The global polyamide market size was valued at USD 33.30 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028. The growing demand for polyamide as a replacement for metals to reduce weight is propelling the product demand in the automotive, electrical and electronics, consumer goods and appliances, and other industries. Polyamide exhibits high wear resistance, good coefficient of friction, very good chemical and temperature resistance, and impact properties.
Asia Pacific accounted for the largest revenue share in 2020. Various government initiatives such as providing subsidies, tax cuts, and increasing the FDI limit, intended toward developing the manufacturing sector, are attracting major global players to expand their operations in the region. Asia Pacific is the largest producer of automobiles, consumer goods, and packaging materials, thereby paving the way for market growth in the region. Recommencing industrial operation in the region post-second wave of COVID-19 is anticipated to positively influence the demand for polyamide in the coming years.
Key Player Mentioned:
- BASF SE
- AdvanSix Inc.
- Ube Industries Ltd.
- Domo Chemicals
- Toray Industries, Inc.
- Ashley Polymers Inc.
- Ascend Performance Materials LLC
- Toyobo Co. Ltd.
- Lanxess AG
- Huntsman Corporation
To cater to the rising demand for electronic devices from the growing population, the electronics industry is simultaneously upgrading smartphones, computers, laptops, smartwatches, and other consumer electronic devices. Polyamides are used for manufacturing casings for televisions, laptops, mobile phones, and other electronic devices. Their low water absorption, superior balance, and high chemical, heat, and abrasion resistance make them suitable to be used in the production of connectors, switches, relays, components of 3D circuits, bobbins, and other parts for computers.
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Product Segment Analysis:
- Polyamide 6
- Polyamide 66
- Bio-based Polyamide
- Specialty Polyamides
Application Segment Analysis:
- Engineering Plastics
- Fibers
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa
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The auto components industry is the most significant industry of the European Union and it emerged as a major contributor to the market growth for polyamide in 2020. The growth of the automobile sector and increased government focus to reduce vehicular emissions are creating more demand for lightweight plastics in the region. This is expected to drive the market for polyamide over the forecast period.
The market is characterized by the presence of key players, along with a few medium and small regional players. Established players such as BASF are implementing different strategic initiatives giving them an edge over their competitors.
For instance, in August 2020, BASF India, a subsidiary of BASF SE, approved its merger decision to acquire BASF Performance Polyamides India. This is expected to support the company in expanding its materials segment and extend and strengthen its position for key industries.
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