Asia Pacific Plastic For Electric Vehicle Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Plastics Type ; Component ; Vehicle Type ; and Application

Asia Pacific Plastic For Electric Vehicle Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Plastics Type ; Component ; Vehicle Type ; and Application

  • December 2020 •
  • 109 pages •
  • Report ID: 6004142 •
  • Format: PDF
The plastics for electric vehicle market in Asia Pacific is expected to grow from US$ 419.70 million in 2019 to US$ 1753.47 million by 2027; it is estimated to grow at a CAGR of 19.8% from 2020 to 2027.
The use of bio-based plastics in electric vehicles will boost its demand in the market.Bio-based plastic includes mass commodity plastics such as Polyethylene Terephthalate (PET) along with bio-based Polyethylene (PE), bio-based technical performance polymers, and thermos plastic copolyester elastomers (TPC-ET).

With the growing focus on minimizing CO2 emissions, the adoption of bio-plastic over recycled Plastics in vehicle manufacturing has gained momentum, especially in out-of-sight components, which has significantly contributed in reducing the overall weight of the vehicle.Various manufacturers have identified the use of sustainable plastic material in the production of electric vehicle to make it cost-effective and environment-friendly.

The prominent automotive manufacturers and suppliers around the globe have significantly increased the use of bio-Plastics, such as bio-based polyesters and poly-amides, with an objective to minimize the environmental impact of their product. The growing demand of electric vehicles is among the other factors expected to increase the demand for plastics for electric vehicle market.
In terms of vehicle type, the BEV segment led the plastics for electric vehicle market in 2019.Battery Electric Vehicle (BEV) runs on rechargeable batteries without using gasoline engine.

The BEV store electricity on board with high capacity packs of batteries.The power stored in the battery is used to run the electric motor and other electronics on board.

The use of Plastics for the BEV is driven by the light weighting trends, which, in turn is fuelled by the need to enhance the BEV range.BEV is characterized by huge a battery that adds to the overall weight of the vehicle that affects its mile range.

In order to compensate the battery weight, metals are being replaced with Plastics s. Certain Plastics are engineered to exceed the tensile strength offered by metals together with exceptional fatigue, creep resistance, and impact resistance to the electric vehicles. The injection molded Plastics are less expensive to manufacture compared to metal components, which allows the OEMs and the battery electric car manufacturers to control costs and maximize profits. The sustained popularity of BEV is compelling the manufacturers to convert metal parts to Plastics with the application of injection molded Plastic parts and components. Thus all these factors will positively impact is growth in the market.
The COVID-19 is anticipated to cause a loss of more than 3 billion in the Asia Pacific region.The consequence and impact can be even worse and totally depends on the spread of the virus.

The governments in Asia Pacific are taking possible steps to reduce the effects of COVID-19 by announcing lockdown, which, on the other hand negatively impacts the revenue generated by the market.
The overall Asia Pacific plastics for electric vehicle market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining overview and forecast for the Asia Pacific Plastics for Electric Vehicle market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific plastics for electric vehicle market. 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. are among the well- established companies in the Asia Pacific plastics for electric vehicle market.
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