Research Nester published a report titled “China Polyamide Resins for Battery Electric Vehicles Market: Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the China polyamide resins for battery electric vehicles market in terms of market segmentation by application.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The China polyamide resins for battery electric vehicles market is anticipated to grow with a CAGR of 27.6% during the forecast period, i.e., 2022-2031. The market is segmented application into body parts, electric wire cable jacket, powertrain system, EV charging systems, battery components, and others, out of which, the body parts segment is anticipated to garner the largest revenue of USD 563.2 Million by the end of 2031. Additionally, in the year 2021, the segment generated a revenue of USD 55.8 Million.
The China polyamide resins for battery electric vehicles market is estimated to garner a revenue of USD 2074.4 Million by the end of 2031, up from a revenue of USD 189.3 Million in the year 2021. Growing demand for low-cost raw materials as an alternative against the conventional materials used in the manufacturing of electric vehicles, followed by the numerous benefits associated with the use of the chemical compound for manufacturing different vehicle components, are some of the major factors anticipated to drive the growth of the market in the coming years.
Growing Demand for Electric Vehicles to Drive the Market Growth
The total electric car stock registered in China in the year 2020 was 1.2 Million, according to the statistics by the International Energy Agency (IEA). Moreover, in the year 2020, battery electric vehicles (BEVs) touched 3.5 Million, up from 0.1 Million in the year 2014.
The demand for different types of electric vehicles in China is growing significantly. The government of the nation is increasing raising its focus to meet the Net Zero targets, which is one of the major factors driving the need for different types of new energy vehicles (NEVs). With the surge in the demand for EVs, there is a growing need amongst the electric vehicle manufacturers to raise their production capacity, and in turn, increase the need for raw materials for manufacturing different vehicle components. Such a factor is anticipated to drive the growth of the market in the coming years.
However, the fluctuation in the prices of raw materials, along with the concern for sourcing of polyamide resins are expected to operate as key restraint to the growth of China polyamide resins for battery electric vehicles market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the China polyamide resins for battery electric vehicles market which includes company profiling of Shandong Huijin Chemical Co., Ltd., Mitsubishi Chemical (China) Co., Ltd., The Dow Chemical Company, DSM, Solvay Group, LANXESS, Anqing Hongyu Chemical Co., Ltd., Merck KGaA, Domo Chemicals, Ascend Performance Materials, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the China polyamide resins for battery electric vehicles market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.