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IN THE NEWSMarch 29th, 2022: Ascend Performance Materials announced that it has come into an agreement to acquire Formulated Polymers Limited’s compounding division that manufactures polyamide compounder in the manufacturing facility in Chennai, India. Through the acquisition, Ascend would expand its product portfolio in the electrical and e-mobility application space.
November 24th, 2021: LANXESS announced that it would invest around USD 33 Million in its manufacturing site in Changzhou, China for the manufacturing of hi-tech plastics. The investment would increase the capacity of the manufacturing plant by 30,000 Metric Tons per year.
January 31st, 2020: Domo Chemicals announced that it has completed the acquisition of the Performance Polyamides business division of Solvay Group in Europe.
China Polyamide Resins for Battery Electric Vehicles Market Highlights Over 2021 - 2031
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, by growing at a CAGR of 27.6% over the forecast period, i.e., 2022 – 2031. Moreover, in the year 2021, the market in the nation generated a revenue of USD 189.3 Million. The growth of the market can majorly be attributed to the rising demand for different types of electric vehicles in China, backed by the growing focus of the government of the nation to meet the Net Zero targets. According to the statistics by the International Energy Agency (IEA), in the year 2020, electric car stock around the globe reached 10 Million, wherein China registered the second-leading share of EV car stock with 1.2 Million registrations. Additionally, battery electric vehicles (BEVs) in the region grew from 0.1 Million in the year 2014 to 3.5 Million in the year 2020. The market growth can also be attributed to the increasing need amongst the electric vehicle manufacturers to use alternative materials that can allow them to not just lower the cost of vehicles, but also enhance the vehicle efficiency.
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Besides this, the presence of large number of new energy vehicle manufacturers, along with the presence of vehicle component manufacturers in the nation is also expected to add in the market growth in the coming years. In addition to this, the increasing research and developments in the field of developing specialty chemicals, such as polyamide resin, for manufacturing different electric vehicle components is also expected to promote the market growth during the forecast period.
Growth Drivers and Challenges Impacting the Growth of the China Polyamide Resins for Battery Electric Vehicles Market
Growth Drivers
Challenges
China Polyamide Resins for Battery Electric Vehicles Market Segmentation Synopsis
The China polyamide resins for battery electric vehicles market is segmented by application into body parts, electric wire cable jacket, powertrain system, EV charging systems, battery components, and others. Out of these, the body parts segment is anticipated to garner the largest revenue of USD 563.2 Million by the end of 2031, up from a revenue of USD 55.8 Million in the year 2021.
Key Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the China polyamide resins for battery electric vehicles market that are included in our report are 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.
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FREQUENTLY ASKED QUESTIONS
The growing demand for new energy vehicles (NEVs), and the increasing need amongst vehicle manufacturers to find low-cost alternatives against conventional raw materials used for manufacturing BEVs, are expected to drive market growth.
The market is anticipated to attain a CAGR of 27.6% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Shandong Huijin Chemical Co., Ltd., Mitsubishi Chemical (China) Co., Ltd., The Dow Chemical Company, DSM, Solvay Group, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application.
The body parts segment is anticipated to garner the largest revenue of USD 563.2 Million by the end of 2031 and display significant growth opportunities.
The fluctuation in the prices of raw materials, along with the concern for sourcing of polyamide resins are estimated to hamper the market growth.
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