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I AgreeAnalysis of Polyamide in E-Mobility Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
As of 2023, the global polyamide in e-mobility market stands at US$ 1.2 billion and is forecasted to exhibit expansion at a high-value CAGR of 7.8% over the next ten years. As such, global demand for polyamide in e-mobility is expected to reach US$ 2.55 billion by 2033-end.
Polyamides are extensively used in the automotive industry owing to their low weight and thermal stability. Polyamide 6 and polyamide 66 are high-performance plastics that are extensively used in electric vehicle manufacturing owing to their flame-retardant and high-temperature resistance characteristics.
Growing adoption of polyamide materials to manufacture lightweight automotive components such as connectors, batteries, control units, etc. is also projected to uplift the demand for polyamide in e-mobility over the coming years. An increasing focus on sustainability is anticipated to promote the sales of bio-polyamide in the future.
Increasing automotive production, rising sales of electric vehicles (EVs), growing investments in automotive research and development, implementation of stringent mandates to reduce environmental impact, and growing application scope of polyamide materials are other aspects that could alter market growth throughout the forecast period.
On the contrary, the high prices of polyamide and the shortage in supply are key restraints that could impede sales of polyamide in e-mobility applications over the next ten years. Surging demand for bio-based polyamide and increasing investments in R&D of the same are projected to open up new avenues of opportunities for established as well as incoming polyamide producers for e-mobility across the forecast period.
Report Attributes |
Details |
Polyamide in E-Mobility Market Size (2023) |
US$ 1.2 Billion |
Projected Market Value (2033F) |
US$ 2.55 Billion |
Global Market Growth Rate (2023 to 2033) |
7.8% CAGR |
Dominant Regional Market (2023 to 2033) |
Asia Pacific |
Market Share of Europe (2022) |
~30% |
Key Companies Profiled |
|
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“New Companies Focusing on Sustainability”
The imminent climate change threat and global warming have resulted in the adoption of drastic sustainability initiatives and the implementation of stringent norms to reduce the environmental impact on the automotive industry which is majorly responsible for the degradation of the environment.
New companies are focusing on optimizing the supply chain management systems in the automotive industry by utilizing different technologies and studying the impact of different materials to efficiently track carbon emissions through the complete product lifecycle from manufacturing to end-life uses.
New manufacturers of polyamide in e-mobility can also focus on the development and manufacturing of 100% bio-based polyamide materials that allow automotive manufacturers to make their cars completely sustainable.
A detailed account of new developments by start-ups and how they augment industry-governing factors such as product standards, pricing trends, supply chain management, etc. have been discussed extensively in this latest polyamide in e-mobility market research study by Fact.MR, a market research and competitive intelligence provider.
“Increasing Disposable Income and High Focus on Sustainability”
Japan is anticipated to emerge as a highly important and remunerative market in the Asia Pacific region over the coming years and this can be ascribed to evolving consumer preferences and rising sales of electric vehicles. However, hybrid vehicles are more popular than EVs in Japan at the moment and accounted for around 40% of new passenger car sales in the year 2021.
The lack of availability of new EV models by Japanese car manufacturers is a key factor that is limiting the demand for polyamide in e-mobility in Japan. Growing disposable income, the launch of new EV models, supportive government initiatives, and rising awareness regarding sustainability are factors that are estimated to promulgate EV sales in Japan over the next ten years and subsequently uplift sales of polyamide as well.
“High Adoption of Electric Vehicles Offering Lucrative Growth Outlook”
Europe is home to some of the prominent names in the global automotive industry and this makes it a highly attractive market for polyamide suppliers. European countries have also been at the forefront of the sustainability charge and have always taken an initiative to conserve the environment.
Rising awareness regarding sustainability among the general population and incentives for the purchase of electric vehicles in European countries such as Germany, France, Italy, and the United Kingdom are also expected to favor demand for polyamide in e-mobility applications through 2033.
Increasing demand for lightweight automotive components in electric vehicles to improve their range and efficiency is also a key factor that will bolster sales of polyamide in European countries over the coming years.
“Favorable Government Incentives and Subsidies on Sales of EVs”
The government in the United States is offering attractive incentives and subsidies for electric vehicle manufacturers as well as users and this is a key factor that is projected to bolster sales of polyamide in e-mobility applications in the country over the coming years. An increasing number of new electric vehicle launches and high consumer spending potential are also expected to favor market growth in the long term.
Growing awareness regarding sustainability, surging sales of electric vehicles, increasing investments in automotive R&D, and supportive government initiatives are other factors that could alter the demand for polyamide in e-mobility in the United States over the next ten years.
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“Electric Vehicles to Account for Commanding Market Share”
Based on product, the polyamide in e-mobility market is segmented into hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and electric vehicles (EVs).
Electric vehicles are anticipated to lead the global marketplace in terms of volume and revenue generation across the forecast period and beyond. Rising investments in research and development of electric vehicles with better range and efficiency is a prime factor that is slated to augment the demand for polyamide in e-mobility applications over the next ten years.
Rising preference of EV manufacturers for polyamides instead of metals for external as well as internal components is also projected to substantially boost shipments of polyamide materials in the future. However, plug-in hybrid vehicles are also anticipated to account for a notable share of demand for polyamide in e-mobility through 2033.
Polyamide manufacturers are focusing on launching new and advanced products to improve the performance of vehicles and make vehicles more sustainable.
Suppliers of polyamide in e-mobility are also investing in the expansion of their production capacity to meet increasing demand as sales of electric vehicles continue to rise around the world in the long run.
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The global polyamide in e-mobility market enjoys a valuation of US$ 1.2 billion in 2023.
Demand for polyamide in e-mobility is forecasted to reach US$ 2.55 billion by the end of 2033.
The market for polyamide in e-mobility is projected to exhibit expansion at a high CAGR of 7.8% over the next ten years.
Burgeoning use of polyamides in electric vehicles and automotive component manufacturing is driving market growth.
Toyoda Gosei Co. Ltd., Teijin Limited, CIE Automotive, Nifco Inc., Lanxess AG, and Ashok Minda Group are leading polyamide manufacturers.