As per a new Fact.MR analysis, 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, 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.
- In October 2022, LANXESS and Kautex Textron announced that they had collaborated to develop a technology demonstrator made from polyamide 6. This new demonstrator passed all thermal and mechanical tests and proved itself as a viable polyamide 6 enclosure for high-voltage battery applications in electric vehicles.
“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.
- European Union member countries are estimated to account for more than 1/4 of the global electric vehicle production, as per an article published on the Plastics Today website.
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.
Polyamide manufacturers are focusing on launching new and advanced products to improve the performance of vehicles and make vehicles more sustainable.
- In January 2022, Solvay, a multinational chemical manufacturer, announced the launch of a new high-performance polyamide (HPPA) compound family called Omnix. The new family of polyamide consists of 70% PIR/PCR recycled resin. This new launch was part of the company’s One Planet roadmap that improves environmental impact.
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.
- In April 2022, Arkema, a leading name in the specialty material manufacturing industry, announced that it was on track to start its new bio-based polyamide 11 plant in Singapore. The plant when completed will represent a 50% increase in Arkema’s global polyamide 11 production capacity.
These insights are based on a report on Polyamide in E-Mobility Market by Fact.MR.