of Electric Vehicle Plastic Market in 2021. The major driving factor for the market is the presence of countries such as China, Japan, India, and South Korea. Moreover, presence of major players engaged in the market, and growing investment by key companies in the region is ultimately driving the market over the forecast period.
List of Prominent Players in the Electric Vehicle Plastic Market:
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on "Electric Vehicle Plastic Market Size, Share & Trends Analysis Report by Plastic Type (Acrylonitrile Butadiene Styrene (ABS), Polyamide (PA), Polycarbonate (PC), polyvinyl butyral), by Application (Powertrain System/ Under Bonnet, Exterior, Interior, Lighting & Electric Wiring), by Component (Dashboard, Seats, Interior trim, Car upholstery), by Vehicle Type (BEV, PHEV/ HEV), by Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/electric-vehicle-plastic-market-195882
February 2020: Covestro has developed a new composite technology that facilitates the industrial-scale production of particularly thin, lightweight, high-strength yet aesthetic parts. It is based on Continuous Fiber-Reinforced Thermoplastic Polymers (CFRTP) and is marketed under the name Maezio™.
Key Questions Answered in Electric Vehicle Plastic Market Report:
This market titled “Electric Vehicle Plastic Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
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