Consumption of speciality polyamides in automotive and electronics industries, among others, has increased significantly in recent years. due to rising demand for eco-friendly, green alternatives, the penetration of bio-based speciality polyamides is predicted to rise steadily in coming years.
PUNE, India, Sept. 21, 2022 /PRNewswire/ -- The global specialitypolyamides market size expected to grow to a value of 4.37 USD billion by 2029, registering a CAGR of 6.10%. Asia Pacific will have the largest sub-segmental growth in the region, with an estimated value of 2.60 USD billion in 2021.
Specialty polyamide is a division of polyamides that comprises different polyamides that hold superior properties such as recyclability, light weight, performance, and application over general polyamides. Synthetic polyamide is replaced by specialty polyamide. It is preferred because it is lightweight and offers excellent performance, flexibility, toughness, and abrasion resistance. The use of specialty polyamides in the automotive and electrical industries has increased significantly in recent years.
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Global demand for specialty polyamides is rising due to advancements in chemical engineering. The use of specialty polyamides in various industries plays an integral role in specialty polyamides market growth. End-uses of specialty polyamides span many industries. Polyamides are widely used to substitute silk and cotton in the textiles industry.
Recent Developments
- In March 2020: To diversify its offering of speciality chemicals, Huntsman International LLC purchased CVC Thermoset Specialities, a manufacturer of speciality chemicals in North America.
- In January 2020: In order to increase their polyamide capabilities with cutting-edge and well-known products to deliver superior engineering plastics solutions, BASF SE purchased Solvay's polyamide (PA 6.6) business.
- In May 18, 2020, Huntsman Corporation acquired CVC Thermoset Specialities for US $ 300 million. Under this acquisition Huntsman Corporation acquires the whole business of CVC Thermoset Specialities including composites, thermosets, adhesives and others. This acquisition helped Huntsman Corporation in growing its Advanced Materials Portfolio.
The Asia Pacific region is expected to dominate the global specialty polyamides market.
The region accounted for a lion's share of global automotive production, as well as electronics and related product production. It is the world's largest manufacturer, accounting for around 51% of global output. Rising consumption in automotive-related applications, particularly in China and India, is expected to drive specialty polyamides market growth in the region over the forecast period. Demand for these specialty polyamides is expected to rise steadily in North America and Europe, owing primarily to rising demand for bio-based materials.
Report Scope:
Report Attribute/Metric | Details |
Market Size | 4.37 USD billion by 2029 2.60 USD billion by 2021 |
CAGR | 6.10% (2022-2029) |
Base Year | 2021 |
Forecast Period | 2022-2029 |
Historical Data | 2017 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Material Type, Aircraft Type |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | Arkema SA, Basf Se, Dowdupont, E. I. Du Pont De Nemours And Company, Evonik Industries Ag, Invista, Koninklijke Dsm N.V., Kuraray Co. Ltd, Mitsubishi Engineering-Plastics Corporation, Ube Industries Ltd. |
Key Market Opportunities | Reduction of the cost of carbon filaments |
Key Market Drivers | High interest in composite materials for the aeronautic trade. |
Customization scope | Free report customization (equivalent up to 8 analyst's working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options | The entire organization can use the report. It can be printed and shared. Delivery in PDF and Excel. |
Key Highlights
- The global Specialty Polyamides Market size was valued at USD 32 billion in 2021. The market is projected to grow from USD 32.96 billion in 2022 to USD 40 billion by 2029, with a CAGR of 3.0% during the forecast period 2022 to 2029
- Based on product, the specialty polyamides market is segmented into polyamide 6, polyamide 66, bio-based polyamide, and specialty polyamide. Polyamide 6 is expected to have an estimated market value of USD 20,026 million by 2029, growing at a CAGR of 2.8%.
- Based on application, the specialty polyamides market can be divided into engineering plastics and fibers. Engineering plastics will account for the largest market share, with an estimated market value of USD 23,015 million in 2029 to account for a CAGR of 2.9%
- Geographically, the specialty polyamides market can be categorized into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific will witness the largest market share with an estimated value of USD 18,154 million in 2029, growing at a CAGR of 3.9%
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TheSpecialty Polyamides Market competitive landscape provides details by competitor.
Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global Specialty Polyamides Market include: Arkema Sa, Basf Se, Dowdupont, E. I. Du Pont De Nemours And Company, Evonik Industries Ag, Invista, Koninklijke Dsm N.V., Kuraray Co. Ltd, Mitsubishi Engineering-Plastics Corporation, Ube Industries Ltd. and others.
Key Market Segments: Specialty Polyamides Market
Specialty Polyamides Market by Type, 2020-2029, (USD Million)
- Polyamide 6/10
- Polyamide 6/12
- Polyamide 4/6
- Polyamide 10
- Polyamide 11
- Polyamide 12
Specialty Polyamides Market by Product, 2020-2029, (USD Million)
- Long Chain
- High Temperature
- Mxd6/Para
Specialty Polyamides Market by Application, 2020-2029, (USD Million)
- Automation & Transportation
- Electrical & Electronics
- Consumer Goods & Retail
- Energy
- Industrial Coatings
- Others
Specialty Polyamides Market by Region, 2020-2029, (USD Million)
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Key Drivers and Restraints of Specialty Polyamides Market
- The Specialty Polyamides Market has grown significantly in recent years. This is primarily due to the high performance of specialty polyamides, which have superior mechanical and thermal properties as well as improved humidity and temperature resistance. Specialty polyamide is important in addressing several issues related to fuel efficiency. The increased use of specialty polyamide in the automotive and transportation industries is expected to drive the Specialty Polyamides Market over the forecast period.
- The increased use of specialty polyamides in the automotive industry due to their lightweight properties, as well as the growing concern about fuel efficiency, are driving the Specialty Polyamides Market. The Specialty Polyamides Market is being driven by stringent government regulations for environmental safety. The majority of specialty polyamides are derived from natural, recyclable sources. This is a major driving force in the Specialty Polyamides Market. The Specialty Polyamides Market, however, is hampered by the high cost of specialty polyamide. Concerns about environmental safety are expected to increase, creating new opportunities in the Specialty Polyamides Market.
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