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Global Polyamide Market on Track for $50 Bn by 2028. Can Automotive and Textile Industries Propel this Impressive Growth? : Ken Research
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Gurugram, India, April 26, 2023 (GLOBE NEWSWIRE) — Driven by the Rising Adoption of Polyamide in Automotive, Electronics, and Electrical Industries, the Global Market is Forecasted to reach ~US$50 Bn by 2028 says Ken Research Study. Polyamide is found both naturally (silk and wool) as well as through synthetic sources like aramid, polyamide 6, and more. It is being increasingly adopted due to artificial polyamide’s characteristics like strong mechanical qualities, wear resistance, chemical resistance, and low gas permeability along with natural polyamide’s eco-friendly nature. Polyamide as a substitute for metals is being increasingly demanded, to reduce weight is boosting the demand for polyamide in various end-user industries like electronics and electrical, automotive, consumer goods and appliances, and various other sectors.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
1. Distinct Characteristics of Polyamides are Key Reasons for Their Adoption in Various Industries
According to Research estimates, the Global Polyamide Market – which was valued at ~US$ 25 Bn in 2017, is estimated to reach ~US$ 35 Bn by 2022 – is further expected to grow to ~US$ 50 Bn opportunity by 2028. Manufacturers and engineers frequently require a material that is more pliable and lightweight than metal while still offering protection and durability making polyamide a preferred option. It is widely used in a variety of industries and product manufacturers because of its convenience, dependability, and affordability. Types of polyamides include Polyamide 6, Polyamide 66, and Bio-based Polyamide and find application in industries including engineering, plastics, textiles, electronics & electrical, sports equipment, automotive, and consumer goods & appliances.
2. Growing Demand for Components with High Compactness Qualities to Propel the Market for Polyamides
The demand for polyamides in the electrical and electronics industries is anticipated to rise as size concerns become more prevalent due to polyamides like plastics’ compactness and ease of integration with other components. As a result, manufacturers are creating smarter, thinner-walled tiny circuit breakers (MCBs), which facilitate the design process. According to British Plastic Federation, plastics are employed in a variety of applications where their insulating qualities are required since it does not conduct electricity. Electric wiring is frequently insulated with PVC, and light fixtures, switches, and grips are typically made of thermosets, which can tolerate high temperatures. Also, given that they shield the user from the possibility of electric shock, plastics are particularly well suited for the housings of products like electric razors, hairdryers, and food mixers. Therefore, polyamide adoption is a trend in the electrical and electronics industries. The below chart depicts the tensile strengths of PA6 and PA66 polyamides that are widely used in electronics and electrical devices. Although both polyamides have their own specific applications, PA6, has higher tensile strength than PA66, and is most preferred in electronic devices.
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3. Hurdles from Substitute Products to Pose Limitations in Growth of the Market
The growth rate of the Global Polyamide Market is experiencing hurdles due to growing competition from replacement products like polypropylene and polyvinylidene fluoride (PVDF) which is a non-reactive thermoplastic with few superior properties in comparison to polyamides. For example, the water permeability quality of PVDF makes it the preferred choice. It absorbs significantly less percentage of water as compared to polyamides like 6 and 66. This makes polypropylene ideal for total immersion applications when the material of the basket beneath needs to be shielded from exposure to various chemicals.
Polyvinyl fluoride (PVF) is being adopted in various different industries and production processes. It is regarded as a distinctive polymer or special plastic. Due to its qualities and performance, such as outdoor durability, stain resistance, high stability, and adhesion, it is consequently a significant type of polymer.
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
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By Geography
North America
- USA
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- South Korea
- India
- Indonesia
- Australia
- Rest 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
For more insights on the market intelligence, refer to below link:-
Global Polyamide Market
According to Ken Research Analysis, the Global Oleochemicals Market is expected to record a positive CAGR of ~9% during the forecast period (2022-2028) and is expected to reach approximately US$ 50 billion by 2028. The Oleochemical Market witnessed disruption in the value chain owing to COVID-19 and the lockdown in major countries. The outbreak of COVID-19 further increased the demand for oleochemicals as they are used in soaps and disinfectants. During the pandemic, the fatty acids market came under pressure due to sluggish demand owing to weak downstream sectors such as industrial lubricants and tires but the fatty alcohols fared better in because the majority of these go into the making of household and personal care products. Due to COVID-19, the demand for oleochemicals was shifted mostly to personal hygiene and the pharmaceutical sector.
Global PEEK market is expected to expand significantly in terms of both sales volume and revenue by the year ending 2025. This is owing to multitude of factors namely increase in competition, introduction of electric vehicles, increase in use of automated vehicles, development in 3D printing technology and technological upgradation in different manufacturing processes. Growth in environmental awareness and adoption of regulation regarding CO2 emission will continue to be the major factor driving the growth in the industry.
The India adhesive market shall witness negative growth in FY’2021, due to lockdown measures, restriction on various businesses and ban on transportation in the initial phase. India adhesives market is anticipated to get back to normal by first quarter of 2021. Over the forecast period FY’2020-FY’2026F, the India adhesives market is further anticipated to showcase a CAGR of 7.6%. India industrial adhesives market is anticipated to grow at a CAGR of 7.8% during the forecast period FY’20 to FY’26. Growth in the end user industries such as packaging, automotive and other is anticipated to lead to the growth of the industrial adhesives market. With high potential in the industrial adhesive market and ease of manufacturing, the country shall witness the entry of global players in this segment. India consumer adhesives market is anticipated to grow at a CAGR of 7.4% during the forecast period FY’20 to FY’26. The consumer adhesive companies in India will continue to expand their dealer and distribution network to reach to a larger target market which would help them increase their market share.
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Ankur Gupta, Director Strategy and Growth
Ankur@kenresearch.com
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