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Polyamides and Intermediates Market in 2024 Detailed Study Analysis
According to the latest research by InsightAce Analytic, the Global Polyamides and Intermediates Market is valued at US$ 26.81 Bn in 2022, and it is expected to reach US$ 43.62 Bn by 2031, with a CAGR of 5.7% during a forecast period of 2023-2031.
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High-performance plastics called polyamides can tolerate corrosive conditions and high temperatures. They are appropriate for usage in a variety of end-user industries, including aerospace, electronics, automotive, and telecommunications, thanks to their non-adhesive and low friction qualities. Due to its diverse range of characteristics and applications, polyamide is a significant technical and high-performance thermoplastics class. Polyamides are frequently used in the textile industry, consumer goods, and electrical appliances, among other things, due to their high temperature & electrical resistance, high durability and tensile strength, and abrasion resistance qualities.
The automotive industry's growing need for lightweight materials to boost economy and design flexibility has opened the way for the expansion of the polyamide market. Because of its eco-friendliness, bio-based polyamide is becoming more and more popular in the market. In order to lighten the weight of automobiles, some alloy parts, such as nuts and bolts, are currently being replaced with polyamide intermediate chemicals. The market is expanding as a result of this need. However, the material's tensile strength is reduced due to the polyamide intermediate chemicals' moisture absorption capabilities, which could act as a constraint. In addition, they are susceptible to shrinkage.
List of Prominent Players in the Polyamides and Intermediates Market:
• BASF SE
• DuPont
• DSM
• Lanxess
• Solvay
• Kraton Corporation
• Genomatica, Inc.
• Akzo Nobel N.V.
• Bayer AG
• Eastman Chemical Company
• Arkema
• Mitsui Chemicals, Inc
• Toray Industries Inc
• Kolon Plastic Inc
• DOMO Chemicals
• Teijin,
• PolyOne,
• RTP company,
• Koch industries,
• Radici Group,
• DSM,
• Kuraray
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Market Dynamics:
Drivers-
The increase in demand from the automotive sector is the primary market booster for the worldwide polyamide industry. Manufacturers are turning to polyamides for uses like coatings and films due to the automotive industry's escalating costs of raw materials. Government regulations and growing health consciousness in emerging nations are also anticipated to drive the market for bio-based polyamide.
Challenges:
Including petrochemicals, supply chains have become a headache for every industry. Following a strong result in Q4 2020, demand for polyamide 6 was described as extremely strong throughout the first half of 2021. During the initial COVID-19 lockdown periods in Q1-Q2 2020, production ceased, forcing participants in the petrochemical and polymer markets to scale back operations or temporarily idle facilities. Along the value chain, there was also a destocking phase as Q3's economic activity gradually picked up again. As a result, stock levels were still low at the beginning of 2021. Some serious production problems also needed to be resolved, which increased the existing supply chain imbalances. The industry as a whole was shocked by the Texas deep freeze, and it took some time to fix the problems it caused.
Regional Trends:
Asia-Pacific is the region that consumes the most polyamide resin and is predicted to develop at the highest rate throughout the forecast period. With the global market share in terms of revenue, China and Japan are leading the way in the use of polyamides. This can be as discribed to the fact that the only country experiencing a rise in car demand is China, where tariffs on vehicle purchases have been reduced as a result of a shortage of semiconductors around the world. For instance, China produced 46 Bn vehicles in 2022 instead of 44 Bn the year before.
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Recent Developments:
• In Jan 2020, Solvay's Performance Polyamides Business in Europe has been bought by DOMO Chemicals. The business had about 1,100 workers in France, Spain, Poland, Germany, and Italy who worked in Production, Sales, Technical Support, Research and Development, and Innovation. A joint company between BASF and DOMO in France to make Adipic Acid was also part of the deal.
• In Jan 2019, The EU Commission gave Solvay permission to sell its Polyamides business to BASF. After all of the remaining closing conditions had been met, the deal was expected to close in the second half of 2019. The European Commission was worried about competition, so one of these conditions was to sell a package of fixes to a third party. BASF offered solutions that used some of the assets that were originally part of the purchase.
Segmentation of Polyamides and Intermediates Market-
By Product Type
• PA 66 (Nylon 66)
• PA 6 (Nylon 6)
• PA12 (Nylon 12)
• Others
By Distribution Channel
• Online Market
• Offline Retailer
By Application
• Tires
• Musical Strings
• Bags
• Conveyor Belts
• Others
By End-Use
• Automotive
• Textile
• Aerospace
• Electrical & Electronics
• Healthcare
• Sports & Leisure
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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