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
List of Key Players of Polyamide Market
- BASF SE
- AdvanSix
Inc.
- Ube
Industries Ltd.
- Domo
Chemicals
- Toray
Industries, Inc.
- Ashley
Polymers Inc.
- Ascend
Performance Materials LLC
- Toyobo Co.
Ltd.
- Lanxess AG
- Huntsman
Corporation
- Goodfellow
Group
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Polyamide Market Segmentation
Grand
View Research has segmented the global polyamide market based on product,
application, and region:
Polyamide Product Outlook (Volume, Kilotons;
Revenue, USD Million, 2017 - 2028)
- Polyamide 6
- Polyamide 66
- Bio-based
Polyamide
- Specialty
Polyamides
Polyamide Application Outlook (Volume, Kilotons;
Revenue, USD Million, 2017 - 2028)
- Engineering
Plastics
- Automotive
- Electrical
& Electronics
- Consumer
Goods & Appliances
- Packaging
- Others
- Fibers
- Textile
- Carpet
- Others
Polyamide Regional Outlook (Volume, Kilotons;
Revenue, USD Million, 2017 - 2028)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Asia Pacific
- China
- India
- Japan
- Central
& South America
- Middle East
& Africa
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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