Global Polyamide in E-Mobility Market to Showcase Vigorous Demand during the Period until 2028
One of the leading reasons behind increased applications of polyamide in e-mobility is its thermal stability and temperature resistance properties.
[USPRwire, Tue Dec 11 2018] Rapidly growing automotive industry and the trend of vehicle electrification in developing Asian countries, such as India and China, are creating positive growth environment for polyamide suppliers. Anticipating the burgeoning demand for electronic components for electric vehicles in the region, a majority of polyamide suppliers are likely to invest heavily in the developing Asian countries, in the upcoming years.
Arkema SA, a French specialty chemical company and leading player, recently announced it investment plan to expand its 12 polyamide production capacities by 25% in China by mid-2020. To cater to the increasing demand for polyamide in the automotive industry, in the Asia Pacific region, the company is planning to invest several tens of millions of euros.
CIE Automotive, a leading polyamide supplier, recently announced that it has invested around 60 million euros to acquire Mahindra CIE Automotive Ltd, an Indian automotive company, to strengthen its position in the Indian automotive industry.
Spark Minda of the Ashok Minda Group recently acquired EI LABS India Pvt. Ltd., a leading company in the connected mobility space to provide cutting-edge Internet of Things (IoT) solutions in the automotive industry.
International Automotive Components (IAC) Group LLC, an automotive component supplier, recently announced that it has expanded its new 5,574-square-meter engineering and manufacturing capability in Haryana, India, by investing over US$ 2 million.
Toyoda Gosei Co. Ltd., a Japanese manufacturer of automotive components, recently disclosed its plan to expand its sales volume in the Indian automotive market up to 35 billion yen by 2025, by opening a new automotive parts plant and establishing a new sales and technical office in the country to meet its sales targets. The company also revealed its plans to invest 800 million yen in Hubei Rock Rubber and Seal Technology Co., Ltd., a Chinese independent automotive part supplier, to establish a stronger production network in the Chinese market for polyamide in e-mobility.
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Rapidly-expanding Electric Vehicle Parc is Multiplying Applications of Polyamide in E-mobility
According to the International Energy Agency (IEA), over more than 1 million electric vehicles were sold across the world, resulting in a global stock of over 3 million. The unprecedented rise of 54% in electric vehicle sales was recorded in 2017, attributed to some important environmental policy announcements, and this is expected to generate high demand for electric components manufactured using polyamide in e-mobility.
In addition, China’s share in global sales of electric vehicles increased from just 10% in 2013 to over 40% in 2017, which indicates more lucrative opportunities for Polyamide in E-mobility Market in the country. Increasing stringency of environmental laws being enacted across the world is likely to accelerate electric vehicle sales in the coming years, contributing to the increasing applications of polyamide.
Inclination towards Thermally Stable Automotive Components Amplify Demand for Polyamide in E-mobility
One of the leading reasons behind increased applications of polyamide in e-mobility is its thermal stability and temperature resistance properties. High performance plastics, such as polyamide 6 and polyamide 66, can retain its stability at temperatures as high as 230°C, thereby manufacturing automotive components using polyamide is becoming a popular trend among automakers.
Increasing demand for polyamide in e-mobility can be majorly attributed to its flame-retardant characteristic, which is boosting its applications in manufacturing of batteries, control units, and connectors in electric vehicles. Polyamide suppliers are aiming to discover innovative composites of polyamide to give automotive components electromagnetic shielding properties and diversify their product range to gain an edge in the market.
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Automakers Focus on Weight Reduction in Automotive Components; Metal to be Replaced by Polyamide in E-mobility
Automotive manufacturers are shifting their focus towards employing high performance plastics to further enhance performance characteristics of automotive components. To eliminate the needs for maintenance and mitigate the disadvantages of heavy weight of metallic automotive components, automakers and original equipment manufacturers (OEMs) are making a shift towards using lightweight materials such as polyamide in e-mobility.
Reducing weight of automotive components can help automakers to minimize energy consumption of electric vehicles, which is mainly bolstering the potential of high demand for polyamide in e-mobility. As lightweight design of automotive components measure a great importance in the automotive industry, the applications of polyamide in e-mobility are likely to be multiplied in the coming future.
The latest development in e-mobility segment along with strategic focus of prominent market players pertaining to demand of plastic and polyamide in e-mobility is incorporated in each company profile. Additionally, profiled players are mapped for their relative e-mobility infrastructure and capacity readiness.
In the report, polyamide suppliers in e-mobility are divided according to the manufacturers of polyamide and manufacturers of electronic automotive components. Polyamide suppliers in e-mobility featured in the report are Arkema SA, Lanxess AG, DowDuPont Inc., BASF SE, EMS Group, and UBE Industries Ltd. Component manufactures featured in the report are Ashok Minda Group, CIE Automotive, Teijin Limited, Flex-N-Gate, IAC Group LLC, Magna International, Toyoda Gosei Co. Ltd., Samvardhana Motherson Group, and Nifco Inc.
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