What Does Growing Electric Vehicle Sales Mean for Bio-Polyamide Market?
Fact.MR's elaborate analysis on the global bio-polyamide market provides readers with a 360-degree view for the forecast period of 2022 to 2032. In addition, the study unveils significant information about latest trends, future growth drivers, opportunities, and restraints across various segments, including product type, end use, and region.
NEW YORK, June 10, 2022 /PRNewswire/ -- The global bio-polyamide (PA-6) market size is expected to reach US$ 208.3 Mn by the end of 2022. Increasing usage of PA-6 in the automotive industry due to its fracture toughness, compressive strength, and robust mechanical hardness is set to augment the market.
As per the report, demand for bio-polyamide is anticipated to be valued at US$ 800.7 Mn in 2032 and exhibit growth at a CAGR of 14.5% in the forecast period (2022-2032). Increasing concerns regarding sustainability and rising shift of consumers towards eco-friendly materials are likely to drive the growth in the market.
Moreover, rapid expansion of the electrical and electronics industry across the globe is likely to propel the growth in the market. High disposable income of consumers and growing awareness about the usage of bio-polyamides in low voltage applications are projected to aid growth.
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Apart from that, rising government initiatives to encourage companies to use sustainable products are set to push sales of premium-quality bio-polyamide in future years. Ongoing expansion of the textile industry with the rising demand in emerging economies is another crucial factor that is anticipated to augur well for the market.
Besides, growing need for lightweight automotive components is a major factor that is expected to augment the market. In addition to that, increasing demand for electric vehicles globally is anticipated to bolster the need for a robust charging infrastructure, which would aid growth.
Further, rising awareness about energy conservation in developing countries is projected to accelerate growth. Surging acceptance of bio-based fibers of numerous high-performance applications in electronics, marine, and automotive industries is another vital factor that is likely to spur growth.
Key Takeaways:
- The U.S. bio-polyamide market is likely to grow at a CAGR of 15% in the forecast period from 2022 to 2032.
- In Asia Pacific, China bio-polyamide market is expected to create an absolute $ opportunity by reaching US$ 128.8 Mn in 2032.
- Based on product, sales in the PA-6 category are anticipated to account for about 48.1% of the global bio-polyamide market share.
- In terms of end use, the textile segment is projected to record considerable growth by rising at a CAGR of 16.7% during the forecast period.
- By region, Europe bio-polyamide market is set to generate an astonishing share of 24.4% from 2022 to 2032.
Growth Drivers:
- Increasing use of bio-polyamide in applications, such as powder coatings, pneumatic air brake tubing, and flexible oil & gas pipes is likely to aid growth.
- Rising adoption of bio-polyamide in manufacturing processes requiring high temperature, especially in the consumer goods sector is set to boost growth.
Restraints:
- Easy availability of substitute products, such as Polycaprolactone (PCL), glass, plastic additives, and PHA polyesters may obstruct growth.
- Strict government norms controlling the usage of certain chemicals in end-use industries may hamper growth.
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Competitive Landscape:
Key bio-polyamide manufacturers are increasingly focusing on expanding their distribution networks in emerging economies. Hence, they are investing huge sums in the expansion of their manufacturing capacities.
Meanwhile, a few other key players are aiming to enhance their existing portfolios by introducing cutting-edge products in the market through mergers & acquisitions, as well as partnerships.
For instance,
- In November 2021, Arkema, a specialty chemicals company based in France, announced the construction of its new polyamide 11 powders plant in China. The construction of the plant is expected to be complete in the first quarter of 2023. The company aims to meet the high demand for advanced bio-circular materials with the new plant in Asia.
- In June 2021, Solvay, a multinational chemical company headquartered in Belgium, introduced its first partially bio-based polyamide textile yarn named Bio Amni. It is manufactured at the company's textile industrial unit situated in Brazil.
Key Companies Profiled by Fact.MR
- Asahi Kasei
- Solvay
- BASF
- SABIC
- DSM
- Lanxess
- Domo Chemicals
- Arkema
- Evonik Industries
More Valuable Insights on Bio-Polyamide Market
In the latest study, Fact.MR offers a detailed study on global bio-polyamide market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of bio-polyamide through detailed segmentation as follows:
By Product:
- PA-6
- PA-66
- Specialty Polyamides
By End Use:
- Textiles
- Automotive
- Films & Coatings
- Industrial
- Electrical & Electronics
- Other End Uses
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Bio-Polyamide Market Report
- What is the projected value of the bio-polyamide market in 2022?
- At what rate will the global bio-polyamide market grow until 2032?
- Which are the factors hampering the growth in the bio-polyamide market?
- Which region is expected to lead in the global bio-polyamide market during 2022-2032?
- Which are the factors driving the bio-polyamide market during the forecast period?
- What is the expected market value of the bio-polyamide market during the forecast period?
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