DUBAI, UAE / ACCESSWIRE / June 1, 2020 / Largely driven by the trend of lightweight plastics as a manufacturing element in electric vehicles for enhanced fuel efficiency and range, the demand for electric vehicle plastics will more than double over the projected period. A new Future Market Insights (FMI) study forecasts a 7.8% CAGR during 2020 - 2030, with major east Asian economies generating lucrative opportunities for manufacturers.
High demand for battery electric vehicles will bolster the growth of the worldwide electric vehicle plastics market. Key attributes of lower carbon emissions and reduced dependency on petroleum resources are anticipated to contribute to the prospects of the electric vehicle plastics market. Growing stringency of environmental regulations is key to the demand for electric vehicle plastic parts.
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Key Takeaways of Electric Vehicle Plastics Market
- Hybrid EVs account for more than 60% of electric vehicle plastic sales.
- Vehicle interior applications account for 46% of overall use.
- Battery EV segment has been projected to generate remunerative opportunities for market players, with an exponential 13% CAGR through 2030.
- East Asia maintains the lead, with more than half of the overall market value.
- The south Asia electric vehicle plastic market is set to rise at a healthy 6% during the projection period.
"The transition towards the production of automobiles that emit lesser greenhouse gas emissions, and its variants are being manufactured by almost key OEMs owing to rapidly rising sales of electric vehicles that directly affect the rise of the electric vehicle plastics market. The recent decrease in the prices of raw materials used in the manufacture of electric vehicles will also contribute to positive prospects in the market," says the report.
COVID-19 Impact on Electric Vehicles Plastic Market
The rapid spread of the coronavirus pandemic has undermined the global economy and the electric vehicle markets. Even by conservative estimates, the impact of Covid-19 on electric vehicle components would largely arise from supply chains from East Asian nations such as China and Japan. The problems are further compounded by a sudden drop in demand as businesses and governments move resources from long-term infrastructure goals to short term measures for economic stimulus.
Policy makers from around the world are also likely to divert their attention away from clean energy towards more urgent concerns. The pandemic has highlighted the requirement for stronger localized production and diversified supply chains. The difficult market conditions will severely test government environmental policies. On the other hand, renewable technologies have become cheaper, and optimal policies will help to mitigate losses during these challenging times, influencing recovery of demand for electric vehicle plastics during the forecast period.
Electric Vehicle Plastics Market - Key Participant Insights
Plastics have inspired electric automakers to rethink materials used for producing vehicles, and the manufacturing process overall. Novel processes such as 3D printed auto components, help in reducing waste in comparison to conventional processes, in addition to providing OEMs greater flexibility in developing custom designs for EVs.
In addition to aesthetics, advanced plastics also aid in vehicle performance by reducing weight and optimizing aerodynamics for superior handling, range, and speed. Improving fuel consumption rates, and remaining in compliance with emission laws will remain key influencers among major electric vehicle manufacturers for the long term, supporting the landscape of the electric vehicle plastics market.
Key players in the electric vehicle plastics market that have been encompassed in this FMI report include but are not limited to Plastic Omnium, DuPont, BASF SE, Dow Chemical Company, BSM Group, Evonik Industries AG, and INEOS Capital Ltd.
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Know More About Inclusions of FMI's Electric Vehicle Plastics Market Report
A new market research report published by Future Market Insights (FMI) on the global electric vehicle plastics market provides in-depth insights into the market demand trends and assessment of opportunities during the forecast period. The report analyses the electric vehicle plastics market on the basis of different EV types, end-use, and across five major regions. The electric vehicle plastics report also offers detailed analysis of pricing by different types, COVID-19 impact on market growth and projected demand growth over the forecast period.
For additional insights on how the growth of market will unfold during and post the pandemic of COVID-19, write to press@futuremarketinsights.com
About Chemicals & Materials Division of FMI
The Chemicals & Materials division at FMI offers distinct and pin-point analysis about the chemicals & materials industry. Coverage of the chemicals market extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites, and nanotechnology. The team also puts special emphasis on ‘green alternatives', recycling and renewable technology developments, and supply-demand trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners, and government bodies for developing - ‘The Way Forward'.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights
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https://www.accesswire.com/592250/Demand-for-Electric-Vehicle-Plastics-Slumps-Temporarily-amid-Covid-19-Outbreak-Plastic-Components-for-Hybrid-EVs-to-Remain-Highly-Sought-after-Says-Future-Market-Insights-Report
