Chicago, Oct. 24, 2023 (GLOBE NEWSWIRE) -- The Global Polyamide Market is projected to grow from USD 43.8 billion in 2023 to USD 55.7 billion by 2028, at a CAGR of 4.9% from 2023 to 2028. as per the recent study by MarketsandMarkets™. Growing demand for lightweight materials in the automotive industry to provide increased efficiency and design flexibility has paved its way for the growth of polyamide market. Furthermore, bio-based & specialty polyamides are gaining demand in the market owing to their eco-friendly nature.
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Browse In-Depth TOC On "Polyamide Market”
274 - Market Data Tables
44 - Figures
242 - Pages
List of Key Players in Polyamide Market:
- BASF SE (Germany)
- Celanese Corporation (US)
- Arkema (US)
- Asahi Kasei Corporation (Japan)
- Evonik Industries AG (Germany)
- Kuraray Co., Ltd. (Japan)
- Toray Industries, Inc. (Japan)
- Envalior (Germany)
- UBE Corporation (Japan)
- Formosa Chemicals & Fibre Corp. (Republic of China)
Drivers, Restraints, Opportunities and Challenges in Polyamide Market:
- Drivers: Increased usage in vehicles for weight reduction.
- Restraints: Growth in the number of substitutes used in various applications.
- Opportunity: Investment and R&D in bio-based polyamide.
- Challenges: Environmental risk of using plastics.
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Key Findings of the Study:
- By type, the bio-based & specialty polyamide segment is estimated to be the fastest growing segment of the global polyamide market during 2023 to 2028.
- By application, the engineering plastics segment is projected to register highest CAGR of the global polyamide market during 2023 to 2028.
- Asia Pacific region is projected to be the second fastest growing region for polyamide market during the forecast period.
In terms of value, the bio-based & specialty polyamide segment, by product, is projected to be the fastest growing segment during the forecast period. It is made from renewable sources like castor oil or plants and offer sustainability without compromising key properties. Bio-nylon caters to various industries, including automotive, textiles, and packaging, while reducing emissions and fossil fuel dependence and aligning with the circular economy. These properties of bio-based polyamides which contribute to a circular economy are expected to boost the overall polyamide market.
By application, the engineering plastics segment is projected to be the fastest-growing segment of the global polyamide market during the forecast period in terms of volume. They offer exceptional mechanical strength, thermal stability, and chemical resistance. These versatile plastics are crucial in automotive, aerospace, electronics, and consumer goods industries for producing durable, high-performance components and products which propel the overall polyamide market expansion.
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Based on type, the polyamide six segment is projected to be the largest segment during 2023 to 2028 in terms of value. It is widely used in industries like automotive, textiles, and consumer goods. Polyamide 6 is commonly found in automotive parts, engineering components, clothing fibres, and industrial materials due to its temperature resilience and easy processing, making it a preferred choice for cost-effective, high-performance products and is also used for molding. These factors are expected to contribute to the overall growth of the polyamide market.
Based on application, engineering plastics segment is estimated to be the largest segment during the forecast period by volume. The growth of this segment can be attributed to the high mechanical strength, thermal stability, and chemical resistance offered by polyamides. They can withstand high stress and operate in extreme temperatures. Additionally, their resistance to chemicals makes them invaluable for producing durable and high-performance components and products.
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