Bio-Polyamide Market: Environment-friendly Nature of Raw Material Key Factor Driving Growth 2024
Bio-polyamide finds extensive usage in a wide range of industries – automotive, textile, consumer goods, film and coatings, electrical and electronics, and industrial being the most prominent ones. The automotive sector enjoys a significant share in the overall bio-polyamide market owing to increasing vehicle production. Moreover, thanks to the environment-friendly nature of bio-polyamide, it finds special prominence in the automotive industry as regulations pertaining to recyclable materials become more stringent.
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Geographically, the bio-polyamide market can be fragmented into Latin America, North America, Europe, the Middle East and Africa, and Asia Pacific. Asia Pacific is known to hold a major share in the global market, with growing use of bio-polyamide in multiple end-use industries such as electrical and electronics, automotive, and textiles. The environment-friendliness of bio-polyamide is a key reason behind its extensive usage.
Rapid industrialization in emerging economies such as Indonesia, China, and India is also a factor that has had a significant impact on the expansion of the bio-polyamide market in Asia Pacific. Europe and North America are both strong contenders in the bio-polyamide market, thanks to strict government regulations pertaining to the reduction of carbon emissions. Higher automotive vehicle production in these two regions is also a factor driving the uptake of bio-polyamide.
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Asahi Kasei Corporation, Quadrant Engineering Plastics Products Inc., BASF SE, Li Peng Enterprise Company Limited, Radici Group, Honeywell International Inc., E. I. Dupont De Nemours & Company, Huntsman Corporation, SK Group, DOMO Group, Evonik Industries AG, Arkema, and Lanxess AG are among the leading players in the global bio-polyamide market.
Industry analysts have observed that the vendor landscape of this market is rather consolidated and just a handful of players account for a majority of the market share. Most companies have been spending on research and development activities so as to expand their footprint in the bio-polyamide market. In addition to this, they are focusing on developing new products and improving their manufacturing process. Larger enterprises are acquiring smaller and local companies in order to strengthen their market presence.
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