Global Electric Vehicle Plastics market to register CAGR of 26.3% from 2018 to 2026

27-Jun-19

The Global Electric Vehicle Plastics market is expected to reach US$4.59 bln by 2026, growing at a CAGR of 26.3% from 2018 to 2026, as per Research and Markets.

Electric vehicle plastics are those raw materials, which are prominently used to manufacture parts and supplies that make up an electric vehicle. Electric vehicle plastics made components can be found in the interior, exterior, luggage section and bonnet section of an electric vehicle. Increasing demand for electric vehicles, growing the range of battery electric vehicle (BEV), rising demand for allied industries are some of the factors driving the market growth. However, recycling of plastic materials used in electric vehicle parts is restricting the market growth.

Polypropylene (PP) constitutes a significant growth in the electric vehicle plastics market. PP is widely used in electric vehicles for interior applications such as seats, car body, bumpers, head and arm rest. Polypropylene attributes such as light-weight, flexibility and improved strength stir up the demand for the material thereby, boosting up the electric vehicle plastic market.