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.
The Business Market Insights provides you regional research analysis on “Europe Plastics For Electric Vehicle Market” and forecast to 2027. The research report provides deep insights into the regional market revenue, parent market trends, macro-economic indicators, and governing factors, along with market attractiveness per market segment. The report provides an overview of the growth rate of the Europe Plastics For Electric Vehicle Market during the forecast period, i.e., 2020–2027.
Plastics are considered as light weight, durable, versatile and economical materials which have the ability to be used in diversified industrial applications. Further, plastic is known to possess several attributes such as minimal carbon emission along with reduction in the dependency on petroleum, which has significantly driven its demand in production of electric vehicle. Parts of electric vehicle such as fans, casings, energy recovery devices, pumps, and other non-moving parts are produced using plastics so as to reduce the overall weight of the vehicle without compromising on the performance aspects of the vehicle. This has propelled the growth of the electric vehicle plastics market worldwide. For instance, the weight of the vehicle is reduced up to 40%, when plastics are used in place of other metals. Also, the use of high performance polymers and elastomers assist in effective integration of components and functions. The growing focus towards reduction of carbon emissions or dependence on petroleum is also promoting the demand for plastic in electric vehicles. For instance, stringent emission standards implemented across economies such as Germany and U.K., have compelled the automotive manufacturers to produce fuel-efficient vehicles. In order to attain fuel efficiency, it is quite imperative to reduce the weight of vehicles and their components, by using plastics. Therefore, the demand for electric vehicle plastic is set to rise.
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Major key players covered in this report:
BASF SE, Solvay SA, DuPont de Nemours Inc., The Dow Chemical Company, LG Chem Ltd., Lanxess AG, Sabic, Covestro AG, Asahi Kasei Corporation, Lyondellbasell Industries Holdings B.V.
The report profiles the key players in the industry, along with a detailed analysis of their individual positions against the regional landscape. The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Europe Plastics For Electric Vehicle Market. The researcher provides an extensive analysis of the Europe Plastics For Electric Vehicle Market size, share, trends, overall earnings, gross revenue, and profit margin to accurately draw a forecast and provide expert insights to investors to keep them updated with the trends in the market.
The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Europe Plastics For Electric Vehicle Market. Further, the report conducts an intricate examination of drivers and restraints operating in the market. The report also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal with regard to different segments. The report predicts the influence of different industry aspects on the Europe Plastics For Electric Vehicle Market segments and regions.
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The research on the Europe Plastics For Electric Vehicle Market focuses on mining out valuable data on investment pockets, growth opportunities, and major market vendors to help clients understand their competitor’s methodologies. The research also segments the Europe Plastics For Electric Vehicle Market on the basis of end user, product type, application, and demography for the forecast period 2020–2027. Comprehensive analysis of critical aspects such as impacting factors and competitive landscape are showcased with the help of vital resources, such as charts, tables, and infographics.
This report strategically examines the micro-markets and sheds light on the impact of technology upgrades on the performance of the Europe Plastics For Electric Vehicle Market.
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