The growing automotive industry in developed and emerging countries is anticipated to drive the market
Market Size – USD 21.89 Billion in 2018, Market Growth - CAGR of 3.5 %, Market Trends –
Low cost of production and high-performance factors such as chemical & wear resistance and insulation makes polyamide an ideal choice to be used in electrical and electronic applications.
NEW YORK, April 23, 2019 (GLOBE NEWSWIRE) -- The global Transparent Polyamide Market is estimated to reach USD 29.01 Billion by 2026, according to a new report by Reports and Data. This can be mainly associated with the increasing demand from automotive industry in developed and emerging countries which are anticipated to drive the market. Automotive manufacturers mostly prefer polyamides due to their ability for high performance at low cost. Manufacturers are moving towards polyamides for different applications such as coatings and films due to the steady rise in raw materials prices in the automotive industry.
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The rise of the automotive industry is due to the growing disposable income of consumers and increase in transportation activities across the world. Rising demand from applications in electronics and coatings industry is also expected to drive the market further. Growth in the construction activities and increasing population are major driving factors for electronics and coatings industry. Low cost of production and high-performance factors such as chemical & wear resistance and insulation makes ideal polyamide choice to be used in electrical and electronic applications.
APAC contributed to the largest market share of 29.31% in 2018. The growing demand from the automotive, packaging and electronics industries of the countries like India and China which are providing new opportunities for the market to grow at a rapid rate. With widespread usage across applications such as consumer goods, building & construction, automotive, electrical & electronics, and textiles, in recent years, there has been a rise in demand for transparent polyamide due to large-scale investments in the automobile sector, where it is extensively used.
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Further key findings from the report suggest
- Transparent Polyamide is a complete solution for vehicle weight reduction. Due to the efficiency of molding and mass production, they are replacing metal parts in the automotive industry faster. Thus, the rising demand for transparent polyamide parts from the automotive sector drives the growth of the market.
- Many types of transparent polyamides are available commercially. The most popular product is PA 66, followed by PA 6 and others.
- PA 66 offers an excellent balance of characteristics and is the strongest of all the Polyamides. PA 66 is expected to grow at a CAGR of 3.5% during the forecast period.
- Transparent polyamides absorb more moisture from the air compared to other types of polyamides, which affects process ability, physical properties, and dimensional stability.
- The moisture acts as a plasticizer, decreasing tensile strength and stiffness thereby increasing elongation. While absorbed moisture reduces many features, a part of its toughness depends directly on its plasticizing effect. As moisture content increases, notable changes also occur in impact strength and general energy absorbing characteristics.
- PA 6 of the product segment accounts for a market share of 29.19% in 2018. PA 6 absorbs moisture more rapidly but has enhanced process ability. Compared to PA 66 it can be molded about 80 degrees F (27 degrees C) lower with properties like less mold shrinkage as it is insignificantly less crystalline.
- Transparent polyamides are highly adopted in several industries due to its mechanical properties such as high strength, durability, and elasticity.
- The electrical & electronics sector of the application segment is anticipated to grow at a CAGR of 3.6% during the forecast period.
- Rising demand from applications in electronics and coatings industry is expected to drive the market. Growth in the construction activities and increasing population are major driving factors for electronics and coatings industry. Low cost of production and high-performance factors such as chemical & wear resistance and insulation makes ideal polyamide choice to be used in electrical and electronic applications.
- The market players are primarily focused on developing new technologies to meet the requirements of users. Various companies are also involved in numerous merger & acquisitions as their essential strategy is to maintain sufficient market share. These factors are expected to have a positive impact on industry growth over the next few years.
- Emerging economies, such as India and China, contribute to the growth of the market in APAC which will grow at a CAGR of 3.6% during the forecast period.
- Key participants include BASF SE, Formosa Group, Honeywell International Inc. Invista, Du Pont de Nemours and Company, Li Peng Enterprise Co., Radici Group, Solvay, Royal DSM N.V.,Ascend Performance Materials Inc. Huntsman, Koch industries, Royal DSM N.V., Shenma Industrial Co. Ltd., Rhodia, Lanxess, Arkema
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented global Transparent Polyamide Market on the basis of Product Type, Application, Grade and region:
Product Type Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
- PA 6
- PA 66
- Others
Grade Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
- Fiber Grade
- Injection Molding Grade
- Extrusion Grade
Application Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
- Automotive
- Electrical & Electronics
- Films & Coatings
- Industrial Machinery
- Others
Regional Outlook (Revenue, USD Million; 2016-2026)
- North America
- U.S.
- Europe
- Germany
- UK
- Asia Pacific
- China
- India
- Latin America
- Brazil
- Middle East & Africa
Browse more reports of Transparent Polyamides category at: https://www.reportsanddata.com/report/category/materials-and-chemicals
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