Epoxy curing agent Market Europe: Another hot market for Chinese auto exports?

Europe: Another hot market for Chinese auto exports?

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As a pioneering country in the development of the automobile industry, the European market has a very important right to speak, and it is also the vane of automobile consumption. The EU market is the main market in Europe, and the EU auto industry occupies an important position in the economic development of Europe. The auto industry provides nearly 13 million jobs for European workers, accounting for 11.5% of all manufacturing jobs in the EU, and can bring 374.6 billion euros in tax revenue to the government every year. Nearly 8% of the EU's GDP is created by the auto industry. At the same time, the annual expenditure on automobile research and development is about 58.8 billion euros, accounting for 32% of the total EU research and development expenditure.

2023 In March 2019, the number of passenger vehicles registered in the EU auto market exceeded 1 million, a year-on-year growth rate of 28.8%. Nearly all of the EU's largest markets recorded double-digit growth, with Spain (66.1%) and Italy (40.7%) leading the way. In the first quarter, nearly 2.7 million new cars were registered in the EU auto market, an increase of 17.9% compared with 2022, and achieved a good start. Among the four largest EU markets, Spain (+44.5%) recorded the largest increase, followed by Italy (+26.2%), France (+15.2%) and Germany (+6.5%).

Figure 1 2021-2023 EU monthly passenger car registrations (unit: ten thousand)

In recent years, my countryDomestic car export The market is gradually expanding. Before 2020, Saudi Arabia, Bangladesh, and Egypt will be the main overseas markets for China's auto exports. In 2021, the automobile export structure will be optimized, and overseas markets will mainly be concentrated in Belgium, Chile, Saudi Arabia and other countries. As new energy vehicles make great strides abroad, Europe and North America will become the two major incremental markets for China's auto exports in 2022. China is the EU's second largest trading partner, and the EU is also China's second largest trading partner. Take thisThe European market has become the "target market" of many Chinese brands. Many auto brands include the European market in their plans to go overseas. Brands such as BYD, MG, and Weilai have launched an offensive on the European market. From 2018 to 2022, the number of passenger vehicles exported from China to Europe will increase significantly, from 133,280 to 645,320, with a compound annual growth rate of 48.3%.

Figure 2 2018-2022 Export volume of passenger cars from China to Europe in 2019 (unit: unit)

S&P Global Announcement.�According to the data, the initial value of the comprehensive PMI in the euro zone in April was 54.4, which was higher than the expected value of 53.7, and the previous value was 53.7, which was a new high in eleven months. 55. The pick-up in the PMI of the service industry shows the increase in economic activities in the euro zone and the recovery of household consumption. Enter In 2023, the export of polyether polyols in China will show a continuous growth trend. Other shapes of polyether polyols exported from China to the EU performed well. In March, exports increased by 26.15% year-on-year to 13,258 tons. In the first quarter, the total export volume was 39,869 tons, a year-on-year increase of 71.69%. As an important downstream industry of polyether polyols, under the benign and sustainable development of the automobile industry, the demand for polyether polyols in Europe is expected to further increase,It may promote the increase of China's polyether exports to Europe, and to a certain extent, it will further alleviate the supply-demand imbalance caused by the slow growth of domestic demand and the rapid expansion of production capacity in the domestic polyether industry.

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