Celanese’s sales surge on rise in EV sector
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CELANESE, a US-based specialty chemicals producer, generated sales of US$1.2 billion in China last year as it tapped the rapid growth of the electric vehicle sector, which has special demand for new materials.
Mark Oberle, its senior vice president for Asia, said yesterday that China’s electric vehicle market is “expanding three to four-folds faster than the rest of the world,” which contributed to the company’s annual sales growth of more than 20 percent over the past two years.
Electric vehicles have stricter requirements on material properties such as lightness, insulation and heat-resistance, which “injected business opportunities for specialty chemicals producers to develop them,” Oberle said.
Over the first 10 months of last year more than 258,000 electric vehicles were sold in China, a surge of 126.7 percent from a year earlier, according to China Industry Research, a domestic consultancy firm.
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