The worldwide car industry has undergone a technical revolution as a result of the rising demand for electric vehicles brought on by an increased awareness of environmental issues, which is backed by innovation, the government, and OEM expenditures.
As a result, there is a growing need for related sectors, such as plastics, which is a crucial component in the production of electric cars.
One of the key factors driving the market for electric vehicle plastics is the requirement for lightweight materials by manufacturers to create electric vehicles. The demand for electric vehicles is anticipated to rise, which will fuel the market for electric vehicle plastics. Growing environmental concerns
The South Korea EV Plastics Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.
Together, POSCO and South Korea’s SK Global Chemical, a fully owned subsidiary of SK Innovation, are creating composite materials made of steel and plastic for use in EV automobiles.
Furthermore to concentrate on the creation of lightweight materials to suit evolving demands in the global car components industry caused by an increase in EV sales.
With the ultimate objective of researching and creating new materials that are both tougher and lighter than those now used in automotive components, the two businesses will share technical expertise in the manufacture and processing of steel and plastic materials under the terms of the agreement.
The collaboration is a unique instance of two businesses exchanging technologies from the R&D stage.
Industry insiders anticipate that SK and POSCO will work together specifically on developing composite materials for the manufacture of electric vehicle battery packs, plastic materials with increased adhesive strength through the use of steel-based materials, and materials for larger vehicle components like car frames.
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