The plastic for electric vehicle market in Middle East and Africa is expected to grow from US$ 48.88 million in 2019 to US$ 197.06 million by 2027; it is estimated to grow at a CAGR of 19.2% from 2020 to 2027. Emerging demand of electric vehicles will boost the demand of plastics 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 Middle East and Africa.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 increased investments brought by OEMs, has created a technological revolution across automotive industry in Middle East and Africa.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.
Moreover, 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 Middle East and Africa market. Further, the futuristic scope of the electric vehicle plastics market is full of diversified opportunities owing to advancement of technologies such as the use of hybrid, plug-in-hybrid, and battery electric vehicles. The adoption of lightweight materials in an urge to decrease vehicle weight is among the other factors expected to positively influence the demand for plastic for electric vehicle market. The interior segment led the plastic for electric vehicle market based on application type in 2019.High performance plastics are used in electric vehicles to provide safety and security.
Polypropylene is frequently used in the car parts such as gas cans and carpet fibers of the interior flooring.Owing to the sleek finish of PVC, it is used in the car tanks and dashboards.
Steering wheels and dashboards are also produced with acrylonitrile butadiene styrene or ABS plastics.With the advent of modern plastics technology, the instrument panels in electric vehicles are made of ABS, ABS or polycarbonate alloys, polypropylene and modified polyphenylene ether resins.
These resins support complex designs in items such as airbag housings and center stacks for the large integrated instrumental panel pieces. The introduction of plastics has revolutionized the design of the electric vehicle’s interiors, especially for the consoles and doors. ABS and polypropylene provide durable, lightweight, and complicated shapes for the car consoles. Armrests, cup holders, and storage spaces fall under the category of consoles. Also, plastics favor the reduction of vibrations and noise in the interiors. The design flexibility, favorable mechanical properties, and corrosion resistant properties of plastics make them a suitable choice for the upholstery and interior surfaces of electrical vehicles. Plastics offer best in class stretch resistance for the interior seats and surfaces of electric vehicles. Thus all these factors will positively impact is growth in the market. South Africa has the highest number of COVID-19 cases in the Middle East and Africa region, and is followed by Saudi Arabia and UAE.UAE was the first country in Middle East and Africa to report a confirmed case of COVID-19.
Due to lockdown in Middle East and African countries, various chemicals & materials companies remain closed, which led to the reduction in the sale of various products that has negatively impacted the plastics for electric vehicle market in the region. The overall Middle East and Africa 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 Middle East and Africa 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 expert 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 Middle East and Africa plastic for electric vehicle market. BASF SE; Solvay SA; DuPont de Nemours, Inc.; The Dow Chemical Company; LG Chem Ltd.; Lanxess AG; Sabic; Asahi Kasei Corporation; and Lyondellbasell Industries Holdings B.V. are among the well- established companies in the Middle East and Africa plastics for electric vehicle market.
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