Electric Vehicle Engineering Plastics Market to Advance at CAGR of 27.3% during Forecast Period, Notes TMR Study

Electric Vehicle Engineering Plastics Market to Advance at CAGR of 27.3% during Forecast Period, Notes TMR Study

PR Newswire

ALBANY, N.Y., Dec. 21, 2021

-  Need to meet stringent mechanical and chemical property requirements for next-gen electric vehicle (EV) components to propel demand

-  Battery manufacturers are adopting engineering thermoplastics to meet shock absorption & thermal management features in innovative battery packs

-  Sales revenues in Asia Pacific electric vehicle engineering plastics market to rise significantly during the forecast period

ALBANY, N.Y., Dec. 21, 2021 /PRNewswire/ -- Transparency Market Research: The valuation of the electric vehicle engineering plastics market is expected to touch US$ 11 Bn by 2031. Original equipment manufacturer (OEMs) and EV manufacturers are increasingly seeking engineering plastics to meet the meet stringent mechanical and chemical property requirements for various EV components. Of note, the development of lighter-weight electric vehicles will boost their range considerably, thereby catalyzing purchase of these vehicles.

Transparency Market Research

Stringent mechanical and chemical property requirements for EV components are generating massive revenue streams, note a TMR study on the electric vehicle engineering plastics market.  The demand can be attributed from the polymers used in diverse components such as dashboard, interior trims, bumpers and lighting, electric motor and powertrain, and connectors and cables.

The electric vehicle production has gathered considerable momentum in several economies around the world. Robust policy push and government-driven incentives, including purchase incentives are key pivots for promotion of electromobility in transportation sector. Increasing focus of EV manufactures on meeting the safety, strength, and other performance requirements of automotive is bolstering the utilization of engineering plastics.

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Key Findings of Electric Vehicle Engineering Plastics Market Study

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Electric Vehicle Engineering Plastics Market: Key Drivers

Electric Vehicle Engineering Plastics Market: Regional Growth Dynamics

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Key Players

Some of the prominent players in the electric vehicle engineering plastics market are:

Global Electric Vehicle Engineering Plastics Market: Segmentation

Electric Vehicle Engineering Plastics Market, by Product Type

Electric Vehicle Engineering Plastics Market, by Component

Electric Vehicle Engineering Plastics Market, by Region

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