The increase in production of electric vehicles (EV) is expected to rise 80% until 2017, which will lead to jump in demand for plastics used in EVs, according to a report.
New analysis from Frost & Sullivan, Strategic Analysis of Plastics in the Electric Vehicles Market in Europe and North America, reveals that electric vehicle plastics market will generate $73m in revenues by 2017.
Frost & Sullivan research analyst Shree Vidhyaa Karunanidhi said plastics for EVs are driven by lightweighting trends which, in turn, are fuelled by the need to improve EV mile range.
"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, Karunanidhi said."
The EV manufacturers use plastics to make minor, non-moving components which include energy recovery devices, cooling pipes, pumps, fans, and casing materials, which will decrease the weight of the vehicle and further increase the EV mile range.
