Polyamide in E-Mobility Market: Inclination towards Thermally Stable Automotive Components Amplify Demand || Key Players: Teijin Limited, Flex-N-Gate, IAC Group LLC, Magna International, Toyoda Gosei Co. Ltd., Samvardhana Motherson Group, and Nifco Inc.
With stocks of fossil fuels dwindling, coupled with irreversible implications of gas emissions from vehicles, the automotive industry is in the cusp of revolutionary alterations, with significant shift towards alternative powered vehicles, becoming ubiquitous globally. Besides rampant adoption across developed countries, fast emerging countries such as India in APAC region is one of the most promising hubs for electric vehicles, backed by favorable government protocols. A recent development marking the launch of National E-Mobility Program in India is a major milestone, identifying the country's future prospects in e-mobility. This seismic shift towards e-vehicles also necessitates super lightweight turbocharged engines with robust built and excellent fuel efficiency, to achieve which high grade plastics such as polyamide has emerged as preferred building component.
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Asia Pacific Region will Attract More Investments from Market Players
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.
Despite escalated demands polyamide in e-mobility market is significantly constricted by uncertain supply and corresponding price rise. To offset such limitations, polyamide vendors are switching towards smarter alternatives and recycled polyamide compounds. With such dynamic initiatives in place, polyamide in e-mobility market is expected to remain highly lucrative in the coming years.
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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.
Polyamide in E-Mobility Market: Competition Landscape
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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