Asia Pacific Plastic For Electric Vehicle Market is expected to reach US$ 1753.47 Mn by 2027

BEV Segment to Dominate Asia Pacific Plastics For Electric Vehicle Market during 2020- 2027

According to The Insight Partners market research study on “Asia Pacific Plastics For Electric Vehicle Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Plastics Type, Component, Vehicle Type, and Application,” is expected to reach US$ 1753.47 million by 2027 from US$ 419.70 million in 2019. The market is estimated to grow at a CAGR of 19.8% from 2020 to 2027. The report provides trends prevailing in the Asia Pacific Plastics For Electric Vehicle market along with the drivers and restraints pertaining to the market growth. Adoption of lightweight materials in an urge to decrease vehicle weight are the major factor driving the growth of the Asia Pacific Plastics For Electric Vehicle market. However, issues associated with the recycling of Plastics materials utilized in electric vehicle hinder the growth of Asia Pacific Plastics For Electric Vehicle market.

The Asia Pacific market for Plastics For Electric Vehicle market is segmented into Plastics type, component, vehicle type, application, and country. Based on Plastics type, the market is segmented into Acrylonitrile Butadiene Styrene (ABS), Polyamide (PA), Polycarbonate (PC), Polyvinyl Butyral, Polyurethane (PU), Polypropylene (PP), and others. In 2019, the polypropylene segment held the largest share Asia Pacific Plastics For Electric Vehicle market. Based on component, the Plastics For Electric Vehicle market is divided into Dashboard, Seats, Interior Trim, Car Upholstery, Bumper, and Others. Interior trim is expected to be the leading segment over the forecast period. Based on vehicle type, the market is segmented into BEV, and PHEV/ HEV. BEV is expected to be the leading segment over the forecast period. Based on application, the market is segmented into Powertrain System/ Under Bonnet, Exterior, Interior, and Lighting and Electric Wiring. In 2019, the interior segment held the largest share in Asia Pacific Plastics For Electric Vehicle 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 government of Asia Pacific is taking possible steps to reduce its effects by announcing lockdown, and thus, impact the revenue generated by the market. The Government have asked the chemical & materials manufacturers to delay their production which will adversely affect the worldwide supply of Plastics s for electric vehicle.

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 leading companies in the Asia Pacific Plastics For Electric Vehicle market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Korean companies Hyundai Motor Company, Kia Motors Corporation and LG Chem are jointly sponsoring the EV & Battery Challenge, a worldwide competition to identify up to 10 EV and battery start-ups for potential investment and collaboration.

The Report Segments the Asia Pacific Plastic For Electric Vehicle market as Follows:

Asia Pacific Plastics For Electric Vehicle Market – By Plastics Type

• Acrylonitrile Butadiene Styrene (ABS)
• Polyamide (PA)
• Polycarbonate (PC)
• Polyvinyl Butyral
• Polyurethane (PU)
• Polypropylene (PP)
• Others

Asia Pacific Plastics For Electric Vehicle Market – By Component

• Dashboard
• Seats
• Interior Trim
• Car Upholstery
• Bumper
• Others

Asia Pacific Plastics For Electric Vehicle Market – By Vehicle Type

• BEV
• PHEV/ HEV

Asia Pacific Plastics For Electric Vehicle Market – By Application

• Powertrain System/ Under Bonnet
• Exterior
• Interior
• Lighting and Electric Wiring

Asia Pacific Plastics For Electric Vehicle Market – By Country

• China
• India
• Japan
• South Korea
• Australia
• Rest of APAC