China Polyamide Resins for Battery Electric Vehicles Market Projected to Grow at a CAGR of 27.6% During 2022-2031

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Research Nester has released a report titled "China Polyamide Resins for Battery Electric Vehicles Market: Demand Analysis & Opportunity Outlook 2031" which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.

The International Energy Agency (IEA), in one of its statistics, stated that in the year 2020, the total electric car stock registered in China was 1.2 Million. Additionally, battery electric vehicles (BEVs) in the nation grew from 0.1 Million in the year 2014 to 3.5 Million in the year 2020.

The statistics portray the growing demand for different types of electric vehicles in the nation, backed by the increasing efforts of the government of China to meet the Net Zero targets. The government of the nation has developed its infrastructure for new electric vehicles (NEVs) over the years and several manufacturers of electric vehicles (EVs) are present in the nation. The government of the nation also developed subsidy schemes for the greater adoption of these vehicles. Owing to such factors, the demand for electric vehicles in the nation has skyrocketed over the years, therefore driving the need amongst the electric vehicle manufacturers to increase their existing production. This in turn, is driving the need for advanced specialty chemicals for the manufacturing of different electric vehicle components, thereby driving the demand for polyamide resins.

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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 estimated to garner a revenue of USD 2074.4 Million by the end of 2031. Additionally, in the year 2021, the market registered a revenue of USD 189.3 Million. The market is segmented application into body parts, electric wire cable jacket, powertrain system, EV charging systems, battery components, and others. The body parts segment, out of all the other segments, is anticipated to garner the largest revenue of USD 563.2 Million by the end of 2031.  Additionally, the segment registered a revenue of USD 55.8 Million in the year 2021.

However, the fluctuation in the prices of raw materials, along with the concern for sourcing of polyamide resins are predicted to hinder the market growth in the coming years.

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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 comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled "China Polyamide Resins for Battery Electric Vehicles Market: Demand Analysis & Opportunity Outlook 2031", analyses the overall China polyamide resins for battery electric vehicles industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the China polyamide resins for battery electric vehicles market in the near future.

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The post China Polyamide Resins for Battery Electric Vehicles Market Projected to Grow at a CAGR of 27.6% During 2022-2031 appeared first on America News Hour.

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