Europe Plastics For Electric Vehicle Market
Plastics, now-a-days can be an electric conductor and also an insulator. It plays a unique role in the various parts of electric vehicles. As a thermoplastics polymer, the high versatility and easy mold ability of plastics enable them to be produced in various shapes and design suiting the requirement of the electric vehicle. The plastics for electric vehicles reduced the weight of electric vehicles that provide greater range between recharges. A number of plastics offer excellent heat resistance which enable the construction of battery compartments and cooling systems and do not sacrifice the durability & safety provided by the electric vehicles. Also, the injection molded plastics are less costly as compared to the metal components, which attracts the attention of the manufactures of electric vehicles. Thus, adoption of lightweight materials in an urge to minimize vehicle weight is expected to create a significant demand for plastic in the coming years, which is further anticipated to drive the plastic for electric vehicle market.
The plastic for electric vehicle market in Europe is expected to grow from US$ 245.77 million in 2019 to US$ 1013.47 million by 2027; it is estimated to grow at a CAGR of 19.6% from 2020 to 2027. Plastics are considered as light weight, durable, versatile and economical materials which have the ability to be used in diversified industrial applications. Further, plastic is known to possess several attributes such as minimal carbon emission along with reduction in the dependency on petroleum, which has significantly driven its demand in production of electric vehicle. Parts of electric vehicle such as fans, casings, energy recovery devices, pumps, and other non-moving parts are produced using plastics so as to reduce the overall weight of the vehicle without compromising on the performance aspects of the vehicle. This has propelled the growth of the electric vehicle plastics market worldwide. For instance, the weight of the vehicle is reduced up to 40%, when plastics are used in place of other metals. Also, the use of high performance polymers and elastomers assist in effective integration of components and functions. The growing focus towards reduction of carbon emissions or dependence on petroleum is also promoting the demand for plastic in electric vehicles. For instance, stringent emission standards implemented across economies such as Germany and U.K., have compelled the automotive manufacturers to produce fuel-efficient vehicles. In order to attain fuel efficiency, it is quite imperative to reduce the weight of vehicles and their components, by using plastics. Therefore, the demand for electric vehicle plastic is set to rise.
In Europe, Russia, France, Spain, UK, Italy and Germany have also been hit hard and are expected to suffer an economic hit due to a lack of revenue from various industries. Other member states have implemented drastic measures and travel restrictions, including partially closing their borders. This is anticipated to impact market growth in Europe.
In terms of plastic type, the polypropylene segment accounted for the largest share of the Europe Plastic for electric vehicle market in 2019. Based on component the plastic for electric vehicle market is divided into dashboard, seats, interior trim, car upholstery, bumper, and others. Interior Trim is expected to be the leading segment over the forecast period. In terms of vehicle type, the BEV
A few major primary and secondary sources referred to for preparing this report on the Plastic for electric vehicle market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are BASF SE, Solvay SA, DuPont de Nemours, Inc., The Dow Chemical Company, LG Chem Ltd., Lanxess AG, Sabic, Covestro AG, Asahi Kasei Corporation, and Lyondellbasell Industries Holdings B.V. among others.
Strategic insights for the Europe Plastics For Electric Vehicle provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 245.77 Million |
| Market Size by 2027 | US$ 1013.47 Million |
| Global CAGR (2020 - 2027) | 19.6% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Plastics Type
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The geographic scope of the Europe Plastics For Electric Vehicle refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The Europe Plastics For Electric Vehicle Market is valued at US$ 245.77 Million in 2019, it is projected to reach US$ 1013.47 Million by 2027.
As per our report Europe Plastics For Electric Vehicle Market, the market size is valued at US$ 245.77 Million in 2019, projecting it to reach US$ 1013.47 Million by 2027. This translates to a CAGR of approximately 19.6% during the forecast period.
The Europe Plastics For Electric Vehicle Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Plastics For Electric Vehicle Market report:
The Europe Plastics For Electric Vehicle Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Plastics For Electric Vehicle Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Plastics For Electric Vehicle Market value chain can benefit from the information contained in a comprehensive market report.
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