According to a recent study published by Fact.MR, demand for polyamide in e-mobility market is likely to increase at over 6% in 2019 over 2018. The Fact.MR report finds that the electric vehicle stock will reach nearly 5 million in 2019.
Growing awareness among automakers about multitude of benefits of using polyamide in e-mobility market. Thereby, Fact.MR opines that, this is expected to create numerous opportunities for polyamide manufacturers in the e-mobility market in the upcoming years.
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Fact.MR report finds leading factors that are contributing to the increasing applications of polyamide in e-mobility market. Some of these factors include
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- The ever-growing trend of electrification of vehicles to mitigate the negative environmental impact of the transportation industry is creating more demand for polyamide in e-mobility market.
- Increasing adoption of electric cars in developing countries create more sales opportunities for manufacturers of polyamide in e-mobility market.
- Burgeoning needs for reducing weight of electronic components in automobiles is multiplying the applications of polyamide in e-mobility market.
- Growing applications of high-performance plastic in electrical components used in electric vehicles boost demand for polyamide in e-mobility market.
- Thermal stability due to high melting point of polyamide makes it one of the most commonly used type of high-performance plastic in e-mobility.
- Recent developments in engineering plastics enhance performance characteristics of polyamides in e-mobility market.
- Leading polyamide manufacturers are further promoting the extraordinary properties of polyamide to boost its adoption in innovative automotive components such as control units in autonomous cars.
A majority of automakers are shifting their focus towards increasing the use of lightweight plastics such as polyamide, as it can ultimately reduce the fuel usage of the automobile. As fuel efficiency is one of the most important factors to influence the purchasing decisions of car buyers, applications of polyamide in e-mobility market are expected to escalate in the upcoming years.
Hybrid Electric Vehicles to Hold a Significant Share in Growing Demand for Polyamide in E-mobility Market
Increasing fuel prices and environmental concerns are resulting in a dramatic move away from conventional, internal combustion engine (ICE) only vehicles to their electric variants.
Hybrid electric vehicles (HEVs) are outperforming any other type of electric vehicles across the world, especially in developed regions such as North America and Europe. Also, China has been showcasing extraordinary growth in terms of production and the number of on-road electric vehicles, which is further boosting sales of HEVs.
The Fact.MR study finds that HEVs account for over 60% of the revenue share of polyamide in e-mobility market. The study projects that, in 2019, polyamide demand will continue to remain highest at more than 54,000 tons, creating more opportunities for polyamide manufacturers in the e-mobility market.
The significant rise in global sales of HEVs is mainly attributed to their cheaper costs and automakers are adopting polyamide to further improve the cost-efficiency of HEVs. Increasing popularity of HEVs among buyers across the world is encouraging manufacturers of polyamide in e-mobility market are targeting HEV manufacturers to envisage incremental growth in polyamide sales in the upcoming years.
Asia’s Booming Electric Vehicle Industry will Attract Heavy Investments from Polyamide Manufacturers
Despite a significant rise in the prices of polyamide, rapidly growing electric vehicle industry in Asia Pacific excluding Japan (APEJ) is creating numerous lucrative opportunities for manufacturers of polyamide in e-mobility market in the region. Leading manufacturers of specialty chemicals are aiming to invest in the APEJ region to capitalize on the rise in local production and sales of electric vehicles. Leading polyamide manufacturers are aiming to ramp up polyamide production in the region to cater to the increasing demand for polyamide in e-mobility market in versatile applications, such as e-motors and batteries, making the regional market highly competitive.
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