Polyamide Market is projected to reach USD 40.6 billion by 2027

The global polyamide market was valued at USD 26.7 billion in 2020 and is projected to reach USD 40.6 billion by 2027, growing at a CAGR of 5.4% from 2021 to 2027. Polyamide is a versatile polymer with strong demand in various end-user industries, including textiles, electronics, equipment, packaging, coatings, and automotive. Polyamides can be found in nature in the form of wool and silk, among other things, and can also be manufactured artificially. The artificially manufactured polyamides include nylon, polyamide 6, and aramid. Wear resistance, strong mechanical qualities, low gas permeability, and chemical resistance are the characteristics of artificial polyamides. Bio-based polyamides are gaining popularity due to their environmentally benign character. Polyamide 6 is the most popular revenue and usage attributed to its low cost-to-performance ratio.

The polyamide market is expected to be driven by the growing automotive industry in developed and developing countries. Automobile makers prefer polyamides because of their high performance and low cost. Due to the current surge in raw material prices in the automotive sector, manufacturers are shifting to polyamides for various applications such as coatings and films. The market's growth is fueled by rising consumer disposable income and increased transportation activities worldwide. A surge in demand in the electronics and coatings sectors is expected to boost the market. Increased building activity and population growth are driving the electronics and coatings sector. Polyamide is an excellent choice for electrical and electronic applications because of its low cost of production and great performance parameters such as chemical resistance and insulation.

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Strict government laws and regulations, on the other hand, prevent market expansion. However, a rise in investment and new research and development in bio-based and specialty polyamides are expected to create growth opportunities during the forecast period.

COVID-19 Impact on the Global Polyamide Market
The polyamide industry was unaffected by COVID-19 disruption. However, coronavirus-related lockdowns posed several problems for industry participants, including disrupted supply chains, logistical difficulties in shipping end goods, and recruiting staff from quarantines. The outbreak of coronavirus disease (COVID-19) and subsequent government-imposed lockdowns have temporarily interrupted the activities of big end-use polyamide industries. As a result, the industry is in a downward spiral. Furthermore, negative effects on human health are anticipated to hamper the market expansion during the predicted period. Commercial, transportation, and industrial activity have all ceased. As the bulk of chemical commodities, the demand for polyamide has been volatile since the emergence of COVID-19. However, the demand from the consumer goods and packaging industry helped balance the situation during the pandemic.

Global Polyamide Market Dynamics
Drivers: Increase in demand for electric vehicles
The strength per unit weight of an electric vehicle is critical. These vehicles are built on lowering weight and optimizing the strength of various vehicle body sections. Metals in these cars are being replaced with new materials and thermoplastics to lower total vehicle weight. The weight loss is done for various reasons, including lower fuel use and thus lower CO2 emissions. Injection molding polyamide 6 is an excellent solution for reducing vehicle weight. Metal components are quickly replaceable in electric vehicles so that they may be easily shaped and mass-produced. Polyamide 6 has a lower unit cost than metals, making it a more cost-effective alternative. As a result, the rise in demand for light vehicles is seen as a benefit for the polyamide 6 industry.

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Restraints: Changes in crude prices to hamper the market growth
However, fluctuating crude oil prices have altered petrochemical production, hexamethylene diamine, adipic acid, and caprolactam production. As a result, unpredictable raw material prices are projected to limit global polyamide industry growth during the forecast period. Stringent government controls and competition from elastomer-based alternatives are expected to hinder the market demand. Furthermore, an early indication of a global economic slowdown is being observed these days, which is expected to impact the polyamide industry significantly. This is projected to delay continued investment and development for several years.

Opportunities: Favorable government policies encouraging electric vehicles
In the future, R&D in bio-based and specialty polyamide for various applications will likely present enormous prospects for players. Makers, trade associations, and end-product manufacturers are all investing in R&D. Polyamide use in food contact and household items and specialty polyamides in automotive to replace metals. This is anticipated to present a potential for market participants. Due to its environmentally favorable qualities, technology changes such as bio-based polyamide are projected to drive market growth in the future. In addition, the bio-based polyamide market is likely to be fueled by government regulations and increased health consciousness in emerging countries. The polyamide market expansion is projected to be hampered by the complex manufacturing process and lack of precursors. Another concern expected to hamper the market expansion is the deterioration of characteristics due to moisture absorption.

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Scope of the Report
The study categorizes the polyamide market based on type, application, and end-users at the regional and global levels.

By Type Outlook (Thousand Units, Revenue, 2017-2027, USD Million)
Aliphatic Polyamides
Aromatic Polyamides
By Application Outlook (Thousand Units, Revenue, 2017-2027, USD Million)
Polyamide fibers & films
Engineering plastics
By End-Users Outlook (Thousand Units, Revenue, 2017-2027, USD Million)
Automotive
Electrical & electronics
Textile
Construction
Packaging
Consumer Goods
Others
By Region Outlook (Thousand Units, Revenue, 2017-2027, USD Million)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The aliphatic polyamides segment is projected to account for the largest market share by type
By type, the polyamide market is bifurcated into aliphatic polyamides and aromatic polyamides. The aliphatic polyamides segment dominates the polyamide market with a market share of 89.5% in 2020. Aliphatic polyamides such as Nylon 66 and Nylon 6 are widely used for engineering and industrial applications. The most important family of engineering thermoplastics is aliphatic polyamides, which are produced on a significantly bigger scale than completely aromatic polyamides.

Polyamide-6 resin is a semi-crystalline engineering thermoplastic that is simple to process and color and may be utilized in extrusion and injection molding applications. Polyamide-6 resin is one of the most widely used engineering thermoplastics due to its high chemical resistance. Polyamide-6 resins are the least expensive of the polyamide resins. Polyamide-6 is commonly utilized in filament form for 3D printing since it is more ductile and impact-resistant. Therefore, due to the cost-effective and alluring properties of polyamide-6 resins, the market for polyamide-6 is estimated to experience growth during the forecast period.

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Asia Pacific accounts for the highest CAGR during the forecast period

By region, the polyamide market is segmented into North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Worldwide, Asia Pacific is estimated to hold the highest CAGR of 6.8% in the global polyamide market during the forecast period. India, Japan, South Korea, China, Australia, Southeast Asia, and the Rest of Asia-Pacific are part of the Asia Pacific. Strong economic growth in domestic rising nations such as China, Indonesia, Malaysia, and India is driving the region's expansion.

Moreover, the surge in automotive and food packaging applications has propelled Asia-Pacific to become a prominent regional polyamide market. The polyamide market is expected to increase significantly during the forecast period due to large-scale investments in the automotive sector. There has been an increase in the demand for luxury cars, resulting in increasing polyamide consumption in this region due to a rise in consumer purchasing power in Asia-Pacific.

Key Market Players
The polyamide market is highly consolidated. A few companies hold significant market share, including Arkema SA, BASF SE, Evonik Industries AG, Ascend Performance Materials LLC, Gujarat State Fertilizers & Chemicals Limited, Koch Industries, Lanxess, Radici Group, Mitsubishi Chemical Holdings, and Royal DSM. These companies have used various techniques to increase their market share or maintain dominance. Ascend Performance Materials LLC, BASF SE, Evonik Industries AG, and Radici Group are among the companies that have utilized product launch and company expansion strategies.

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