New York, July 15, 2019 (GLOBE NEWSWIRE) -- Growing demand for polyamides from the automotive industry is the most significant factor estimated to stimulate market demand.
The global polyamide market is expected to reach USD 38.30 Billion by 2026, according to a new report by Reports and Data. Polyamide is a kind of polymer that contains recurring amide groups as an integral part of the main polymer chain and is one of the most widely used engineering thermoplastic materials.
Growing demand for polyamides from the automotive industry is the most significant factor estimated to drive the market demand in the forecast period. Application of polyamides in an automotive range from structural and decorative components of the vehicle to the electronic components as these materials are used as a substitute for metals to reduce system costs and incorporate lighter components to increase fuel efficiency with reduced emissions. According to research, a 10% reduction in the weight of an automobile can result in a 6%-8% improvement in fuel efficiency.
Polyamides also find application in power tool housings, valves for various machines and pumps and several electrical and electronic parts comprising switches, plugs, sockets, and antenna-mounting devices. Several properties of these materials including electrical resistance, corrosion resistance, and tensile strength make them widely used in high load parts in electrical applications as insulators, universal cable ties, and switch housings.
Additionally, there has been an increasing demand for polyamines from the construction and coatings industry owing to its chemical and abrasion resistance, high resistance to extreme temperatures, and high impact resistance.
Sophisticated production process coupled with certain limitations of these materials such as higher moisture absorption affecting electrical and mechanical features may hamper the growth of the market in the forecast period.
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Further key findings from the report suggest
- PA 6 held the largest market share in 2018 and is expected to maintain its market leadership with a growth rate of 4.4% in the forecast period attributed to the increasing demand from automotive, electrical and textile industries owing to the high tensile strength and also inhibit good elasticity and chemical resistance.
- Polyamide fibers & films dominated the market, with over 50% of the market share in 2018 and are expected to grow at a rate of 4.4% in the period 2019-2026.
- By end user, the Industrial sector is projected to witness a GAGR of 4.5% in the forecast period.
- The electrical and electronics segment generated a revenue of USD 3.65 Billion in 2017 and is expected to grow at a rate of 4.1% during the forecast period.
- The market in North America is expected to reach USD 7.01 Billion by 2026, with a growth rate of 3.9% over the forecast period.
- By country, China was the largest consumer of polyamides with over 35% of the share in 2018.
- Key participants include BASF SE, Honeywell International Inc., Koch Industries, Huntsman Corp., Du Pont, DSM N.V., Lanxess AG, Evonik Industries AG, Solvay AG, and RadiciGroup, among others.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/polyamide-market
Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global polyamide market on the basis of product type, applications, end-user, and region:
Product Type Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- PA 6
- PA 66
- Bio-Based Polyamides
- Others
Applications Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Polyamide Fibers & Films
- Engineering Plastics
- Polyamide Adhesives
End User Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Automotive
- Electrical & Electronics
- Aerospace & Defense
- Textile
- Films & Coatings
- Sports & Leisure
- Industrial
- Others
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Regional Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Spain
- France
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Middle East and Africa (MEA)
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