New energy vehicles,wind power drive, film capacitor market has great potential

Film capacitors have unique application advantages in many power electronics fields. Film capacitors have the characteristics of high voltage, high capacity, and long service life, and the structural design of the film can ensure that the capacitor has good self-healing properties.In the scenario of DC support, the role of film capacitors is no less important than that of IGBT modules.Benefiting from this, film capacitors are widely used in various frequency conversion and AC-DC conversion scenarios, such as electric drive of electric vehicles, OBC, charging piles, and photovoltaic and wind power inverters and converters.The application of film capacitor is very extensive.

The compound growth rate from 2021 to 2025 is 13.3%, and new energy vehicles, photovoltaics, and wind power are the main driving forces. We estimate that the average value of a single vehicle using film capacitors for new energy vehicles is more than 400 yuan, and the value of photovoltaic and wind power for the use of film capacitors is also very high, about 6,000 yuan/MW and 5,000 yuan/MW respectively.Benefiting from the growth of the above market, we estimate that by 2025, the market size of film capacitors will reach 24 billion yuan, with a compound growth rate of 13.3% from 2021 to 2025.Among them, in 2025, the demand brought by the new energy vehicle, photovoltaic, and wind power markets will exceed half of the overall demand for film capacitors, which are 9.2 billion yuan, 1.85 billion yuan, and 920 million yuan, respectively. The compound growth rates from 2021 to 2025 will be 33.9%, 12.1%, and 8.23%, respectively.

Driven by the localization of the industrial chain, domestic manufacturers are expected to benefit. New energy vehicles, photovoltaics, and wind power are important driving forces for the film capacitor industry. Whether it is the demand side or the supply side, China has a very important industry position in the world.Domestic players now have very strong competitive strength. With the increasing demand of downstream customers for the localization of the industrial chain, the market share of domestic manufacturers is expected to further increase in the future.In addition, with the increase in the demand for film capacitors, the demand for polypropylene base films also increases. At present, the base film is in short supply. Some domestic base film companies already have the capacity to supply base films below 3 μm for new energy vehicles. Under the current boom, domestic base film companies have also ushered in development opportunities.