Knowledge Process Outsourcing (KPO) Market Top Key Players Update, Business Statistics and Research Methodology till 2025

June 22, 2021: The global Knowledge Process Outsourcing (KPO) market size was valued at USD 28.94 billion in 2016 and is anticipated to reach USD 124.29 billion by 2025. The huge availability of data is one of the key factors that have enabled the growth as it needs to be analyzed and processed. The KPO market also observed the transformation of the market into a consultative model. Though, rules set by several governments regarding compliance and legal clauses are one of the major challenges faced by the global KPO market.

With global perceptions on outsourcing business activities, companies are looking for more specialist and analytical expertise, hence KPOs are seen to be gradually fulfilling such requirement of enterprises that are keen to outsource third party service providers. With competitive market scenario and increasing globalization the time for commercialization of services and products are thinning down. For example, in BFSI capital markets, with the modification in demand for complex global products, investment managers are needed for making faster strategic decisions. This has driven the demand for middle office outsourcing as it has improved from cost driven abilities to strategic platforms, thus letting investment managers to perform business strategies easily.

With respect to end users, the global market for KPO is segmented into Healthcare, BFSI, and Retail. Healthcare sector is the fastest growing segments in the outsourcing for knowledge intensive services. Bio-tech and pharmaceutical are the sub industries of healthcare segment for drug discovery and clinical research. Types of services carried out by KPO include consultancy, research and development, legal and medical services, intellectual property research for patent applications, market research, business research, and training.

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Geographically the global market for KPO is segmented into North America, Asia Pacific, Middle East and Asia, Europe and Latin America. Emerging economies such as Latin America and Asia Pacific have been able to appeal KPO service providers owing to the advantages such as favorable business environment, availability of trained professionals combined with high productivity, and low labor costs. These advantages are not prevailing in developed countries, and as a result, many companies are setting up businesses in developing markets.

The future forecasts for KPO in India are immense as KPO is applicable to several industry sectors in which India’s technically educated professionals and highly skilled workers have developed particularized expertise. These sectors include engineering, law, education, publishing, media, entertainment, industrial machinery, textiles, automotive, aerospace, software, electronics, insurance, biotechnology, healthcare, pharmaceuticals, and finance.

Although India has traditionally been a KPO destination for Australian, British and North American companies, a growing number of European companies are looking to Eastern Europe, especially the Baltic countries, to satisfy their KPO needs. Several U.S. businesses have already made successful ventures into the KPO field in India to leverage India’s knowledge class including Caterpiller, General Motors, Ford, United Airlines, Morgan Stanley, Reuters, Goldman Sachs, McKinsey, Citigroup, JP Morgan, Motorola, Philips, Sun Microsystems, Texas Instruments, Cisco, Oracle, Intel, Microsoft, HP, IBM, and GE. In the pharmaceutical industry, global pharmaceutical firms such as Eli Lilly, GlaxoSmithKline, AstraZeneca, Novartis, and Pfizer have moved part of their clinical drug testing to India to tap India’s diverse and vast population of highly skilled and low wage demanding labors. This can considerably accelerate the time to market for new drugs, and offers potential cost savings of up to 50.0 % relative to the U.S.

The key vendors for global KPO market include Wipro, RR Donnelley & Sons, Genpact, Mphasis, while other prominent vendors include Cognizant, Adventity, Syntel, The smart cube, Mu Sigma, Aranca, Accenture, EXL Services, Inductis, Infosys, McKinsey, Pangea3, Pulsar knowledge center, Oracle, SAP, TechBooks, Grail Research, Moody's, TCS, WNS, EXL Service, Pipal Research, RocSearch, and IP Pro.

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Genpact are a global leader in digitally powered business process management and services. They architect the Lean Digital enterprise through their patented Smart Enterprise Processes framework that reimagines their clients operating models end-to-end, including the back and middle offices. This creates intelligent operations that help in transforming, designing and running. The impact on clients is a high return on investments through business agility, growth and efficiency.

Market Segment:

Service Outlook (Revenue, USD Million; 2014 - 2025)

        • Analytics & Market Research

        • Customer & Marketing Analytics

        • Operations & Supply Chain Analytics

        • Competitive Intelligence & Industry Analysis

        • Engineering & Design

        • Financial Process Outsourcing

        • Legal Process Outsourcing

        • Publishing Outsourcing

        • Research & Development Outsourcing

        • Others

Application Outlook (Revenue, USD Million; 2014 - 2025)

        • BFSI

        • Healthcare

        • IT & Telecom

        • Manufacturing

        • Pharmaceutical

        • Retail

        • Others

Regional Outlook (Revenue, USD Million; 2014 - 2025)

        • North America

            • U.S.

            • Canada

        • Europe

            • Germany

            • UK

        • Asia Pacific

            • China

            • India

            • Philippines

        • Latin America

            • Brazil

        • Middle East & Africa

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Automotive NVH Materials Market Segmentation, Statistical Forecast and Competitive Analysis Report till 2025

June 22, 2021: The global automotive noise, vibration and harshness (NVH) materials market size was estimated at USD 8.02 billion in 2015 and is expected to reach USD 13.09 billion by 2025. This market can be directly linked to the increased demand for automotive. Asia Pacific captures approximately more than 50% of the global automotive NVH materials which leads to huge growth in demand for cars in China, South Korea, India and other Asia Pacific countries. The expected rises in investments in this sector followed by rise in standard of living are some other key factors for the growth in this sector. Influences in buying decision, boom in automotive industry are the other secondary factors which are expected to directly impact the growth in this sector.

The entire market for automotive NVH materials is segmented based on applications, material types, vehicles types, region, forecast revenue growth, and analysis of trends in each of the sub markets. The application segment is divided into absorption and insulation. Absorption is expected to capture the largest pie in terms of market share from application segment followed by insulation.

The materials for absorption are produced by using various thermoplastic polymers, rubbers and engineering raisins. Various types of rubbers such as synthetic rubbers, EPDM and NBR are being used by manufacturers for fabrication purposes to the various parts of automobiles to control the dampened vibrations as experienced by the end users of the vehicles. Besides rubbers have excellent physical properties such as high density, vibration absorption properties, high heat, and weather resistance which makes these combinations an ideal material for NVH. Another NVH material used in the absorption application is Polyurethane foam sheet because of similar properties. So it can be inferred that because of the unique physical and chemical properties of rubber and related materials used in absorption application is the key to have the largest market share of NVH materials market.

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On the basis of material types, the market for NVH materials is divided into rubbers, thermoplastic materials and engineering raisins. On the basis of car types the NVH materials market is divided into cars, buses, heavy commercial vehicles and light commercial vehicles. Cars segment enjoyed the largest market of automotive NVH materials in 2014. The demand for automotive NVH materials can be directly linked to the demand of various automobiles. Based on the past trends and usage experience by the end users heavy weight commercial vehicles are expected to be the fastest growing sector by vehicle type during the upcoming forecast period. It can be inferred that the key drivers to this growth is heavy usage of these vehicles in transportation of those goods which are bulk and heavy in nature.

It is observed that there is an increase in the infrastructure projects such as houses, commercial buildings in the emerging markets and developing nations such as China, India, and Brazil. Therefore, the demand for construction materials has been increased to many folds so in order to transport these raw materials for bulk supply. This demand is directly proportional to the usage of HCVs. So this trend has increased the demand for heavy weight commercial vehicles in these countries and which subsequently lead to the increase in the demand for automotive NVH materials. So it can be concluded that the upcoming infrastructure projects across the glove are charting a big path for the huge growth of HCV which will eventually create a huge market potential for automotive NVH materials.

On the basis of geography, the automotive NVH materials market is segmented into North America, Europe, Asia-Pacific, and rest of the world (RoW). Each region is further divided by leading countries such as the U.S, Canada, Mexico, China, Japan, South Korea, India, Germany, France, the U.K, Turkey, Brazil and other countries.

Under Asia-Pacific region, the key contributing countries are China, Japan, South Korea, and India. These countries make Asia – Pacific region to capture the largest market share geography wise. This is because these countries have undergone major developments in infrastructure sector which can be directly linked with the demand for HCV transportation followed by the consecutive demand for automotive NVH materials. The Asia-Pacific market captured the largest pie and dominated the global automotive NVH market. Not only with huge investments in the automotive industry and heavy advancements in the technological developments Asia-Pacific region is expected to remain the number one in terms of market share, volume and by revenue till 2020 but also Asia-Pacific region wise is expected to be one of the fastest-growing market for automotive NVH materials. This high growth factor is mainly due to growing automotive market and increase in domestic demand in the countries such as China, India, South Korea and Japan.

China mainly dominated the NVM materials market from the Asia – Pacific region. It is immediately followed by the U.S. It is expected that India will surpass South Korea and Japan in automotive NVH materials in the near future as India is at present the fastest growing market. From the growth trends it can be inferred that international companies manufacturing automotive NVH materials will find it reasonable to invest in the Asia – Pacific region due to lower cost in production and availability of cheap and skilled labors. But to every pro there are a few cons. A few restraint factors have been identified for this market which can have a direct impact on the growth factors. Presence of active noise control system is being used by many automotive manufacturers to control noise. So in this situation the NHV materials demand is expected to decline at a sharp rate. Active noise control system acts as a threat to substitute to NVH materials. Other threat to substitutes which restrain the demand for NVH materials are usage of metals and alloys which reduced the dampening effect of NVH

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The key leaders in the automotive NVH materials market are ExxonMobil Chemical Company from the U.S., Mitsui Chemicals Inc. from Japan, The DoW Chemical Company the U.S., Celanese Corporation from the U.S., 3M Co. from the U.S., Covestro from Germany, Borgers AG from Germany, BASF SE from Germany, Lanxess AG from the U.S. and Huntsman Corporation from the U.S.

Market Segmentation

Product Outlook (Revenue, USD Million, 2014 - 2025)

    • Molded Rubber

    • Metal Laminates

    • Foam Laminates

    • Molded Foam

    • Engineering Resins

    • Others

Application Outlook (Revenue, USD Million, 2014 - 2025)

    • Absorption

    • Damping

End-use Outlook (Revenue, USD Million, 2014 - 2025)

    • Cars

    • LCVs

    • HCVs

Regional Outlook (Revenue, USD Million, 2014 - 2025)

    • North America

        • U.S.

    • Europe

        • Germany

        • U.K

    • Asia Pacific

        • China

        • India

        • Japan

    • Central & South America

        • Brazil

    • Rest of the World

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Cystic Fibrosis (CF) Therapeutics Market Segmentation, Statistical Forecast and Competitive Analysis Report till 2025

June 21, 2021: The global cystic fibrosis (CF) therapeutics market is expected to be valued at USD 13.9 billion with CAGR of 16.7% over the forecast period. Cystic fibrosis (CF) is a severe disease that causes overall damage to lungs, digestive systems and other organs in the body. In this state, CF affects the cells that are responsible for sweat, mucus digestive and fluid juices. These juices are normally thin and slippery but patients suffering from cystic fibrosis experience thick blockage in lungs and other organs, as this affects the cells that regulate digestive and fluid juices causing them to become an obstacle rather than carriers. The cells instead of acting as a lubricant become sticky and thick, thus blocking up lungs, pancreas and other organs in the body. Medically this disease is termed as mucoviscidosis.

The major driving factors of this market rely significantly on extensive R&D. As the ongoing R&D activities have boosted the CF therapeutics market and witnesses a lucrative growth in the upcoming years. The other driving factors like awareness for cystic fibrosis therapy, technological advancements in R&D attribute to the success of market growth. However, high costs of treatment and R&D, entangled pathophysiology, rising rate in genetic mutation are some factors that may cause to hinder the market growth. On the basis of therapeutics, the global market is segmented into pulmozyme, TOBI, kalydeco, Cayston, Arikace, Aeroquin and others.

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Cystic Fibrosis Trans membrane Conductance Regulators (CFTR) modulators treat the root cause of disease rather than symptoms, resulting in improving the lives of patients. Kalydeco is the first CFTR modulator to enter the market and had a large impact on the value of market though it treated a small proportion of CF patients. Pricing will be premium for CFTR modulators due to the therapeutic benefits. Symptomatic therapies will continue to be a necessary part in conjunction with CFTR modules. Comparatively, the antibiotics segment is expected to gain second importance owing to the competitiveness and novel market entrants.

A multi-resistant superbug infection that can prove fatal for patients suffering from cystic fibrosis (CF) has spread globally and is becoming viral, according to the British researchers. Moreover, it has not only gone viral but is evolved and capable to jump from patient to patient, according Andres Floto, a Cambridge University professor. Adding further, he said that as the superbug has become resistant to various antibiotics; it is also difficult to treat it successfully. As a part of treatment infected patients may need more than a year of treatment with a combination of strong antibiotics and the ratio of cure is one in three.

The market is segmented on the basis of geography which includes North America, Europe, Asia-Pacific, Middle-east and Africa. The European region dominates the global market scenario and is considered as the most fertile market which is also followed by North America. Asia-pacific regions are considered to be the least important market owing to less prevalence of the disorder. The key players include Novartis International AG, Chiesi Farmaceutici SpA, Vertex Pharmaceuticals, Genentech, Inc., and Gilead Sciences, Inc. Vertex Pharmaceuticals is the developer of kalydeco and expected to be a key player in the global market.

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Market Segmentation

Cystic Fibrosis Therapeutics Drug Class Outlook (Revenue, USD Million, 2014 - 2025)

    • Pancreatic enzyme supplements

    • Mucolytics

    • Bronchodilators

    • CFTR modulators

Cystic Fibrosis Therapeutics Route of Administration Outlook (Revenue, USD Million, 2014 - 2025)

    • Oral drugs

    • Inhaled drugs

Cystic Fibrosis Therapeutics Regional Outlook (Revenue, USD Million, 2014 - 2025)

    • North America

        • U.S.

        • Canada

    • Europe

        • Germany

        • UK

    • Asia Pacific

        • China

        • Japan

    • Latin America

        • Brazil

        • Mexico

    • Middle East & Africa

        • South Africa

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Polydextrose Market Opportunities, Challenges, Strategies And Forecast till 2025

June 21, 2021: The global polydextrose market is estimated to grow at a CAGR of about 5.6% from 2014 to 2025. Polydextrose is a substance that can be widely used as food supplement and in prebiotic dietary fibers. Growing awareness on improving the digestive health in the matured and emerging economies including Europe and North America is anticipated to drive the global demand.  Increasing use of prebiotics in dietary supplements & functional foods is estimated to provide a substantial share concerning product innovation and development. In addition, increasing product use in food & beverage market on account of increasing anxieties concerning obesity is estimated to boost the growth.

Growing advantages regarding to health has augmented the demand of polydextrose across the globe and has exaggerated the market in the past few years. This substance helps in reduction of fats, weight management, and rising satiety. Rising polydextrose use in nutrition, bakery, beverages and confectionaries is expected to drive the market demand over the forecast period. Increasing usage and rising health awareness in various sectors including food and beverages, functional food and confectionaries is anticipated to drive the global market. Rising use of prebiotics in the dairy industry on account of higher monetary profits is anticipated to boost the global demand for polydextrose over the forecast period. However, high investment and additional costs involved in the R&D of substances coupled with strict rules and regulation for the labeling and registration of new substances in the Europe and U.S. are expected to hinder market development over the forecast period.

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On the basis of application and end use, the global polydextrose industry is segmented into food & beverages, pharmaceuticals, animal feed and cosmetics. The food industry includes confectionary, beverages bakery and nutrition. These substances are widely used as stabilizer, binder, flavor enhancer, antioxidants in food production. Polydextrose is widely utilized as flavor enhancer in beverage industry. As flavor enhancer in low-sugar drinks to enhance flavor. These substances can be used in innovation and production of sweet baked breads and other goods. It can also be widely used in making chewy or hard including fat, calorie content and declining sugar. In pharmaceuticals, they can be used as dietary fibers Food and beverage segment is expected to hold the maximum market share on account of increasing application in dietary supplements in the global market. Increasing occurrences of chronic disease particularly in developed economies including Europe and North America along with rising demand for fat and sugar free dairy products is anticipated to boost the global market growth over the forecast period.

Obesity level in consumers is increasing owing to consumption of higher fat, calorie, and sugar intake that results in higher risk and possibility of adverse lipid concentrations, type-2 diabetes and hypertension. Consumption of polydextrose substances helps probiotics to rise which in turn helps to fight chronic diseases in human body. These factors are expected to steer the demand over the forecast period. The Global Polydextrose market can be segmented into key regions including North America, Asia-Pacific and Europe region. North America is expected to dominate the Global market on account of increasing health awareness and increasing consumption of probiotics as food supplements. Asia-Pacific is expected to witness lucrative growth rate over the forecast period owing rising health concerns and availability of better healthcare services coupled with increasing demand for food supplements among the population in regions including India, China, Thailand, Singapore and Vietnam.

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Key industry participants in the global market include Abbott Nutrition, Roquette America, Clasado. Other industry participants include Jarrow Formulas, Beneo-Orafti SA and FrieslandCampina Domo, shangai winway dietary fiber, foodchem international corporation.

Market Segment:

Polydextrose Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

        • Powder

        • Liquid

Polydextrose Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

        • Nutritional Food

        • Bakery & Confectionary

        • Beverages

        • Cultured Dairy

        • Others

Polydextrose Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

        • North America

            • U.S.

            • Canada

            • Mexico

        • Europe

            • Germany

            • UK

            • France

        • Asia Pacific

            • China

            • Japan

            • India

        • Central & South America

        • Middle East & Africa

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3D Printing Plastics Market Segmentation, Statistical Forecast and Competitive Analysis Report till 2025

June 21, 2021: The global 3D Printing Plastics Market is estimated to reach USD 1.98 billion by 2025, with a CAGR of 24.9% during the forecast period. 3D printing plastics possess flexibility, durability and have a high temperature resistance often preferred for plastic engineering and professional applications. ABS is a type of 3D printing plastics with excess need for heated print bed with reliability.

3D printing plastics industry is driven by rise in healthcare industry and demand for 3D printing plastics in the manufacturing activities. Growing demand from aerospace & defence, automotive, electrical & electronics are the major drivers for the market growth. In addition, the 3D printing plastic market is influenced by rising demand for medical devices, orthopaedics and dental implants.

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By type, the 3D printing plastic industry is segmented as ABS, polyamide, photopolymer and PLA. Photopolymer segment is anticipated to grow at a higher CAGR during the forecast period owing to extensive use of stereo lithography technology. By form, the 3D printing plastics market is segmented as powder, filament and liquid. End-use segmentation for the market of 3D printing plastics comprises electrical & electronics, healthcare, automotive and aerospace & defense.

Geographical segmentation for 3D printing plastics industry spans North America, South America, Europe, Asia-Pacific, Middle East and Africa. North America dominates the global market during the forecast period. Rise in adoption of 3D printing technology in end-use industries and increasing investments is more likely to propel the regional market growth.

Asia-Pacific regions are likely to grow during the forecast period owing to rise in investments by chemical companies to pioneer in 3D printing plastic market. In addition, the market of 3D printing plastics is driven by 3D printing technology followed by demand for medical devices, equipment and dental implants.

The key players profiled in the 3D printing plastics industry report are Evonik Industries AG, HP Inc, Arkema SA, BASF SE, Dow DuPont, Royal DSM N.V., Clariant International Ltd, EnvisionTec GmbH and CRP Group.

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Market Segment:

3D Printing Plastics Type Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)

    • Photopolymers

    • ABS & ASA

    • Polyamide/Nylon

    • Polylactic acid

    • Others

3D Printing Plastics Form Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)

    • Filament

    • Ink

    • Powder

3D Printing Plastics Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)

    • Automotive

    • Medical

    • Aerospace & Defense

    • Consumer Goods

3D Printing Plastics Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)

    • North America

        • U.S.

        • Canada

        • Mexico

    • Europe

        • Germany

        • France

        • U.K.

        • Italy

    • Asia Pacific

        • China

        • India

        • Japan

        • South Korea

    • Central & South America

        • Brazil

    • Middle East & Africa

        • South Africa

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Metal and Ceramic Injection Molding Market Segmentation, Key Competitors And Growth Forecast Report till 2025

 June 18, 2021: Global Metal and ceramic injection molding market is expected to experience brisk over the forecast period growth due to increased demand for minimal invasive cosmetic surgery in the developed regions. Huge investment by manufactures in this industry is presumed to fuel the Metal and ceramic injection molding market growth over the next eight year period.

Metal injection molding (MIM) and ceramic injection molding (CIM) technology are complex processes in which materials such as metals & ceramic are put into machined techniques. The procedure is managed with high accuracy and precision to provide the required products for a particular industry. Metal and ceramic injection molding technologies functions as two segments in powder injection molding (PIM). PIM comprising MIM and CIM is innovative manufacturing technologies to produce complex and high volume net-shaped components. The components are made with the metal and ceramic powder usage. The materials which are used to manufacture several end components include titanium alloys, stainless steel, soft magnetic alloys, and low-alloy steels. The end components manufactured include medical equipment, electronic gadgets, firearms, and automotive components for a varied range of end-user industries. These technologies provide the design flexibility for unlimited material choice offered by the powder metallurgy (powdered ceramic and metal).

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Rapid industrialization across the world is estimated to fuel the market growth over the forecast period. Huge growth in automobile industry coupled with heavy production the demand for this technology is presumed to have positive impact on the industry growth in the near future. Growth and development in medical & healthcare sector is expected to further boost the industry growth over the next eight year period. Rise in disposable income and automobile industry expansion is developing regions is estimated to enhance the market growth. Several advantageous characteristics involved with the usage of these technologies is presumed to contribute for the Metal and ceramic injection molding market expansion. It advances lenience capacity involved with investment casting moreover it increases mechanical strength, and improves the products shape limitation.

The low cost along with complex designing capabilities, MIM and CIS technology deliver higher economy of scale and reduce the time taken to manufacture a product by eliminating production steps such as finishing and machining. The manufacturing process involves mainly four steps in metal and ceramic injection molding feedstock preparation, debinding injection modelling and sintering. Increasing demand for consumer product such as eyeglasses and watches is expected to further enhance the growth in the near future for metal and ceramic injection molding market. Growing firearms industry is presumed to further propel the metal and ceramic injection molding technologies demand. Heavy demand for minimal invasive cosmetic surgery in the developed regions is expected to boost the industry growth.

Limitation on finished fragments size and weight is presumed to hinder the market demand in the near future. Several new applications for powder injection molding is presumed to open new opportunity for the industry vendors over the next eight year period. High substitution threat from other molding technique due to user friendly easy availability characteristics is expected to challenge the industry demand. Moreover, substitute techniques properties such as easy tooling, cost effective operation and, moderate working requirements has challenged the industry growth in recent years.

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The metal and ceramic injection molding market can be classified based on end users as automotive, medical & healthcare, consumer’s product, aerospace, industrial machinery, electronics and defense among several others.  Key regional markets include North America, Central & South America, Europe, Middle East & Africa, and Asia Pacific. Developed regions such as North America are estimated to witness positive growth over the next eight year period owing to huge demand form healthcare sector. Europe is expected to witness rapid growth due to increase in demand from Germany and Italy based automotive manufacturers. Developing regions such as Asia Pacific and Central & South America are expected to experience rapid growth in industry over the next eight years period owing to rising awareness, rise in disposable income and high demand for metal and ceramic devices. Emerging economies such as India and China is presumed to have huge growth in the near future due to rapid industrialization. Innovation and development towards quality product is anticipated to further enhance the growth in this region in near future.

Vendors are investing on research and development to generate advanced product which give them competitive advantage over other vendors. The companies are expected to take strong measures to gain market share and to deliver better quality product demand. Prominent industry participants include AB Components, Hong Ya Industrial, Abbot Furnace Company, Cypress Industries, G-Mag International, Datumag Inc., Affinity International LLC., and Britt Manufacturing Co.

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Electric Vehicle Plastics Market Growth By Top Company And Forecast Analysis Report till 2025

June 18, 2021: An electric vehicle uses one or more electric motors or traction motor for propulsion. It may be powered via a collector system by electricity or may be self-contained with a battery or generator to convert fuel into electricity. These include road & rail vehicles, surface & underwater vessels, electric aircraft & electric spacecraft. On contrary, to traditional vehicles which possessed internal combustion engine (ICE) is now getting blurred with usage of electric vehicles which run on conventional energy or electricity. With the growing approach towards electric vehicles (EV), plastic materials play a pivotal role in helping to reduce carbon emissions or dependence on petroleum. By using plastics in EV, the weight of the vehicle can be reduced upto 40%. Additionally, high performance polymers and elastomers are used to integrate components and functions. The miniaturization helps in reducing space and improves packaging.

The major market drivers for the global electric vehicle plastics market share include strict emission norms & regulations leading to minimizing weight of passenger cars& government initiatives to encourage adoption for electric vehicles. Therefore, the electric vehicle plastics market share is estimated to grow at a higher CAGR during the forecast period. However, a key factor restraining the market share is the lack of charging stations for BEV operated vehicles & HEV operated vehicles. Thus, charging infrastructure is significant for the growth of electric vehicles as in case of BEV and PHEV.

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On the basis of vehicle type, the global electric vehicle plastics market share is segmented as BEV, HEV, PHEV. BEV segment is likely to dominate the global market share for the forecast period owing to rising innovations, environmental concerns, strict emission regulation and norms. Additionally, government initiatives in the form of introducing various tax & non-tax incentives for electric vehicle owners have boosted the plastic growth employed in these BEVs. On the basis of material, the global electric vehicle plastics market share is segmented as PP, PE, ABS, PVC, PA, Nylon 6/6, Nylon 6, polycarbonate, PVB and other engineering resins.

PP is the fastest growing segment owing to features like better heat resistance, protection from UV rays, high strength & flexibility. On the basis of application, the global market for electric vehicle plastics market is segmented as interior, exterior, lighting & electric wiring and under the hood. Polyurethanes is estimated to be the largest growing sector and is predicted to dominate the market for the forecast period owing to its use in seating, electric wiring and hard plastic parts.

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On the basis of geographic segmentation, the global market for electric vehicle plastics market includes North America, Europe, Asia-Oceania, Middle-East & Africa. Asia-Oceania is predicted to dominate the electric vehicle plastics market and is estimated to grow at a higher CAGR during the forecast period. Asia-Oceania is an emerging market for electric vehicles in the recent years. Government initiatives in the form of incentives to support the demand for electric vehicles market have also boosted the market.

Faraday Future, a 2015 startup jumped into the electric vehicle market with a view to challenge Tesla electric motor and announced a big news about its plans to build a factor outside Las Vegas and that raised curiosity among the masses especially for its financial support. However, the startup has stopped construction owing to parent’s company financial problems. The Chinese company LeEco has funded Faraday Future but now has lost his fortune owing to the market fluctuations in his own native country. So, now Faraday Future would showcase its first production car at the CES 2017, the international electronics show in Las Vegas from Jan 5-8. The key players in the global electric vehicles market include BASF SE, The Dow Chemical Company, Tesla Motors, Ineos Capital Limited, and the plastics are supplied to automotive OEMs such as Nissan, Chevrolet, and Volkswagen AG.

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