Global polyamide markets of $ 53.32 billion through 2028
Dublin, October 22, 2021 (GLOBE NEWSWIRE) – The Polyamide Market Size, Share and Trend Analysis Report by Product (Polyamide 6, Polyamide 66, Bio-based Polyamide, Specialty Polyamides), by Application (Engineering Plastics, Fibers), by Region and Forecast segment, 2021-2028 “ the report was added to ResearchAndMarkets.com offer.
The global polyamide market size is projected to reach USD 53.32 billion by 2028 and is expected to grow at a CAGR of 6.2% from 2021 to 2028
The increasing adoption of polyamide in many industries including automotive, electrical and electronics, consumer goods and appliances, packaging and textiles is expected to fuel the market growth during the forecast period. . Polyamides are widely used in exterior parts of vehicles such as front grilles, fuel caps, hubcaps, doors, exterior mirrors and tailgate handles.
Polyamide composites are expected to experience high demand from the automotive industry due to factors such as excellent mechanical properties, wear resistance and the growing need for light vehicles to improve fuel efficiency. . Polyamide has been widely used in the engine compartment as a replacement for steel parts due to the resulting advantages such as reduced weight and greater design flexibility compared to traditional metals.
The main market players are constantly innovating and developing new versions of polyamide compatible with new polymer processing technologies. For example, 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. INFINAM PA 6005 P with a high melting point of 215C exhibited properties compatible to be processed by 3D printing systems.
In addition, establishing global partnerships to increase the dominance of advanced materials is expected to boost the market during the forecast period. In May 2020, LANXESS announced the formation of a new supplier partnership with Chase Plastics. This partnership should create a distribution channel for Durethan PA6 and Pocan PBT developed by LANXESS.
Environmental awareness has prompted many electronics companies to use bio-based polyamides as part of their sustainability goals and they have rolled out production of these to support the strong growth in demand for bio-circular materials. advances. This may prove to be one of the major driving factors for polyamide production during the forecast period.
In April 2021, Arkema announced the start of production of Amino 11, a bio-based polyamide, at its new plant in Jurong Island, Singapore. This plant is expected to use castor beans to produce bio-based polyamide and this represents a 50% increase in Arkema’s global polyamide 11 capacity.
Highlights of Polyamide Market Report
In terms of products, the polyamide 6 segment accounted for the largest share of revenue in 2020 and is expected to experience significant growth during the forecast period.
On the basis of applications, 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 share of revenue with over 40.0%. The growing 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 expected to give further impetus to the growth of the regional market.
Various strategic initiatives have been registered in recent years to drive the growth of the market. For example, in December 2020, Star Plastics announced a global partnership with LATI, a European manufacturer of engineering thermoplastics, with the goal of expanding its materials offering in North America, Europe and Asia.
Polyamide market: variables, trends and scope
Market lineage outlook
Mapping of penetration and growth prospects
Market driver analysis
Analysis of market restrictions
Threat of substitutes for other products
Analysis of market challenges
Volatile commodity prices
For more information on this report, visit https://www.researchandmarkets.com/r/av9keu
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