Plastic Components Market

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Plastic Materials Market for electric & hybrid vehicles is projected to grow at a CAGR of 27.82% during the forecast period, to reach a market size of USD 1.49 billion by 2021. The market is driven by factors such as the increasing sales of electric & hybrid vehicles, stringent fuel emission regulations, supporting government policies for alternate fuel vehicles, light weighting of vehicle and others. Addition to that, the growth of automotive plastic market in BRIC countries is also creating a new revenue pocket for tier1 players and OEMs.
To know about the assumptions considered for the study, download the pdf brochure

Plastic Components

Objectives of the Study

  • To define and segment the plastic materials market for electric & hybrid vehicles
  • To identify the market dynamics and analyze their impact on the plastic materials market for electric & hybrid vehicles
  • To segment the market of plastic materials market for electric & hybrid vehicles and forecast the market size, by value and volume, based on vehicle type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV) and Plug-In Hybrid Electric Vehicle (PHEV))
  • To segment the market and forecast the plastic materials market for electric & hybrid vehicles and ICE vehicles , by value and volume, based on material type (Polypropylene (PP), Polyethylene (PE), Acrylonitrile- Butadiene-Styrene (ABS), Polyurethanes (PE), Polyvinyl Chloride (PVC ), Polyamide (PA, Nylon 6/6, Nylon 6), Polycarbonate, Polyvinyl Butyral (PVB), Other Engineering Resins and Others)
  • To segment the market and forecast the market size, by value and volume, based on application (Interior, Exterior, Lighting/Electric Wiring and Under the hood)
Speak to Our Analyst –
During this research study, major players operating in the plastic material market for electric and hybrid vehicles in various regions have been identified, and their offerings, regional presence, and distribution channels have been analyzed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Factiva, along with primary respondents. The entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) pertaining to the market. The figure below shows the breakdown of the primaries on the basis of the company type, designation, and region considered during the research study.


Major Market Developments

  • In 2015, Magna International Incorporated plans to expand its plant capacity in Queretaro, Mexico for the production of molded and painted exterior parts. This is expected to help the company to strengthen its position in this growing region. The production at this site will begin in 2016.
  • In 2015, Grupo Antolin signed an agreement with global automotive supplier, Magna International (Canada) to purchase all of its interiors businesses. The agreement will allow the company to reinforce its presence in Europe, North America, and Asia and to diversify its client base and product portfolio.
  • In 2014, Dow Building Solutions, a subsidiary of The Dow Chemical Company developed a new Polymeric Flame Retardant (PolyFR) IMPAXX for Coastal Automotive (U.S.A.). The product is used in doors, overhead systems, and pillar trims.

Target Audience

  • Automotive plastics manufacturers
  • Raw material suppliers for automotive plastics
  • Experts from the Electric Vehicles (EV) industry
  • Dealers and distributors of automotive plastics
  • Automotive OEMs
  • The automobile industry and related end-user industries

Battery electric vehicles to be the fastest growing segment in the electric vehicle plastics market

The Battery Electric Vehicle (BEV) segment is projected to grow at the highest CAGR during the forecast period. The primary difference in the plastics employed in a BEV compared to a Hybrid Electric Vehicle (HEV) is the under hood components. The growth of this market is driven by factors such as increasing innovation, environmental concerns, and stringent emission regulations. To promote the growth of BEVs, governments are introducing various tax and non-tax incentives for electric vehicle owners. This in turn supplements the growth of the plastics employed in these BEVs.

Asia-Oceania to be the largest market for electric vehicle plastics market

Asia-Oceania is estimated to dominate the electric vehicle plastics market, and is projected to grow at the highest CAGR during the forecast period. The region has emerged as a hub for electric vehicles in recent years, with China and Japan as the frontrunners. Governments in Asia-Oceania are also trying to provide incentives to support the demand for electric vehicles. For instance, in Japan, electric vehicles are exempted from acquisition tax and tonnage tax, and have a 50% exemption from automobile tax.
The electric vehicle plastics market is dominated by a few global players, and comprises several regional players. Some of the key manufacturers operating in the market are BASF SE (Germany), The Dow Chemical Company (U.S.), INEOS Capital Limited (Switzerland), SABIC (Saudi Arabia), and Lyondellbasell Industries Holdings B.V. (The Netherlands).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
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Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
Location: United States

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