EV Boom Drives Cosmo Films’ Capacitor Film Sales in India

Cosmo Films is seeing a sharp rise in orders for its capacitor-grade films. The company says India's fast-growing electric vehicle market is the main driver.

The films are used in capacitors that manage power flow in EV motors, charging stations, and battery systems. Without these films, the electronics inside an EV cannot function properly.

Cosmo Films, based in New Delhi, makes biaxially oriented polypropylene (BOPP) films. A specialized version of these films goes into capacitors. The company has been supplying them to capacitor makers in India and abroad for years. But the EV boom has changed the demand pattern.

"We are seeing a clear uptick in orders from capacitor manufacturers who supply the EV industry," a company source told Machine Maker. The source did not give exact numbers but said the growth has been "significant" over the past 12 months.

Why Capacitor Films Matter for EVs

Electric vehicles need capacitors for power conversion and smoothing voltage fluctuations. The capacitors used in EVs must handle high temperatures and frequent charge-discharge cycles. Cosmo Films' capacitor-grade BOPP films meet those requirements.

The films are thin, typically between 3 and 12 microns, but strong. They provide insulation and stability inside the capacitor. A single EV can use dozens of such capacitors, spread across the motor controller, onboard charger, and DC-DC converter.

India's EV market is still small compared to China or Europe, but it is growing fast. Sales of electric two-wheelers and three-wheelers have jumped in the last two years. Electric car sales, though low in absolute numbers, have also climbed. The government's FAME II subsidy scheme and state-level EV policies have helped.

More EVs on the road means more capacitors. More capacitors mean more demand for Cosmo Films' products.

Cosmo Films' Position

Cosmo Films is one of the largest BOPP film producers in the world. It has manufacturing plants in India and South Korea. The company's capacitor-grade films already go to customers in Japan, Europe, and the United States.

The Indian market, however, is now catching up. Domestic capacitor makers are ramping up production to serve local EV assemblers. That shift is pushing Cosmo Films to allocate more capacity for the Indian market.

The company has not announced any new production lines specifically for capacitor films. But it has said it is optimizing existing lines to meet the changing demand mix.

Cosmo Films also supplies films for packaging, labeling, and lamination. Those segments still bring in most of its revenue. But the capacitor film business is growing at a faster clip.

Challenges Remain

Not everything is smooth. The global supply chain for specialty films is still under pressure. Raw material prices, polypropylene resin, have been volatile. And Indian capacitor makers face competition from Chinese imports.

Still, the direction is clear. As India pushes for more electric mobility, companies like Cosmo Films that sit in the supply chain stand to gain.

The company's stock has risen over the past year, partly on expectations of stronger demand from the EV sector. Analysts tracking the stock say the capacitor film segment could become a bigger part of Cosmo Films' earnings in the next two to three years.

For now, the company is focused on keeping up with orders. "We are running our capacitor film lines at high utilization," the source said. "The EV story is real, and it is driving demand today."