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The market is primarily being driven by the growing need for high-performance plastic to ensure passenger safety and security. Additionally, the industry is expanding as a result of the rising focus on lightweight electric vehicles.
Micro mobility is becoming more and more popular, especially in the wake of the COVID-19 epidemic, which is opening up lucrative market expansion prospects. Additionally, the market is anticipated to benefit from an increase in government and consumer investment in EVs as well as from stricter pollution requirements designed to promote electrification.
Due to the presence of a bigger battery pack, a smaller internal combustion engine, and the need for lightweight materials to increase fuel economy, electric cars consume more plastic than traditional automobiles.
The raw materials used most frequently to create the components and accessories that make up an electric car are known as electric vehicle plastics.
The UK 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.
A new composite technique created by Covestro makes it easier to produce at industrial scale parts that are extremely thin, light, strong, and aesthetically pleasing.
It is branded as Maezio and is based on Continuous Fiber-Reinforced Thermoplastic Polymers (CFRTP). The base material is a thermoplastic like polycarbonate, and the reinforcing is made of carbon or glass fibers.
The revised wheels on the ES8 and ES6 SUVs from the Chinese electric vehicle start-up NIO are one example of an application that is now in use. Covestro offered ornamental CFRTP composite wheel blades that could be added as an option to the wheels. Aesthetics is one of the advantages listed above that is significant in this situation.
Composites made of polyurethane (PU) have also long been a specialty of Covestro. The business is moving on with the development of industrial manufacturing of these composites utilizing the efficient pultrusion method in collaboration with partners along the value chain.
