New York, Aug. 30, 2022 (GLOBE NEWSWIRE) -- For the forecast period, 2022-2031, Kenneth Research has released a thorough market study on the “Global Speciality Polyamides Market” that covers the following elements:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Speciality Polyamides Market Size:
The global speciality polyamides market is predicted to gather USD 3 billion in revenue by 2031 and to grow at a CAGR of ~6% over the forecast period. The usage of polyamides as a replacement for silk and cotton in the textile sector is one of the factors contributing to the expansion of the market. For instance, based on the International Cotton Advisory Committee (ICAC) statistics, the world’s cotton production dropped from 27 million metric tons in 2020. Additionally, the silk output decreased globally as well, from more than 1,77,500 metric tons in 2017 to about 90,000 metric tons in 2020.
Global Speciality Polyamides Market: Key Takeaways
- Asia Pacific region gains the largest portion of the revenue
- Electrical and electronics segment to influence the revenue graph
- Polyamide 6/10 segment to retain a sizeable presence in the market
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Widespread Applications and Expanding Trade to Propel the Market Growth
While still providing toughness and protection, polyamides are more flexible and lightweight than metal. The solution provided by polyamide is excellent. It is a mainstay in product manufacturing and in a variety of industries on account of its convenience, dependability, and cost-effectiveness. The conduits of industrial cable protection systems, as well as fitting and connectors, typically employ polyamide technology. The global cable network is the route for up to 98% of all digital communications, thereby supporting the global digital economy. With over USD 10.5 trillion in financial transactions conducted daily via these cables, undersea cables serve as the foundation of the world economy. Globally, there are more than 450 active cables that cover at least 1.2 million kilometers.
Furthermore, synthetic polyamides are frequently utilized in carpets, apparel, kitchenware, automotive industry, packing section in the food and beverage industry, and textile industry. Polyamides find tremendous application in the automotive industry as they are used in engine covers, airbag containers, valve covers, as well as fuel caps, and wheel covers among others. Benefits such as cost and functional efficiency of polyamides that also fortify fuel efficiency in vehicles are triggering mass scale adoption of polyamides in the automotive industry. In addition, the global importing value for polyamides in primary forms had significant growth in 2021. In 2020, the global importing value for polyamides in primary form was USD 9,361,556 thousand which got raised to USD 14,169,602 thousand in 2021 with an annual growth value of 52% during 2020-2021. The demand for polyamides and market expansion are projected to result from the enormous growth of the trade.
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Global Speciality Polyamides Market: Regional Overview
The global speciality polyamides market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Demand for the Polyamides in the Automotive Industry to Drive the Market in the Asia Pacific Region
On the basis of the rising demand for environmentally friendly automobiles, the market in the Asia Pacific region is anticipated to have considerable expansion over the forecast period. For instance, the number of electric cars and trucks on the road climbed to 7 million in 2020 which was over 1 million four years back. Additionally, it is expected that the growth of the automobile industry in the region and increased access to cheap labor and raw materials to propel the market. As per recent statistics China produced the most automobiles in 2021 with over 24,090,210 units approximately.
Growing Demand for Environmentally Friendly Vehicles to Propel the Market in the North American Region.
On the other hand, on the strength of rising environmental consciousness, and demand for environmentally friendly vehicles, North America is predicted to have significant growth throughout the projection period. For instance, according to International Energy Agency (IEA) statistics, the United States maintained its position as the 3rd largest electric auto market in the world in 2020 with 295,000 registrations and a 2% sales share. The increasing rate of the automobile sector is expected to raise the demand for speciality polyamides and further growth of the market in the region.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait. Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa).
Global Speciality Polyamides Market, Segmentation by Application
- Automotive & Transportation
- Electrical & Electronics
- Consumer Goods & Retail
- Energy
- Industrial Coatings
Owing to the widespread usage of polyamides in electronic equipment, the electrical and electronics segment is predicted to hold the largest share among these over the forecast period. Furthermore, components are getting shorter in these electronic devices which disperse heat highly. The production of semiconductors, IT solution services, cell phones, and other products is also expanding. Over 45% of people in the world have a smartphone as of 2020. As a result, these elements are raising the demand for thermally conductive plastics. Additionally, of 2022, there were almost 3,950 consumer electronics manufacturing companies worldwide. The expansion of the segment is anticipated to be accelerated by the rising number of electronic manufacturing businesses and electronic devices. For instance, the electronic and IT industries grow their combined global production by around 2% in 2020.
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Global Speciality Polyamides Market, Segmentation by Type
- Polyamide 6/10
- Polyamide 6/12
- Polyamide 10
- Polyamide 11
- Polyamide 12
Polyamide 6/10 has a major share in the market during the forecast period as it has a reduced moisture uptake. It is more durable than other polyamide types. It withstands major solvents and weak mineral acids with relative ease. Additionally, it is resistant to the cracking effects of salts such as zinc chloride under environmental stress. Numerous products such as zip fasteners, electrical insulators, precision parts, and brush filaments use these compounds. Furthermore, the global export value for electrical insulators rose to USD 7,075,797 thousand in 2021 from USD 6,043,566 thousand in 2020 with an annual growth value of 17% during 2020-2021. The expansion of the trade and usage in numerous applications drive up the demand for the material and accelerate the expansion of the segment.
A few of the well-known market leaders in the global speciality polyamides market that are profiled by Kenneth Research are Evonik Industries AG, Arkema, BASF SE, DuPont, DSM, Asahi Kasei Corporation, LG Chem, INVISTA, Solvay, Huntsman International LLC., and others.
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Recent Developments in Global Speciality Polyamides Market
- In March 2020: To diversify its offering of speciality chemicals, Huntsman International LLC purchased CVC Thermoset Specialities, a manufacturer of speciality chemicals in North America.
- January 2020: In order to increase their polyamide capabilities with cutting-edge and well-known products to deliver superior engineering plastics solutions, BASF SE purchased Solvay’s polyamide (PA 6.6) business.
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