The Europe electric vehicle plastic market is estimated to register a CAGR of 28.97% during the forecast period, 2022-2030, and is expected to garner a revenue of $4088.51 million by 2030.

The electric vehicle plastic market growth in Europe is attributed to the surging adoption of electric vehicles and progressive government policies. Also, the tax exemption, subsidies, and incentives boost electric vehicle sales in the region, thereby contributing to the growth of the analyzed market.

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The Europe electric vehicle plastic market growth evaluation includes the assessment of Spain, Netherlands, the United Kingdom, Italy, France, Germany, Norway, and Rest of Europe. The United Kingdom has a well-developed plastic industry providing customized solutions to the electric vehicle industry globally. Also, a vast range of reprocessing equipment and technologies are examined, given the cohesive government regulations. According to the International Trade Association, almost 7.0% of the manufacturing activities account for the plastic industry. In addition, over 6200 firms are engaged in the plastic industry, including manufacturers of plastic raw materials and additives.

In Norway, the government is inclined to minimize greenhouse gas emissions from road traffic. Accordingly, electric vehicles are prioritized in a quest for cleaner air for urban areas. Subsequently, a collaborative approach of public awareness campaigns, financial incentives, and advanced research has enabled a breakthrough, with almost 20% of new vehicles in Norway being fully electric. As a result, the electric vehicle growth in Norway has been robust with far-reaching impacts.

Whereas in Spain, the second-largest automotive manufacturer in Europe and eighth globally, supply chain overhauling and manufacturing revamping are supplementing the shift toward integrated technologies and electric vehicles. Also, initiatives by market players are projected to boost growth opportunities in Spain. For instance, the VETERIA21 initiative by AIMPLAS, a plastic technology company, prioritizes advanced manufacturing processes to obtain sustainable materials for the electric vehicle industry. It aims for weight reduction in electric vehicles. Such factors propel market growth in these countries.

The Europe electric vehicle plastic market segmentation includes vehicle, application, and plastic. The application segment includes internal, external, and powertrain.

A powertrain’s key components include an engine, differential, axles, driveshaft, and transmission. It is a system of gears, shafts, and bearings. Plastics are ideal for use in powertrain since they can minimize weight & costs and lessen the vibrations & noise. The powertrain is essential because vehicles cannot move forward without its proper functioning. Overall, it combines parts that consume, convert, and generate energy to thrust the vehicle into motion.

Internal applications of plastics in electric vehicles include a button, electric circuit kit, dashboard, etc. The interior of vehicles is the focal point of vehicles. With regard to the dashboard, recent automobile developments focus on motion control and chassis structure. In terms of the electric circuit kit, circuits are built into targeted areas, including the center console, door, armrest, and dash. Whereas the external application of plastics in electric vehicles includes trim, liftgates, hoods, bumpers, lights, etc.

Some of the key players operating in the Europe electric vehicle plastic market include Momentive Performance Materials, Evonik Industries, Plastic Omnium, Hanwha Azdel Inc, etc.

Plastic Omnium SA is engaged in the automotive equipment and environmental businesses globally. Its automotive division is involved in manufacturing and selling automotive body components, modules, and fuel systems. The company has its headquarters in Lyon, France.

The company designs a range of exterior parts that add to the distinctive and aesthetic character of the vehicles from each automaker.

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