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

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

  • December 2020 •
  • 111 pages •
  • Report ID: 6004171 •
  • Format: PDF
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.
Increasing demand of electric vehicles will boost the demand of plastic for electric vehicle in the market.Automobile manufacturing is shifting toward generating fewer emissions of greenhouse gases and becoming fuel-efficient with the growing emphasis on environmental sustainability.

Cost-effectiveness; environment sustainability; convenience; adoption of advanced technology; and various government policies such as preferential rates, incentives toward equipment purchase, and significant rebates are among the factors propelling the demand for electric vehicles in Europe.Further, the demand for electric vehicles is expanding with the rising consciousness toward environment backed by the adoption of advanced technology and positive government measures.

The rising demand for electric vehicles is expected to propel growth of other industries including plastics, as it is one of the preferred materials used in manufacturing of electric vehicles.Plastic is alternatively used in place of metals for cooling pipes, fans, and other automotive components, such as energy recovery devices, and casing materials.

The stringent emission norms and regulations implemented by government is yet another factor, which has motivated the manufacturers to minimize the weight of passenger cars and look for environment friendly automotive option, which, in turn promotes the demand for electric vehicle in Europe. The adoption of lightweight materials in an urge to minimize vehicle weight is among the other factors expected to positively influence the demand for Europe plastic for electric vehicle market.
The interior trim segment led the plastic for electric vehicle market based on component type in 2019.The interior trim in an electric vehicle refers to the plastic component or the panel that are present inside the cabin.

Functional and aesthetic trim with pleasing features are essential for providing a perfect interior experience.The selection, design, and the processing of plastic solutions for interior trim components form a crucial part of the consumer’s purchase decision making.

Plastics for interior trims of electric vehicles must possess reliable stability, long term durability, ability to withstand UV light together with exposure to high temperatures.For other load bearing trim parts, the plastics used must be characterized with enhanced stiffness retention to the elevated temperatures.

The electric car manufacturers can also enjoy the benefit of using a wide range of colors, finishes, and effects with the help of plastics. Thus all these factors will positively impact is growth in the market.
In Europe, Russia, France, Spain, the 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 negatively impact market growth in Europe.
The overall Europe plastic 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 Europe plastic 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 Europe Plastic 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 Europe plastic for electric vehicles market.
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