Global Polyamide Market is expected to reach USD 50 bn by 2028: Ken Research

The global polyamide market is expected to record a positive CAGR of ~6% during the forecast period (2022-2028) and is expected to reach ~US$ 50 billion by 2028.

The rising demand for polyamide as a substitute for metals to reduce weight is boosting the demand for polyamide in various end-user industries like electronics & electrical, automotive, consumer goods & appliances, and various other sectors.

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Key Growth Drivers

The global polyamide market is largely driven by an increase in demand from the construction and coating industries, growing demand from other end-use industries, and the waterproof characteristics of polyamide.
Polyamide is being increasingly adopted in different industries for its waterproof nature and ability to withstand moisture. Waterproof polyamide textiles are being used by several industries to create various goods. Due to its waterproof qualities, it is frequently used to produce athletic and outdoor clothes.
During the projected period, increasing demand for sports apparel, home textile materials, ropes, narrow woven materials, swimsuits, backpacks, and hiking apparel is anticipated to fuel the demand for polyamides.
Increasing demand for substitute products and volatile raw material prices limits the market growth.
The increasing threat from substitute products like polypropylene and polyvinylidene fluoride (PVDF), is anticipated to slow the rate of expansion of the global polyamide market. When compared to its counterpart, PVDF is a non-reactive thermoplastic that possesses finer qualities.
Conversely, polyamide has a lesser degree of elasticity, a higher degree of wear resistance, a tougher surface, and a higher degree of UV resistance. In contrast, polypropylene is easier to handle and has higher elasticity, tensile strength, and smoothness, along with a lower elongation percentage. In recent years, PVF is significantly being used as a replacement for polyamide fishing lines.
Due to supply chain disruptions and nationwide lockdowns, the COVID-19 pandemic hindered the growth of the worldwide polyamide market. As production prices increased as fewer workforces were employed as a result of the pandemic and expanding limitations on the general population, demand for PA6 and PA66 decreased. The consumer goods industries were impacted by a fragmented transportation industry due to a significant demand-supply cycle.
However, with time, businesses started investing in developing regions, changing the market's competitive landscape, and investments were made in the R&D divisions to enhance the product line.

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Key Trends by Market Segment

By Product: The Polyamide 6 product segment held the largest share of the Global Polyamide Market in 2021.

PA 6's special qualities make it a suitable product substitution for materials like bronze, gunmetal, steel, brass, aluminum, and plastics, among others. The producers of electrical protection devices are promoting segmental expansion.

During the projection period, the demand for polyamide 6 is also estimated to rise as a result of the incorporation of PA 6 for its tensile strength. It is adopted in the premium carpet industry, fishing nets, and travel accessories. To make automobiles lighter and more fuel-efficient, polyamide is used to replace metal parts.

By Application: Automotive application segment held the largest market share in the Global Polyamide Market in 2021.

The increased use of polyamide in place of metal in the automobile industry to create the interior, structural, and technical parts of vehicles can be attributed to the growing demand for polyamide in the industry.

The production of cooling systems, rock valve covers, air intake manifolds, airbag canisters, and structural elements made of glass-reinforced plastic based on polyamides is a significant driver driving the market's expansion.

By Geography: The Asia Pacific accounted for the largest market share in 2021 within the total Global Polyamide Market.

The automotive sector has rapidly expanded in recent years, particularly in the Asia Pacific region. The sector has grown as a result of changing socioeconomic patterns.

Major corporations are moving their developed bases to nations like India, China, and Indonesia due to the availability of cheap labor, beneficial regulations, and government efforts to give attractive FDI legislation.

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Competitive Landscape

The Global Polyamide Market is highly competitive with ~400 players which include globally diversified players, regional players as well as a large number of country-niche players.

Country niche players constitute 60% of the competitors, followed by regional players with 35% of the market presence. Some of the major players in the market include Honeywell International Inc., BASF SE, Evonik Industries AG, DuPont de Nemours Inc., Teijin Limited, LANXESS AG, Invista, Formosa Plastics Group, Koninklijke DSM NV, Domo Chemicals GmbH, Mitsubishi Chemical Holdings, and others.

Recent Developments Related to Major Players

In October 2022, Evonik Industries AG expanded its sustainable elastomer line with the launch of a new polyamide 12 (PEBA) elastomer made 50% from recycled tires. Vestamid eCO E40 substitutes 50% of its fossil source ingredients with "materials produced via chemical recycling of old tires."
In January 2022, Domo Chemicals, a polyamide industry supplier, expanded the market presence of its TECHNYL branded products and has made the products available to its customers globally. Major applications being served by the brand includes light engineering solutions, high thermal and chemical resistance, flame retardant materials for advanced electrical protection, and high aesthetic materials with add-on solutions for friction & extrusion and wear resistance.
In November 2021, BASF launched a research and development facility at Korea's Engineering Plastics Innovation Center, Ansan. In addition to other new abilities and a Consumer Electronics Competency Center, the new building contains the combined R&D team and competencies from its recent acquisition of Solvay's polyamide business.

Conclusion

The Global Polyamide Market is forecasted to continue a positive growth during the forecast period. One of the main trends driving market expansion is the high adoption rate of polyamide in various industries due to its properties like strong mechanical qualities, wear resistance, chemical resistance, and low gas permeability along with natural polyamide's eco-friendly nature. The market is highly competitive with ~400 participants concentrating on expansion strategies through product innovations as well as acquisitions and mergers.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for pre-booking clients, and the report delivered within a maximum of two working weeks.

Ken Research has recently published report titled, Global Polyamide Market Size, Segments, Outlook, and Revenue Forecast 2022-2028. In addition, the report also covers market size and forecasts for the four major regions' polyamide market. The revenue used to size and forecast the market for each segment is US$ billion.

Market Taxonomy

By Product
Polyamide 6
Polyamide 66
Bio-based Polyamide
Specialty Polyamide
Others

By Application
Engineering
Plastics
Textiles
Electronics and Electrical
Sports Equipment
Automotive
Consumer Goods & Appliances
Others

By Geography
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
Indonesia
AustraliaRest of Asia Pacific
LAMEA
Latin America
Middle East
Africa

Key Players
Honeywell International Inc.
BASF SE
Evonik Industries AG
DuPont de Nemours Inc.
Teijin Limited
LANXESS AG
Invista
Solvay SA
Koninklijke DSM NV
Domo Chemicals GmbH
Mitsubishi Chemical Holdings

Ken Research Pvt. Ltd.,
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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.