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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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.
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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.
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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