“Supporting government policies and taxation schemes are expected to fuel the demand for electric vehicles”
The electric vehicle plastics market is projected to grow at a CAGR of 27.82%, to reach a market size of USD 1.49 billion by 2021. Several countries are trying to shift towards greener transportation solutions. Favorable taxation schemes, direct monetary incentives, and indirect subsidies are driving the sales of electric vehicles. For instance, in France there is a registration tax is for ICE (Internal Combustion Engine) passenger cars, electric vehicles are exempted from such tax. Additionally, subsidies have been provided for achieving set emission targets; for instance, vehicles emitting less than 20 g/km get a bonus of about USD 9400, and vehicles emitting between 21 g/km–50 g/km would get a bonus of about USD 6700. Such factors are driving the electric vehicle plastics market. The factors restraining market growth are lack of charging infrastructure for battery electric passenger cars and the high cost of batteries, which increases the overall cost of electric passenger cars.
“Battery Electric Vehicle (BEV) is the fastest growing vehicle type in the electric vehicle plastics market”
BEVs are expected to dominate the electric vehicle plastics market. Lightweighting plays a significant role in improving fuel efficiency and increasing the range of the BEV. The amount of plastic used in BEVs is more compared to HEVs, in order to make the vehicle lightweight. According to the European Commission, for an electric vehicle with a range of 200 km and battery capacity of 200 Wh/kg–300 Wh/kg, the permissible weight saving cost is around USD 10/kg. To achieve the mentioned weight saving cost, 40% of lightweighting is required. Thus, given the need to achieve better fuel efficiency and CO2 emission targets, BEVs will be the largest contributor to the plastics market.
“Polyurethanes (PU) constitute the largest material segment of the electric vehicle plastics market”
Polyurethanes are widely used in the interior applications of passenger cars, and contribute around 15%–20% of total plastics used in a passenger car. According to MarketsandMarkets analysis, Polypropylene (PP) content in passenger cars would increase from 0.041 tons in 2016 to 0.054 tons by 2021. PP is used in automotive parts such as bumpers, seats, armrests, headrest, and the car body. Properties such as improved strength, flexibility, and lightness make the material suitable for automotive applications.
“Asia-Oceania: Fastest growing 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. China and Japan are the largest contributors in the global sales and production of electric vehicles. According to the China Association of Automobile Manufacturers (CAAM), electric vehicle sales in China increased from 74,763 units in 2014 to 247,482 units in 2015, and the government is aiming to reach 5 million electric vehicles on the road by 2020. In order to cater to the increasing demand for electric vehicles, the government is launching taxation schemes and providing subsidies, developing charging infrastructure, and undertaking other initiatives. Thus the increasing sales of electric vehicles will likely drive the market for plastics used in passenger cars.
BREAKDOWN OF PRIMARIES
The study contains insights provided by various industry experts, ranging from equipment suppliers to Tier-1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type – Tier-1 - 63 %, Tier-2 - 29%, and Tier-3 - 8%
- By Designation - C level - 45%, D level – 43%, others – 12%
- By Region - North America - 58%, Europe - 30%, Asia-Oceania - 12%
The report provides detailed profiles of the following companies:
- BASF SE
- The Dow Chemical Company
- Ineos Capital Limited
- Lyondellbasell Industries Holding B.V.
- E.I. du Pont de Numours and Company
- Akzo Nobel N.V.
- Exxon Mobil Corporation
- Evonik Industries AG
- Plastic Omnium
The electric vehicle plastics market has been segmented based on vehicle type BEV, HEV and PHEV), material type (PP, Polyethylene (PE), Acrylonitrile- Butadiene-Styrene (ABS), Polyurethanes (PE), Polyvinyl Chloride (PVC), Polyamide (PA, Nylon 6/6, Nylon 6), Polycarbonate, Polyvinyl Butyral (PVB), other engineering resins, and Others) and application (interior, exterior, lighting & electric wiring, and under the hood). The market has been provided in terms of volume (tons/kilo tons) and value (USD thousand/million).
Reasons To Buy the Report:
This report contains various levels of analysis, including industry analysis (industry trends, Porter’s Five Forces, and PEST analysis), supply chain analysis, and company profiles, which together comprise and discuss the basic views on the emerging and high-growth segments of the electric vehicle plastics market, competitive landscape, high-growth regions and countries, government initiatives, and market dynamics such as drivers, restraints, opportunities, and challenges.
The report enables new entrants/smaller firms as well as established firms to understand the market better to help them acquire a larger market share. Firms purchasing the report could use any one or a combination of the below-mentioned four strategies (market development, product development/innovation, market diversification, and competitive assessment) to strengthen their position in the market.
The report provides insights with reference to the following points:
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the electric vehicle plastics market across regions
- Product Development/Innovation: Detailed insights into R&D activities, upcoming technologies, and new product launches in the electric vehicle plastics market
- Market Diversification: Detailed information about untapped markets, investments, new products, and recent developments in the electric vehicle plastics market
- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the electric vehicle plastics market