Asia Pacific Plastic For Electric Vehicle Market Size, Share, and Analysis by 2027
Historic Data: 2017-2018 | Base Year: 2019 | Forecast Period: 2020-2027Asia Pacific Plastic For Electric Vehicle Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Plastics Type (Acrylonitrile Butadiene Styrene (ABS), Polyamide (PA), Polycarbonate (PC), Polyvinyl Butyral, Polyurethane (PU), Polypropylene (PP), and Others); Component (Dashboard, Seats, Interior Trim, Car Upholstery, Bumper, and Others); Vehicle Type (BEV, and PHEV/ HEV); and Application (Powertrain System/ Under Bonnet, Exterior, Interior, and Lighting and Electric Wiring)
- Report Date : Dec 2020
- Report Code : TIPRE00017232
- Category : Chemicals and Materials
- Status : Published
- Available Report Formats :
- No. of Pages : 109
The Plastics For Electric Vehicle market in Asia Pacific is expected to grow from US$ 419.70 million in 2019 to US$ 1753.47 million by 2027; it is estimated to grow at a CAGR of 19.8% from 2020 to 2027.
China, India, Japan, South Korea, Australia, and Rest of APAC are the major economies in Asia Pacific. The rising demand of electric vehicles will surge its demand in the market. With a growing emphasis on environmental sustainability, a shift has been made towards manufacturing automobiles which generates less greenhouse gases emissions and are comparatively better fuel efficient. The market for electric vehicles is looked upon on the basis of the cost-effectiveness, environment-sustainability, convenience and a variety of governmental policies including preferential rates, incentives towards equipment purchase and significant rebates. All such factors have propelled the demand for electric vehicles in the Asia Pacific market scenario. For instance, according to IEA, a 40% year-on-year increase has been registered with the sales of electric cars to 2.1 million worldwide in 2019, significantly surpassing that of 2018. The demand for electric vehicles is expanding with the rising consciousness towards 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. The stringent emission norms & regulations implemented by government is yet another factor, which has motivated the manufacturers to minimize the weight of passenger cars & look for environment friendly automotive option, thus, promoting the demand for electric vehicle in Asia Pacific market scenario. Further, the futuristic scope of the electric vehicle plastics market is full of diversified opportunities owing to advancement of technologies such as use of hybrid, plug-in-hybrid, and battery electric vehicles. All such factors are anticipated to positively impact the growth of electric vehicles Plastics market in Asia Pacific.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 for electric vehicle.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. Considering these factors the Asia Pacific Plastics For Electric Vehicle market is expected to grow at a good CAGR during the forecast period.
Asia Pacific Plastics For Electric Vehicle Market Revenue and Forecast to 2027 (US$ Mn)Asia Pacific Plastics For Electric Vehicle Market Segmentation
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
Asia Pacific Plastics For Electric Vehicle Market-Companies Mentioned
- 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.
Asia Pacific Plastic For Electric Vehicle Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 419.70 Million |
| Market Size by 2027 | US$ 1753.47 Million |
| Global CAGR (2020 - 2027) | 19.8% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Plastics Type
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
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