Global Polyamide market expected to record a CAGR of ~6% during the forecast period (2017-2028): Ken Research

 What Is The Size Of Global Polyamide Industry?

Global Polyamide market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F.

The Polyamide Market is largely driven by increase in demand from the construction and coating industries, growing demand from other end-use industries, and the waterproof characteristics of polyamide.

Polyamide is being increasingly adopted in different industries for its waterproof nature and ability to withstand moisture. Waterproof polyamide textiles are being used by several industries to create various goods. Due to its waterproof qualities, it is frequently used to produce athletic and outdoor clothes. During the projected period, increasing demand for sports apparel, home textile materials, swimsuits, backpacks, and hiking apparel is anticipated to fuel the demand for polyamides.

The increasing threat from substitute products like polypropylene and polyvinylidene fluoride (PVDF), is anticipated to slow the rate of expansion of the global polyamide market. When compared to its counterpart, PVDF is a non-reactive thermoplastic that possesses finer qualities.

Furthermore, conversely, polyamide has a lesser degree of elasticity, a higher degree of wear resistance, a tougher surface, and a higher degree of UV resistance. In contrast, polypropylene is easier to handle and has higher elasticity, tensile strength, and smoothness, along with a lower elongation percentage. In recent years, PVF is significantly being used as a replacement for polyamide fishing lines.

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Global Polyamide Market By Product

The Global Polyamide market is segmented by Product into Polyamide 6, Polyamide 66, Bio-based Polyamide, Specialty Polyamide and Others.

The Polyamide 6 product segment held the largest share of the Global Polyamide Market in 2022.

PA 6's special qualities make it a suitable product substitution for materials like bronze, gunmetal, steel, brass, aluminum, and plastics, among others. The producers of electrical protection devices are promoting segmental expansion.

During the projection period, the demand for polyamide 6 is also estimated to rise as a result of the incorporation of PA 6 for its tensile strength. It is adopted in the premium carpet industry, fishing nets, and travel accessories. To make automobiles lighter and more fuel-efficient, polyamide is used to replace metal parts.

Global Polyamide Market By Application

The Global Polyamide Market is segmented by Application into Engineering, Plastics, Textiles, Electronics and Electrical, Sports Equipment, Automotive, Consumer Goods & Appliances and Others.

Automotive application segment held the largest market share in the Global Polyamide Market in 2022.

The increased use of polyamide in place of metal in the automobile industry to create the interior, structural, and technical parts of vehicles can be attributed to the growing demand for polyamide in the industry.

The production of cooling systems, rock valve covers, and structural elements made of glass-reinforced plastic based on polyamides is a significant driver driving the market's expansion.

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Key Topics Covered in the Report

• Snapshot of Global Polyamide Market
• Industry Value Chain and Ecosystem Analysis
• Market size and Segmentation of the Global Polyamide Market
• Historic Growth of the Overall Global Polyamide Market and Segments
• Competition Scenario of the Market and Key Developments of Competitors
• Porter’s 5 Forces Analysis of the Global Polyamide Market
• Overview, Product Offerings, and SWOT Analysis of Key Competitors
• COVID-19 Impact on the Overall Global Polyamide Market
• Future Market Forecast and Growth Rates of the Total Global Polyamide Market and by Segments
• Market Size of Product / Application Segments with Historical CAGR and Future Forecasts
• Analysis of the Polyamide Market in Major Regions
• Major Production / Consumption Hubs in the Major Regions
• Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
• Overview of Notable Emerging Competitor Companies within Each Major Regions

Major Players Profiled in the Report

• Honeywell International Inc.
• BASF SE
• Evonik Industries AG
• DuPont de Nemours Inc.
• Teijin Limited
• LANXESS AG
• Invista
• Solvay SA
• Koninklijke DSM NV
• Domo Chemicals GmbH
• Mitsubishi Chemical Holdings

Emerging Companies Mentioned in the Report

• Toray Industries, Inc.
• Premier Chemical Industries
• Ter Chemicals Distribution Group
• Norelem
• Viscofan Group

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Global Polyamide market

Global Polyamide Market is expected to reach USD 50 bn by 2028: Ken Research

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The global polyamide market is expected to record a positive CAGR of ~6% during the forecast period (2022-2028) and is expected to reach ~US$ 50 billion by 2028.

The rising demand for polyamide as a substitute for metals to reduce weight is boosting the demand for polyamide in various end-user industries like electronics & electrical, automotive, consumer goods & appliances, and various other sectors.

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Key Growth Drivers

• The global polyamide market is largely driven by an increase in demand from the construction and coating industries, growing demand from other end-use industries, and the waterproof characteristics of polyamide.
• Polyamide is being increasingly adopted in different industries for its waterproof nature and ability to withstand moisture. Waterproof polyamide textiles are being used by several industries to create various goods. Due to its waterproof qualities, it is frequently used to produce athletic and outdoor clothes.
• During the projected period, increasing demand for sports apparel, home textile materials, ropes, narrow woven materials, swimsuits, backpacks, and hiking apparel is anticipated to fuel the demand for polyamides.
• Increasing demand for substitute products and volatile raw material prices limits the market growth.
• The increasing threat from substitute products like polypropylene and polyvinylidene fluoride (PVDF), is anticipated to slow the rate of expansion of the global polyamide market. When compared to its counterpart, PVDF is a non-reactive thermoplastic that possesses finer qualities.
• Conversely, polyamide has a lesser degree of elasticity, a higher degree of wear resistance, a tougher surface, and a higher degree of UV resistance. In contrast, polypropylene is easier to handle and has higher elasticity, tensile strength, and smoothness, along with a lower elongation percentage. In recent years, PVF is significantly being used as a replacement for polyamide fishing lines.
• Due to supply chain disruptions and nationwide lockdowns, the COVID-19 pandemic hindered the growth of the worldwide polyamide market. As production prices increased as fewer workforces were employed as a result of the pandemic and expanding limitations on the general population, demand for PA6 and PA66 decreased. The consumer goods industries were impacted by a fragmented transportation industry due to a significant demand-supply cycle.
• However, with time, businesses started investing in developing regions, changing the market's competitive landscape, and investments were made in the R&D divisions to enhance the product line.

Key Trends by Market Segment

By Product: The Polyamide 6 product segment held the largest share of the Global Polyamide Market in 2021.

• PA 6's special qualities make it a suitable product substitution for materials like bronze, gunmetal, steel, brass, aluminum, and plastics, among others. The producers of electrical protection devices are promoting segmental expansion.

During the projection period, the demand for polyamide 6 is also estimated to rise as a result of the incorporation of PA 6 for its tensile strength. It is adopted in the premium carpet industry, fishing nets, and travel accessories. To make automobiles lighter and more fuel-efficient, polyamide is used to replace metal parts.

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By Application: Automotive application segment held the largest market share in the Global Polyamide Market in 2021.

• The increased use of polyamide in place of metal in the automobile industry to create the interior, structural, and technical parts of vehicles can be attributed to the growing demand for polyamide in the industry.

The production of cooling systems, rock valve covers, air intake manifolds, airbag canisters, and structural elements made of glass-reinforced plastic based on polyamides is a significant driver driving the market's expansion.

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By Geography: The Asia Pacific accounted for the largest market share in 2021 within the total Global Polyamide Market.

• The automotive sector has rapidly expanded in recent years, particularly in the Asia Pacific region. The sector has grown as a result of changing socioeconomic patterns.

Major corporations are moving their developed bases to nations like India, China, and Indonesia due to the availability of cheap labor, beneficial regulations, and government efforts to give attractive FDI legislation.

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Competitive Landscape

The Global Polyamide Market is highly competitive with ~400 players which include globally diversified players, regional players as well as a large number of country-niche players.

Country niche players constitute 60% of the competitors, followed by regional players with 35% of the market presence. Some of the major players in the market include Honeywell International Inc., BASF SE, Evonik Industries AG, DuPont de Nemours Inc., Teijin Limited, LANXESS AG, Invista, Formosa Plastics Group, Koninklijke DSM NV, Domo Chemicals GmbH, Mitsubishi Chemical Holdings, and others.

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Recent Developments Related to Major Players

• In October 2022, Evonik Industries AG expanded its sustainable elastomer line with the launch of a new polyamide 12 (PEBA) elastomer made 50% from recycled tires. Vestamid eCO E40 substitutes 50% of its fossil source ingredients with "materials produced via chemical recycling of old tires."
• In January 2022, Domo Chemicals, a polyamide industry supplier, expanded the market presence of its TECHNYL branded products and has made the products available to its customers globally. Major applications being served by the brand includes light engineering solutions, high thermal and chemical resistance, flame retardant materials for advanced electrical protection, and high aesthetic materials with add-on solutions for friction & extrusion and wear resistance.
• In November 2021, BASF launched a research and development facility at Korea’s Engineering Plastics Innovation Center, Ansan. In addition to other new abilities and a Consumer Electronics Competency Center, the new building contains the combined R&D team and competencies from its recent acquisition of Solvay's polyamide business.

Conclusion

The Global Polyamide Market is forecasted to continue a positive growth during the forecast period. One of the main trends driving market expansion is the high adoption rate of polyamide in various industries due to its properties like strong mechanical qualities, wear resistance, chemical resistance, and low gas permeability along with natural polyamide’s eco-friendly nature. The market is highly competitive with ~400 participants concentrating on expansion strategies through product innovations as well as acquisitions and mergers.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for pre-booking clients, and the report delivered within a maximum of two working weeks.

Ken Research has recently published report titled, Global Polyamide Market Size, Segments, Outlook, and Revenue Forecast 2022-2028. In addition, the report also covers market size and forecasts for the four major regions’ polyamide market. The revenue used to size and forecast the market for each segment is US$ billion.

Market Taxonomy

By Product	Polyamide 6 Polyamide 66 Bio-based Polyamide Specialty Polyamide Others
By Application	Engineering Plastics Textiles Electronics and Electrical Sports Equipment Automotive Consumer Goods & Appliances Others
By Geography	North America USA Canada Mexico Europe Germany UK France Spain Italy Rest of Europe Asia Pacific China Japan South Korea India Indonesia AustraliaRest of Asia Pacific LAMEA Latin America Middle East Africa
Key Players	Honeywell International Inc. BASF SE Evonik Industries AG DuPont de Nemours Inc. Teijin Limited LANXESS AG Invista Solvay SA Koninklijke DSM NV Domo Chemicals GmbH Mitsubishi Chemical Holdings