The North American electric vehicle plastics market is projected to grow at a significant CAGR during the forecast period (2020-2026). The electric vehicle plastics market in North America is mainly driven due to the growth in the electric vehicle industry in the region coupled rising trend towards lightweight electric vehicles in the automotive sector. The rising consumption rate of plastics across the automotive market in Canada is one of the major factors driving the market growth in the region. The top five global OEMs assemble over 2 million vehicles at their Canadian plants each year, namely FCA, Ford, GM, Honda, and Toyota. The sector plays a crucial role in Canada’s economy, with a $19 billion contribution to GDP in 2018, it is one of Canada’s largest manufacturing sectors. Besides, Canada is one of the top ten producers of light vehicles globally, as per the Government of Canada.
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Moreover, Canada promotes all forms of EVs in the country by forming an association with automakers such as Ford and General Motors, along with major fleet users, research organizations, and universities. According to the International Council on Clean Transportation (ICCT), around 0.3 million EVs are expected to be sold by 2020 in Canada. This, in turn, is further projected to increase the demand for plastics in automotive manufacturing in Canada, in near future. Therefore, the market players can expand their portfolio in the automotive industry, as this can be the safer side for the companies to invest in the developed industry of Canada.
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North American Electric Vehicle Plastics Market – Segmentation
By Plastic Type
· Polyvinyl Chloride (PVC)
· Acrylonitrile Butadiene Styrene (ABS)
· Polyamide (PA)
· Polycarbonate (PC)
· Polyurethane (PU)
· Polyamide (PA)
· Polymethylmethacrylate (PMMA)
· Others (Polypropylene)
By Vehicle Type
· Hybrid Electric Vehicles (HEVs)
· Battery Electric Vehicle (BEV)
· Plug-In Hybrid Electric Vehicles (PHEVs)
North American Electric Vehicle Plastics Market – Segmentation by Country
· United States
· Canada
Company Profiles
· Arkema Group
· AGC Chemicals
· BASF SE
· Celanese Corp.
· DuPont de Nemours, Inc.
· Evonik Industries AG
· Formosa Plastics Corp.
· INEOS AG
· Mitsubishi Chemical Corp.
· LyondellBasell Industries Holdings B.V.
· LG Chem Ltd.
· SABIC
· Solvay SA
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