DUBLIN, November 9, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Environmental Remediation Market by Environmental Medium (Soil & Groundwater), Technology (Bioremediation, Pump & Treat, Soil Vapor Extraction, Thermal Treatment, Soil Washing), Application, and Geography - Global Forecast to 2022" report to their offering.
The electric vehicle plastics market is projected to grow at a CAGR of 27.82% from 2016 to 2021, to reach a market size of USD 1.49 Billion by 2021. Major drivers of this market include the favorable government policies, which lead to an increase in the sales of electric vehicles, stringent emission regulations, demand for lightweighting to achieve fuel efficiency, and the demand for better ergonomics. Plastics used for interior applications constitute the fastest growing segment globally, in terms of value. The interior application of a passenger car includes the dashboard, seats, interior trim, and car upholstery. Around 50%-55% of plastic is used in the interior of a passenger car, which is largely made up of Polypropylene (PP), Acrylonitrile- Butadiene-Styrene (ABS), Polycarbonate (PC), and Polyvinyl Chloride (PVC). Plastics in the interior of a car allow designers to have enhanced flexibility in styling, manufacturing, and assembling automotive components with reduced costs and weight reduction. Additionally, the plastics enhance the luxury and comfort inside the cabin. PP is the fastest growing plastic material type used in electric vehicles. According to MarketandMarkets analysis, the average percentage of PP employed in a passenger car is increasing, owing to characteristics such as better heat resistance, protection from Ultraviolet (UV) radiations, high strength, and flexibility. According to LyondellBasell Industries (one of the key plastics, chemical, and refining companies) an average passenger car employs 0.066 tons (60 kg) of PP, which is around 25%-30% of the total plastic employed in a passenger car. Thus, the material contributes significantly to the electric vehicle plastics market.