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Electric Vehicle Plastics Market Size Worth $13.33 Billion by 2030: Grand View Research, Inc.SAN FRANCISCO, Sept. 20, 2022 /PRNewswire/ -- The global electric vehicle plastics market size is expected to reach USD 13.33 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 27.5% over the forecast period. The industry is projected to witness significant growth in terms of consumption, on account of high application scope and increasing demand from the growing population. Key Industry Insights & Findings from the report:
Read 140-page full market research report, "Electric Vehicle Plastics Market Size, Share & Trends Analysis Report By Resin (PP, PA, PC, PE, PU, PVC, PVB, PBT, ABS, PET, Others), By Application, By Components, By Vehicle Type, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research. Electric Vehicle Plastics Market Growth & Trends The Polypropylene (PP) resin demand in the Asia Pacific region is estimated to grow at the fastest CAGR over the forecast period. Strong government support & initiatives regarding emissions and increasing investment by manufacturers are propelling the growth of the region. Furthermore, EVs are efficient and require less maintenance as compared with traditional vehicles. These factors are expected to boost the demand for EVs, which is expected to drive the demand for plastics over the forecast period. Increasing utilization of plastics in EVs is anticipated to boost industry growth positively over the forecast period. Plastics have proven to perform well under harsh conditions through their resistance to shock, moisture, oxidation, and further maintaining their chemical and mechanical properties. Plastics will be crucial material for manufacturing lightweight and energy-efficient EVs. Based on resin type, PP is expected to witness major demand during the projected years. Polypropylene is used in many components of the vehicle including bumpers, carpet fibers, cable insulation, and others. Properties, such as good heat, chemical & fatigue resistance, and others, are anticipated to drive the demand for PP in the industry. Major manufacturers are adopting expansion strategies, such as new product development, production faciliy expansions, mergers & acquisitions, and joint ventures. For instance, in October 2021, DuPont launched a new extension of its existing Zytel HTN range, named as Zytel 500 series. These products are developed to provide enhanced retention properties in e-mobility oils, electrically friendly characteristics, and a high Comparative Tracking Index (CTI). Electric Vehicle Plastics Market Segmentation Grand View Research has segmented the global electric vehicle plastics market on the basis of resin, application, components, vehicle type, and region: Electric Vehicle Plastics Market - Resin Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
Electric Vehicle Plastics Market - Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
Electric Vehicle Plastics Market - Components Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
Electric Vehicle Plastics Market - Vehicle Type Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
Electric Vehicle Plastics Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
List of Key Players of Electric Vehicle Plastics Market
Check out more market studies published by Grand View Research:
Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports. About Grand View Research Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. Contact: Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg View original content:https://www.prnewswire.com/news-releases/electric-vehicle-plastics-market-size-worth-13-33-billion-by-2030-grand-view-research-inc-301628086.html SOURCE Grand View Research, Inc. |