Polyurethanes to be the largest material segment used in electric vehicles
Polyurethanes are expected to dominate the electric vehicle plastics market. The growth of this market
can be attributed to the advantages offered by polyurethanes, such as high strength, flexibility, and
resistance to temperature, weather, and radiation. The key applications of polyurethanes are seating,
electric wiring, and hard plastic parts. The average percentage of polyurethanes employed in a
passenger car is around 15%–20%, according to MarketsandMarkets analysis. Many automotive plastic
manufacturers, such as BASF SE (Germany) and The Dow Chemical Company (U.S.), have a wide range of
polyurethane products for the automotive industry.
Asia-Oceania to be the largest market for electric vehicle plastics market
Asia-Oceania is estimated to dominate the electric vehicle plastics market, and is projected to grow at
the highest CAGR during the forecast period. The region has emerged as a hub for electric vehicles in
recent years, with China and Japan as the frontrunners. Governments in Asia-Oceania are also trying to
provide incentives to support the demand for electric vehicles. For instance, in Japan, electric vehicles
are exempted from acquisition tax and tonnage tax, and have a 50% exemption from automobile tax.
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