South America Plastics For Electric Vehicle Market Forecast to 2027 – COVID-19 Impact and Analysis- By Plastic 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)
Number of Pages: 99
Market Introduction
Plastics, now-a-days can be an electric conductor and also an insulator. It plays a unique role in the various parts of electric vehicles. As a thermoplastics polymer, the high versatility and easy mold ability of plastics enable them to be produced in various shapes and design suiting the requirement of the electric vehicle. The plastics for electric vehicles reduced the weight of electric vehicles that provide greater range between recharges. A number of plastics offer excellent heat resistance which enable the construction of battery compartments and cooling systems and do not sacrifice the durability & safety provided by the electric vehicles. Also, the injection molded plastics are less costly as compared to the metal components, which attracts the attention of the manufactures of electric vehicles. Thus, the use of bio-plastics in electric vehicles is expected to create a significant demand for plastic in the coming years, which is further anticipated to drive the plastic for electric vehicle market.
Market Overview and Dynamics
The plastic for electric vehicle market in South America is expected to grow from US$ 38.25 million in 2019 to US$ 152.83 million by 2027; it is estimated to grow at a CAGR of 19.1% from 2020 to 2027. Bio-based plastics involved a diversified range of materials including mass commodity plastics such as Polyethylene Terephthalate (PET) along with bio-based Polyethylene (PE), bio-based technical performance polymers and thermoplastic co polyester elastomers (TPC-ET) and many others. With the growing focus on minimizing CO2 emissions, the adoption of bio plastic over recycled plastics in vehicle manufacturing has gained momentum, especially in out-of-sight components, which have significantly contributed in reducing the overall total vehicle weight. Many manufacturers have identified the use of sustainable plastic material in production of electric vehicle to be cost effective and environment-friendly. The prominent automotive manufacturers and suppliers around the globe have significantly increased the use of bio-plastics such as bio-based polyesters, poly-amides, with an objective to substantially minimize the environmental impact of their product. For instance, KIA Soul EV deploys the use of bio-plastics in different interior parts including carpet, door latch, and the seat trims, rather than opting for recycled plastics. Other automakers, which are significantly following the paradigm shift towards the use of bio plastic in electric vehicle production are, Toyota, BMW, and Nissan so as to stay ahead of the curve in the evolving era of the use of green technologies. This is bolstering the growth of the plastic for electric vehicle market.
Brazil has the highest number of COVID-19 cases, followed by Argentina, Peru, Chile, and Ecuador among others. The government of South America has taken an array of actions to protect their citizens and contain COVID-19’s spread. It is anticipated that South America will face lower export revenues, both from the drop in commodity prices and reduction in export volumes, especially to China, Europe, and the United States, which are important trade partners. Containment measures in several countries of South America will reduce economic activity in the manufacturing and service sectors for at least the next quarter, with a rebound once the epidemic is contained.
Key Market Segments
In terms of plastic type, the polypropylene segment accounted for the largest share of the South America Plastic for electric vehicle market in 2019. Based on component the plastic 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. In terms of vehicle type, the BEV is expected to be the fastest growing 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 South America plastic for electric vehicle market.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the Plastic for electric vehicle market in South America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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. among others.
Reasons to buy report
South America Plastic for electric vehicle Market Segmentation
South America Plastic for electric vehicle Market- by Plastic Type
South America Plastic for electric vehicle Market- by Component
South America Plastic For Electric Vehicle Market – By Vehicle Type
South America Plastic For Electric Vehicle Market – By Application
South America Plastic for electric vehicle Market- by Country
Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 38.25 Million |
| Market Size by 2027 | US$ 152.83 Million |
| CAGR (2020 - 2027) | 19.1% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Plastics Type
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The List of Companies - South America Plastics for Electric Vehicle Market
The South America Plastic For Electric Vehicle Market is valued at US$ 38.25 Million in 2019, it is projected to reach US$ 152.83 Million by 2027.
As per our report South America Plastic For Electric Vehicle Market, the market size is valued at US$ 38.25 Million in 2019, projecting it to reach US$ 152.83 Million by 2027. This translates to a CAGR of approximately 19.1% during the forecast period.
The South America Plastic For Electric Vehicle Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South America Plastic For Electric Vehicle Market report:
The South America Plastic For Electric Vehicle Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South America Plastic For Electric Vehicle Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Plastic For Electric Vehicle Market value chain can benefit from the information contained in a comprehensive market report.
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