According to the research report titled ‘Global Electric Vehicle Plastics Market Size study, by Material Type (Polypropylene, Polyurethane, Acrylonitrile Butadiene Styrene, Polyvinyl Chloride, Polyoxymethylene, Polystyrene, Others), by Vehicle Type (Hybrid Electric Vehicles, Plug-In Hybrid Electric Vehicles, Battery Electric Vehicles), by Application (Interior Furnishings, Exterior Furnishings, Power Plant System, Transmission Systems, Others) and Regional Forecasts 2020-2027’ available with Market Study Report, global electric plastics market was valued USD 609 million in 2019 and is estimated to expand at a robust CAGR of 26% over 2020-2027, subsequently accounting for USD 3868 million by the end of the study period.
 

Implementation of stringent government regulations regarding electrification and weight reduction of vehicles coupled with mounting sales and production of electric vehicles across are the key factors stimulating global electric plastics market expansion.
 

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For the record, electric vehicle plastics refer to raw materials utilized for manufacturing supplies and parts of electric vehicles. The automobile industry initially used metal for producing various vehicle components, however, growing efforts towards reducing the weight of automobiles has encouraged the demand for electric plastics. Therefore, shifting preferences towards plastics over metal along with ongoing technological advancements in the automobile sector are positively swaying the global electric plastics market dynamics.
 

On the contrary, high capital investments required for the re-engineering of the plastics is expected to hinder the industry expansion over the analysis period.
 

Speaking of the latest developments in global electric plastics market sphere, the Coronavirus pandemic has drastically affected the overall automobile sector. As a result, lack of capital investment in the sector post the pandemic are leading to a decline in product demand.
 

Based on material type, the market is bifurcated into polystyrene, polyoxymethylene, polyvinyl chloride, acrylonitrile butadiene styrene, polyurethane, polypropylene, and others. Moving on, the application scope of the business sphere is categorized into transmission systems, power plant system, exterior furnishing, and interior furnishing among others.
 

Geographically, Asia-Pacific captures majority of the overall electric vehicle plastics market share and is slated to amass significant gains during 2020-2027. The regional market growth can be largely attributed to high concentration of manufacturers, rising disposable income levels, and increasing production of electric vehicles.
 

Top contenders profiled in global electric vehicle plastics market report are Saudi Basic Industries Corporation (SABIC), Mitsui Chemicals, Inc., BASF SE, LyondellBasell Industries Holdings B.V., Sumitomo Chemical Co., Ltd., Formosa Plastics Corporation, U.S.A., Evonik Industries AG, The Dow Chemical Company, INEOS Group, and Air Liquide S.A.