Polyamide Market is segmented by Type (Polyamide 6, Polyamide 66, Bio-based & Specialty Polyamide); by Application (Engineering Plastics, Fiber); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2023-2032
Polyamide Market Overview
A polymer that is linked repetitively by amide bonds is known as polyamide. Polyamides are known to be available in its natural form and also can be made artificially. Naturally formed polyamides include wool and silk, while synthetically produced polyamides include nylons, aramids, and sodium polyasparate among others. Growing demand for polyamide from the end-user industries, such as automotive, textiles, electronics, and others is one of the major factors predicted to drive the growth of the market during the forecast period. BASF SE, Celanese Corporation, and Arkema are some of the significant parties in the market for polyamide.
The global polyamide market was valued at USD 44.2 billion in 2023. The market is expected to expand at a CAGR of 5.2% from 2023-2032, and is expected to cross value of USD 63.2 billion by the end of 2032.
Polyamide Market Drivers
Some key drivers for the polyamide market are:
- Growing Application of Polyamide in Vehicles: Polyamide are largely used in manufacturing vehicles as the use of this chemical compound is known to reduce the vehicular curb weight.
- Rising Electrical and Electronics Industry: The expanding electrical and electronics industry, where polyamides are used widely, also is expected to create numerous opportunities for market growth in the coming years.
- Surge in Investments in Developing Bio-Based Polyamide: With the growing focus on developing bio-based alternatives, manufacturers who are associated with manufacturing polyamides are raising their investments for the research and development of bio-based polyamides. Such a factor is also poised to drive the market growth.
- Numerous Benefits Associated with Polyamides: The versatility of polyamide makes it one of the best chemical compounds for application in textiles, automotive components, and numerous industrial products. This, therefore provides, numerous opportunity for market growth.
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Polyamide Market Challenges
Some challenges facing the polyamide market are:
- Increasing Availability of Substitutes: The availability of low cost substitutes that can do the job just as well or even better is expected to lower the market growth.
- Environmental Challenges: The plastics that are used in different industries undergo several environmental challenges. Polyamides, being one of the engineered plastics, also throws significant environmental challenges, especially for those which are manufactured using conventional raw materials. Owing to the stringent regulations of the government related to the environment, the demand for these not so environmentally-free products are severely hampered, impacting negatively towards the market growth.
- Fluctuating Price of Raw Materials: The raw materials that are used to make polyamides often have a fluctuating price which hampers the overall price of the final product. The change in price fluctuates the demand for the product on price sensitive markets. Such a factor is therefore predicted to limit the market growth.
Polyamide Market Segmentation
Segmentation of polyamide market are:
- By Type
- Polyamide 6
- Polyamide 66
- Bio-based & Specialty Polyamide
- By Application
- Engineering Plastics
- Fiber
- By Region
- North America (U.S., and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Russia, Rest of Europe)
- Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
- Latin America (Mexico, Argentina, Rest of Latin America)
- Middle East and Africa
Polyamide Market: Report Scope |
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Base Year |
2023 |
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Base Year Market Size |
USD 44.2 Billion |
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Forecast Year |
2023-2032 |
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Forecast Year Market Size |
USD 63.2 Billion |
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CAGR Value |
5.2% |
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Segmentation |
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|
Challenges |
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|
Growth Drivers |
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Timeline considered for all these studies will be:
2023 – Base Year
2023 – Estimated Year
2023-2032 – Forecast Period
Polyamide Market Regional Synopsis
The market for polyamide in the Asia Pacific is expected to have the largest market share by 2032, supported by the presence of a strong automotive industry, where polyamides are used widely. The region has been witnessing a steep surge in the production of different types of automobiles. Further, the exports of automobiles from the region has also witnessed multiplied growth.
The market growth in the Asia Pacific is also expected to grow on account of the growing demand for the chemical compound from the textile industry. In the Asian economics, the textile industry plays a major role and the region has been a favourable choice among global players for textile manufacturing, supported by factors, such as low-cost labor, favourable macroeconomic conditions, and for the abundant availability of raw materials.
Polyamide Market Key Players
Some key players in the polyamide market are:
- BASF SE
- Celanese Corporation
- Arkema
- Asahi Kasei Corporation
- Evonik Industries AG
- Kuraray Co., Ltd.
- Toray Industries, Inc.
- Envalior
- UBE Corporation
- Formosa Chemicals & Fibre Corp.
- SABIC
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- Publication date: 20th February 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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