New York, USA, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Transparent Polyamides Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Transparent Polyamides Market Information by Type, End-Use Industry, and Region - Forecast till 2028”, the market is estimated to grow at a 3.10% CAGR to reach USD 29.89 Billion by 2028.
Market Scope
Vehicle weight reduction is made possible via transparent polyamide. The car industry is replacing metal parts more quickly due to the effectiveness of molding and mass production. The market is expanding as a result of the increased demand from the automobile industry for transparent polyamide parts. There are numerous varieties of transparent polyamides on the market. Following PA 66 in popularity are PA 6 and other products.
The considerable expansion of the global market may be attributed to the rising demand from the developed and developing world's automotive industries, which is expected to fuel the market. Due to their capacity for high performance at low cost, polyamides are mostly used by the automotive industry. Due to the steadily rising cost of raw materials in the automobile industry, manufacturers are switching to polyamides for various applications like coatings and films.
The biggest element propelling the global market for transparent polyamides is the rise in transportation and consumer demand. The building industry has been expanding, providing a favorable opportunity in the Transparent Polyamides Market due to the disposable income of the majority of expanding merchants and producers. In addition, the expansion of the coatings and electronics industries draws the majority of the populace to the market. The factors that drive low-cost production and high-quality output are cost-effectiveness and proficiency. In addition, the compound's inherent qualities make it the ideal selection for the electrical and electronic sectors.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2028 | USD 29.89 Billion |
| CAGR | 3.10% (2021–2028) |
| Base Year | 2020 |
| Forecast Period | 2021–2028 |
| Historical Data | 2019 |
| Forecast Units | Value (Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, End-Use Industry, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The increasing number of transportation and consumers all over the world. |
| Due to the disposable income of the maximum number of growing retailers and the producers. |
Market Competitive Landscape:
The important vendors in the transparent polyamides industry include
- Evonik Industries AG (Germany)
- EMS-CHEMIE HOLDING AG (Switzerland)
- BASF SE (Germany)
- Arkema (France)
- DSM Engineering Plastics BV (the Netherlands)
- GEHR Plastics Inc (US)
- DuPont de Nemours Inc (US)
- LANXESS (Germany)
- Solvay (Belgium)
- INVISTA (US)
The market participants are mostly concerned with creating new technologies to satisfy user demands. Due to the fact that maintaining a sizable market share is a key component of these organizations’ strategies, several mergers and acquisitions also take place. Over the coming years, these variables are anticipated to have a favorable effect on industry growth.
Market USP Covered:
Market Drivers:
The rise of the automotive sector is a result of rising consumer disposable income and an uptick in global transportation activity. The market is also anticipated to grow in response to rising demand from applications in the electronics and coatings industries. The electronics and coatings industries are primarily driven by population growth and an increase in construction activity. Polyamide is the perfect material to utilize in electrical and electronic applications because of its low production costs and high-performance characteristics, such as chemical and wear resistance and insulation.
Furthermore, the demand for these products is projected to increase as a result of changing lifestyles and high disposable income, which will fuel market expansion in the years to come. Furthermore, the leading players operating in the market throughout the research period should benefit greatly from the product's growing popularity in the healthcare and sports & leisure industries.
Market Restraints:
The market for transparent polyamides is restricted by the products’ high cost. The global market may be constrained by growing environmental safety concerns.
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COVID 19 Analysis
COVID-19's influence on various industries was quite drastic as the disease's global case count rose rapidly worldwide. Based on observed occurrences in China and Europe, the U.S. construction industry faced comparable challenges, including disruptions to the material supply chain, labor shortages, and the closure of construction sites and various other operational activities.
Reduced material availability is expected to lead to aggressive buying habits and the potential to increase the national pricing of high-demand items globally. The inability to get supplies inevitably affected the overall rate of progress on many construction projects, which resulted in a decrease in demand for transparent polyamides in addition to potential price hikes.
Market Segmentation
By Type
The different types of transparent polyamides in the market include polyamide 6, polyamide 66, polyamide 12, bio-based polyamide, and others.
In 2018, the polyamide 12 market category held the largest market share, and it is anticipated that it will continue to dominate the industry going forward. The advantages of polyamide 12 over other polyamide types are chemical resistance, high transparency, good flexural bending strength, high thermal distortion temperature, and low density. Due to the increased demand for the creation and usage of environmentally friendly alternatives to high-performance plastics, bio-based transparent polyamides are becoming more and more popular.
By End-Use
The automotive, electrical & electronics, healthcare, consumer goods, packaging, sports & leisure, and other end-use industries make up the majority of the worldwide transparent polyamide market.
Due to the many advantages, transparent polyamides offer, such as their high flexural fatigue strength, lower water absorption compared to standard polyamide, transparency even with thick-walled components, ease of processing, and stiffness, the automotive industry held the largest share of the global market in 2018. During the forecast period, the consumer goods segment is anticipated to have the greatest CAGR.
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Regional Insights
Due to the expanding electrical and electronic industries there, as well as the region's strong automotive sector, Asia Pacific held the largest share of the global market. In the years to come, it is anticipated that the automotive sector in the developing nations of Thailand, China, and India will dominate the market for transparent polyamides in the region. The region's consumer products business has been growing steadily over the past few years as a result of shifting consumer preferences and rising per-capita spending in the region's developing countries.
North America will be the second-biggest market for transparent polyamides in the years to come, mostly due to the region's growing healthcare and automotive sectors.
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