The electric vehicle engineering plastics market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses the market to rise up to USD 104,527.2 million by 2029 and will grow at a CAGR of 31.0% in the above-mentioned forecast period.
Electric vehicle engineering plastics are basically the plastics that are basically utilized for electric vehicles and it reduces the weight of these vehicles, which generally offers a high range between recharges. The electric vehicle engineering plastics also offer excellent heat resistance that enables the co
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The factors such as rising trend of weight reduction in PHEV/ HEV and BEV, increasing concern to reduce the level of carbon footprints coupled with the increasing demand of thermally stable plastic are the root cause fueling up the market growth rate. The factors expected to cushion the growth of the electric vehicle engineering plastics market in the forecast period are the increasing demand for replacement of metals with plastics in interior components and reduction in the overall weight of the cars which will further carve the way for the growth of market. Moreover, the stringent emission regulation and government favorable policies towards adoption of electric cars are further expected to cushion the overall markets growth. On the other hand, the high cost of capital and infrastructure for re-engineering of plastics are expected to impede the growth of the electric vehicle engineering plastics market. The volatile raw material prices coupled with the stringent regulatory scenario are also projected to hamper market’s overall growth.
The rising government mandates to promote the adoption of electric cars are estimated to generate numerous opportunities for the market. On the flip side, the recent downfall in the automotive industry is projected to pose as a major challenge to the growth of the electric vehicle engineering plastics market.
Competitive Landscape and Electric Vehicle Engineering Plastics Market Share Analysis
The electric vehicle engineering plastics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to electric vehicle engineering plastics market.
Some of the major players operating in the electric vehicle engineering plastics market report are BASF SE, Covestro AG, Celanese Corporation, DuPont., corporate.evonik, LANXESS, Mitsubishi Engineering-Plastics Corporation, LG Chem, Solvay, SABIC, DSM, Teijin Aramid B.V., Avient, Eastman Chemical Company, Arkema, Toray Industries Inc., and Kureha Corporation., Dow, TPC Group, Formosa Plastics Corporation, U.S.A., ZEON Corporation., China Petrochemical Corporation Borealis AG., and Versalis S.p.A., among others.
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Global Electric Vehicle Engineering Plastics Market Scope and Market Size
The electric vehicle engineering plastics market is segmented on the basis of plastic type, component application and vehicle type. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis of plastic type, the electric vehicle engineering plastics market is segmented into acrylonitrile butadiene styrene (ABS), polyamide (PA), polycarbonate (PC), polyvinyl butyral, polyurethane (PU), polypropylene (PP), polyvinyl chloride (PVC), polymethylmethacrylate (PMMA), high-density polyethylene (HDPE), low-density polyethylene (LDPE), polybutylene terephthalate (PBT) and others.
- Based on component, the electric vehicle engineering plastics market is segmented into dashboard, seat, trim, bumper, body, battery, engine, lighting and wiring.
- Electric vehicle engineering plastics market is also segmented on the basis of application into powertrain system/ under bonnet, exterior, interior and lighting and electric wiring.
- On the basis of vehicle type, the electric vehicle engineering plastics market is segregated into BEV and PHEV/ HEV.
Electric Vehicle Engineering Plastics Market Country Level Analysis
The electric vehicle engineering plastics market is segmented on the basis of plastic type, component application and vehicle type.
The countries covered in the electric vehicle engineering plastics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the electric vehicle engineering plastics market owing to the increasing concern to reduce the level of carbon footprints, reduction in the overall weight of the cars, and rising government mandates to promote the adoption of electric cars within the region. Europe on the other hand, will continue to however show lucrative growth within the forecast period owing to the increase in demand for electric vehicle engineering plastics in interior trim, exterior trim, and electronic components is driving the market in Germany.
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