NOIDA, India, May 24, 2022 /PRNewswire/ -- A comprehensive overview of the global Polyamide Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Polyamide market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global Polyamide market at regional and country levels. The global Polyamide market stood at around USD 30 billion in 2020 and is expected to showcase the growth of around 6% during the forecast period (2021-2027).
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Market Overview
Major factors driving the market of polyamide include a large base of end-use industry; growing automotive industry with the focus on reducing vehicle weight, autonomous and e-mobility; growing industrial production owing to rising population coupled with rising people per-capital income, thereby consumers have more spending power. In industries like automobiles, a large number of components are made up of polyamides in order to reduce the cost and weight, thereby more fuel efficiency. Further, the increasing focus of automobile manufacturers to build autonomous and electric vehicles is expected to increase the demand for polyamides. In addition, polyamides are widely used in the electrical & electronics industry, therefore with increasing investment in the industry, the dynamics of polyamides would also change. For instance, in the light of COVID-19, the demand for semiconductors has increased, resulting in supply-chain disruption, as a result, the industry has taken several initiatives to meet the growing demand, this, in turn, is expected to increase the demand for polyamides. For instance, in 2021, Taiwan Semiconductor Manufacturing Company (TSMC) announced the plan to spend $100 billion over the next three years to expand its chip fabrication capacity and fund research and development (R&D) of advanced technologies.
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Global Polyamide market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By type, the market is primarily divided into:
- PA 6
- PA 66
- Aramid
- Others
Based on type, the market is categorized into PA 6, PA 66, Aramid, and Others. Among these, PA 6 and PA 66 are among the largest consumed polyamides owing to their usage in a wide range of industries due to their properties and cost. Automobile, textile, and electrical & electronics are among the largest end-user of PA 6 and PA 66.
By application, the market is primarily divided into:
- Engineered Plastics
- Fibers
- Adhesives
Based on application, the market is categorized into engineered plastics, fibers, and adhesives. Among these, engineered plastics held a significant share in the market owing to their vast usage in automobile, packaging, and electrical & electronics industries. The demand for polyamides has increased with the increasing focus of automobile companies on vehicle weight reduction. In engineered plastics applications, polyamides are commonly used as copolymers (for example co-polymers of 6 and 66) and compounded with other materials. These materials include glass beads, glass fibers, and carbon fibers.
Further, in the case of fibers, it is used in the textile industry, however, in the industry polyester and cotton captured the major market, therefore, offering little room to polyamide fiber. Although, many countries like India are taking various initiatives to improve the textile industry such as the PLI scheme launched by the Government of India, which would increase the overall man-made fibers demands including polyamide.
By end-user, the market is primarily divided into:
- Automotive
- Electrical & Electronics
- Consumer Goods & Appliances
- Packaging
- Textile
- Others
Based on end-user, the market is categorized into automotive, electrical & electronics, consumer goods & appliances, packaging, textile, and others. Among these, automotive held the prominent share in the market owing to the vast application area of polyamide in vehicles including battery casings, brake hoses, oil sumps, and fenders. This in turn reduces the vehicle weight, thus improving the fuel efficiency. Further, using polyamides in place of metals in automobiles helps cut down the cost, thereby companies preferred polyamides over metals.
Global Polyamide Market Geographical Segmentation Includes:
- North America (United States, Canada, Rest of North America)
- Europe (Germany, UK, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, Rest of APAC)
- Rest of World
The Asia Pacific accounted for the prominent share in the global polyamide market and is expected to retain its position during the forecast period. This can be attributed to the large and growing manufacturing sector in the region, rising population, improving the standard of living, and increasing foreign investment in the regional countries. The demand for polyamides is mainly from the automotive, textile, electrical & electronics, and packaging industries. The region is the largest market for automotive both in terms of production and sales. Further, regional countries like China and Bangladesh are hubs for the global textile industry owing to their low labor cost and vast workforce. Further, to increase the local industrial production governments in many regional countries are taking various initiatives to lure the western companies in order to open facilities in the region. Owing to such factors, the demand for polyamides is expected to rise during the foreseeable future.
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- BASF SE
- AdvanSix Inc.
- Ube Industries Ltd.
- Domo Chemicals NV
- Toray Industries Inc.
- DuPont de Nemours Inc.
- Royal DSM N.V.
- Arkema S.A.
- Kuraray Co. Ltd.
- Lanxess AG
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global Polyamide market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the global Polyamide market?
- Which factors are influencing the global Polyamide market over the forecast period?
- What are the global challenges, threats, and risks in the global Polyamide market?
- Which factors are propelling and restraining the global Polyamide market?
- What are the demanding global regions of the global Polyamide market?
- What will be the market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by the companies?
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