Global Plastics in Electric Vehicles Market to Show Strong Growth during 2017-2025
Added: (Thu Dec 06 2018)
Pressbox (Press Release) -
Transparency Market Research in its new report expects remarkable growth of the global plastics in electric vehicles market by 2025. According to the report, the demand for plastics materials and composites in the automobile industry to reduce the vehicles’ weight is a result of obstinate drive for achieving fuel economy and reducing vehicular emissions. This is a major factor driving the global plastics in electric vehicles market.
Governments in several developing and developed nations are aiming towards sustained greener transportation solutions, thereby augmenting the production of electric vehicles and their variants across the globe. This is stimulating the demand for plastics in electric vehicles from automobile industry. To achieve the desired weight while saving cost by using various types of plastic materials in electric vehicles is a major factor driving the global market for plastics in electric vehicles.
Moreover, various developed and developing nations are pouring investments in researching highly innovating lightweight materials using plastics is also affecting the overall growth of the global plastics market. Additionally, the notable push from several economies towards promotion of electric vehicles is another factor accentuating the growth of the plastics in electric vehicles market.
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A robust boost to use plastics from manufacturing companies is expected as the prices of raw materials are decreasing, thereby reflecting positively on the overall plastics in electric vehicles market. Furthermore, the arrival of bioplastics or biodegradable plastic in the market is likely to fuel the growth of plastics in electric vehicles market.
The findings presented above is based on the TMR’s research report on the global plastics in electric vehicles market.
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