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.
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.
How Will Start-ups Influence the Use of Polyamides in the Automotive Industry?
“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.
Country-wise Insights:
What Makes Japan an Opportune Market for Manufacturers of Polyamide in E-Mobility?
“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.
How Will Demand for Polyamide in E-Mobility Fare in Europe?
“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 the initiative to conserve the environment.
Category-wise Insights
Which Type of Vehicles Will Account for High Polyamide Shipments?
“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.
