Use of Plastics in Electric Vehicles - Jump in Market Revenues to $ 73 Million, Forecasts Frost & Sullivan
The advantages of plastics, particularly that of lightweight, will drive penetration rates and growth
LONDON, May 29, 2012 /PRNewswire/ -- With the electric vehicle (EV) production set to grow at a CAGR of over 80 per cent until 2017, plastics used in these vehicles will also see a tremendous growth. The need to increase EV mile range, paralleled by the inherent advantages of plastics – particularly that of lightweight – will drive penetration rates.
New analysis from Frost & Sullivan (http://www.chemicals.frost.com), Strategic Analysis of Plastics in the Electric Vehicles Market in Europe and North America, finds that the market earned revenues of $ 0.5 million in 2010 and estimates this to reach $ 73 million in 2017. The research covers power train plastics, battery casing plastics, thermal management system materials and wire and cable plastic materials.
As the electric vehicles market takes off, it is set to have a positive ripple effect on the uptake of plastics.
"Plastics for EVs are driven by lightweighting trends which, in turn, are fuelled by the need to improve EV mile range," notes Frost & Sullivan Research Analyst Shree Vidhyaa Karunanidhi. "EVs are typically characterised by huge batteries which add to the overall weight of the vehicle and affect the mile range. To compensate for the battery weight, metals are increasingly being substituted by plastic."
Important structural components such as gears and motors are made of metal. Strength and crash-resistance requirements indicate that metals will remain the preferred material for these applications. However, plastics have huge potential in some of the minor, non-moving components such as energy recovery devices, cooling pipes, pumps, fans, and casing materials.
The current level of penetration of plastics in these components varies. In the case of cooling pipes and fans, plastics are preferred, whereas for other components such as energy recovery devices (pedal and pump) and casing materials, plastics have low to moderate penetration. The inherent features of plastics are, nonetheless, set to push their rapid growth rate in these segments.
"The reduced scope for plastics in EVs in comparison to conventional, gasoline-fuelled vehicles poses a major restraint to market prospects," cautions Shree Vidhyaa. "EU end-of-life vehicle (ELV) recycling legislation, which entails the use of recyclable materials, poses another challenge to market participants."
Although thermoplastics used in these cars are recyclable, automotive shredders are typically made up of different types of plastics. These need to be sorted out before they are recyclable.
Therefore, on the one hand there is a need for lightweight cars to improve the mile range in EVs. On the other hand, ELV recycling legislation requires the OEMs to use recyclable materials.
"This issue can be solved if OEMs work with tier-1 suppliers to develop recycling technologies," advises Shree Vidhyaa. "This will ensure sustainable use of plastics in the long-term."
If you are interested in more information on this study, please send an e-mail with your contact details to Chiara Carella, Corporate Communications, at [email protected]
The executive summary of the study is available on SlideShare.
Strategic Analysis of Plastics in the Electric Vehicles Market in Europe and North America is part of the Chemicals & Materials Growth Partnership Service programme, which also includes research in the following markets: Supply Chain Analysis of the Automotive Carbon Fiber Composites Market and Prevalent Substitution Trends within Materials and Chemicals in Automotive Lightweighting. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Contact Us: Start the discussion
Subscribe: Newsletter on "the next big thing"
Register: Gain access to visionary innovation
Strategic Analysis of Plastics in the Electric Vehicles Market in Europe and North America
M743-39
Contact:
Chiara Carella
Corporate Communications – Europe
P: +44 (0) 20 7343 8314
M: +44 (0) 753 3017689
E: [email protected]
SOURCE Frost & Sullivan
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article