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Bio-Polyamide Market to Set Phenomenal Growth by 2024
Report Overview:https://www.transparencymarketresearch.com/bio-polyamide-market.html
However, PA 66 is expected to be the fastest growing product segment in the near future on account of its superior properties as compared to the other product segments. Based on application, the bio-polyamide market can be bifurcated into: fiber and engineering plastics. Engineering product segment was the largest application segment in the global bio-polyamide market and it is expected to remain so during the forecast period. Fiber application segment can be sub-segmented into: textile filament, industrial filament, staple filament, and carpet filament. Engineering plastics can be sub-segmented into: automotive, industrial/ machinery, electrical & electronics, wire & cable, consumer goods, films & coatings, and others. Currently, automotive accounted for the largest share and is expected to remain the same in the near future.
The burgeoning automotive industry is expected to boost the bio-polyamide market. The use of bio-polyamides in the automotive construction contributes to fuel savings and reduction in carbon emissions. Fuel savings can be higher than 50% when bio-polyamide structures are used in the manufacturing process. The Asia Pacific region is driving the global automotive industry due to changing lifestyle and rising disposable income. Furthermore, environmental-related regulations across developed regions are expected to drive the market for bio-polyamides.
For instance, the corporate average fuel economy (CAFE) standards in the U.S. and European Union's CO2 limits would put intense pressure on the automobile manufacturers to reduce the weight of the vehicle in order to reduce emissions. The expected CO2 limit in 2020 is pegged at 95g CO2/ km as compared to 130g CO2/ km in 2013. Furthermore, the growth of electrical & electronics industry across the globe is one of the major driving factors of the global bio-polyamide market.
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However, factors such as availability of raw materials and their price volatility are expected to hamper growth of the bio-polyamide market. Castor oil is the major raw material used in the production of bio-polyamides. Sebacic acid and undecenoic acid are the primary components of castor oil used in the production of bio-polyamides. Increasing research & development activities are expected to expand the application area of bio-polyamides, which are likely to become an important opportunity during the next few years.
Asia Pacific dominated the bio-polyamide market in terms of consumption. The region is a manufacturing hub for all end-user industries such as automotive, electrical & electronics, textiles, and others. Rising demand for bio-polyamides from these industries due to their environmental-friendly nature is expected to drive the market in the region. Asia Pacific was followed by North America and Europe in terms of demand. North America and Europe are expected to grow at a significant growth rate due to stringent environmental regulations regarding the reduction of carbon emissions.
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The global bio-polyamide market is consolidated with key players operating across the value chain. Major players are investing significantly in research & development activities to improve their manufacturing process and develop new products in order to widen the application and end-use area of bio-polyamides. The key players operating in the plasterboard market include Huntsman Corporation, Honeywell International Inc., Lanxess AG, Li Peng Enterprise Company Limited, Radici Group, Quadrant Engineering Plastics Products Inc., Evonik Industries AG, BASF SE, E. I. Dupont De Nemours & Company, Asahi Kasei Corporation, DOMO Group, Arkema, and SK Group.
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