The global Polyamide Market size is expected to reach USD 53.32 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.2% from 2021 to 2028. Increasing adoption of polyamide in numerous industries, including automotive, electrical and electronics, consumer goods and appliances, packaging, and textiles is projected to fuel the market growth during the forecast period. Polyamides are widely used in the exterior parts of vehicles such as front-end grilles, fuel caps, wheel covers, doors, exterior mirrors, and tailgate handles.
Polyamide composites are expected to witness high
demand from the automotive industry due to factors such as excellent mechanical
properties, wear resistance, and the growing need for lightweight vehicles in
order to improve fuel efficiency. Polyamide has been extensively used in the
engine compartment to replace steel parts owing to the benefits derived from
them such as lower weight and greater design flexibility as against traditional
metals.
Key players in the market are continuously carrying
out innovations and developing new versions of polyamide compatible with new
polymer processing technologies. For instance, in May 2021, Evonik Industries
AG successfully tested its INFINAM PA 6005 P (polyamide 613 material) on the ST252P
and HT403P laser sintering 3D printing systems developed by Farsoon
Technologies. The INFINAM PA 6005 P with a high melting point of 215°Cexhibited
compatible properties to be processed by 3D printing systems.
In addition, the establishment of global partnerships
to increase dominance in advanced materials is expected to drive the market
over the forecast period. In May 2020, LANXESS announced the formation of a new
supplier partnership with Chase Plastics. This partnership is expected to
create a distribution channel for Durethan PA6 and Pocan PBT developed by
LANXESS.
Environmental awareness has propelled many electronics
companies to utilize bio-based polyamides as a part of their sustainability
goals and they have deployed the production of the same to support the strong
growth in demand for advanced bio-circular materials. This can prove to be one
of the major driving factors for the production of polyamides over the forecast
period. In April 2021, Arkema announced to begin the production of Amino 11, a
bio-based polyamide, at its new plant on Jurong Island, Singapore. This plant
is expected to utilize castor beans to produce bio-based polyamide and it
represents a 50% increase in Arkema’s global polyamide 11 capacity.
Related Press Release@ Polyamide Market Report
Polyamide Market Report
Highlights
- In terms of product, the polyamide 6 segment accounted for the
largest revenue share in 2020 and is expected to witness prominent growth
over the forecast period
- Based on application, in the engineering plastics segment, the
automotive segment captured the largest share in terms of revenue in 2020
- In 2020, Asia Pacific accounted for the largest revenue share of
more than 40.0%. Ascending demand for electric vehicles is expected to
have a positive impact on the global automotive industry. The introduction
of electric vehicles by automotive manufacturing players such as Tesla,
Volkswagen AG, BYD Co Ltd., Hyundai Motor Company, and Nissan is
anticipated to provide further impetus to the regional market growth
- Various strategic initiatives were recorded over the past few years
to boost the growth of the market. For instance, in December 2020, Star
Plastics announced a global partnership with LATI, a European manufacturer
of engineering thermoplastics, with the aim of expanding material
offerings in North America, Europe, and Asia
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Grand View Research, Inc. is a U.S. based market research
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in San Francisco. The company provides syndicated research reports, customized
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