The UK electric vehicle plastics market is projected to grow at a significant CAGR during the forecast period (2020-2026). The overall UK automobile industry accounts for more than $110 billion and employing more than 170,000 people in the nation directly in manufacturing. The automotive sector accounts for about 12% of the country’s total export. There are more than 30 OEMs in the nation supported by more than 2,500 component providers. Some major car manufacturers of UK include Aston Martin, Bentley, Caterham Cars, Jaguar, Land Rover, McLaren, Mini, and Rolls-Royce. Some other car manufacturers active in the country are Honda, Nissan, Toyota, Ford, and Leyland Trucks. The well-developed automotive industry encourages the manufacturers to set-up EV manufacturing hence augmenting the market growth.
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Besides, significant growth in the electric vehicle market is also augmenting the demand for electric vehicle plastics in the country. Government subsidies on the electric vehicle, and on charging infrastructure is one of the major factors augmenting the electric vehicle industry in the country. The government offers a maximum grant of up to $4,550 to the individual while buying an electric car in the country whereas a subsidy of up to $10,400 can be availed on purchasing an electric van. In addition, an individual can also avail of various tax rebates. Under Electric Vehicle Homecharge Scheme (OLEV Grant) government also provides a subsidy up to 75% (or $650 whichever is minimum) of the total purchase and installation cost of one electric vehicle charger at the home.
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UK 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)
Company Profiles
· Arkema Group
· BASF SE
· Covestro AG
· Evonik Industries AG
· INEOS AG
· Mitsubishi Chemical Corp.
· LyondellBasell Industries Holdings B.V.
· LANXESS AG
· LG Chem Ltd.
· SABIC
· Solvay SA
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