New York, April 24, 2023 (GLOBE NEWSWIRE) -- Market.us forecasts that the specialty polyamides market will exceed USD 4.8 billion by 2032 from USD 2.55 Billion in 2022, with a projected compound annual growth rate (CAGR) of 6.8% from 2023 to 2032. The increasing demand for lightweight materials with abrasion resistance and other properties in the automotive and transportation industries is one of the key drivers propelling the growth of the specialty polyamides market. Additionally, it is predicted that increasing demands for eco-friendly solutions and growing worries about the fuel efficiency of automobiles would grow the demand for specialized polyamides in the automotive industry, which is the largest application segment in the market. Specialty polyamides, such as aramid and nylon, as well as polycaprolactam and polyphthalamides, which are made from sebacic acid, have properties that include good lubricity, high thermal stability, high flash points, and others. The demand from a wide range of end-use sectors, such as consumer goods, automotive, energy, and other industries, is driving the market for specialty polyamides.
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Key Takeaway:
- By product, in 2022, the specialty polyamides market was dominated by the High-Temperature Specialty Polyamide segment due to its increased usage.
- By application, the Automotive & transportation segment dominated the largest market share in application type analysis and accounted for the largest revenue share in the specialty polyamides market in 2022.
- In 2022, Asia-Pacific dominated the market with the highest revenue share of 43%.
Factors affecting the growth of the specialty polyamides industry?
There are several factors that can have an impact on the growth of the specialty polyamides industry. Some of these factors include:
- Increasing demand for lightweight and high-performance materials: Lightweight, high-performance specialty polyamides are frequently utilized in a variety of sectors, including the automotive, aerospace, electronics, and healthcare industries. The need for specialized polyamides is anticipated to increase along with the desire for lightweight, high-performance materials.
- Increasing demand from the automotive sector: Specialty polyamides are utilized in a variety of automobile-related products, including engine covers, air intake manifolds, fuel systems, and electrical components. The need for specialty polyamides is anticipated to rise along with the popularity of hybrid and electric vehicles.
- Growing demand for bio-based and sustainable materials: There is a growing demand for bio-based and sustainable materials as environmental concerns develop. Because of their sustainability and environmental friendliness, specialty polyamides made from renewable resources like castor oil and corn are becoming more and more popular.
- Technological developments: New specialized polyamides with improved qualities, such as greater thermal stability, chemical resistance, and mechanical strength, have been developed as a result of technological developments. Due to the expansion of their use across numerous industries, the market for specialty polyamides is anticipated to rise.
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Top Trends in Global Specialty Polyamides Market
The specialty polyamide market is growing due to the rising demand for lightweight materials in automotive and transportation applications. The most popular product category is high-temperature specialty polyamides because of their great performance and cost-effectiveness. The demand for polyamides in various automotive industries is driving the market, which is the largest application segment. Due to the availability of cheap labor and raw resources, rising consumer demand, and pro-business government policies, the Asia-Pacific currently accounts for the greatest portion of global income and is expected to keep growing significantly over time. Furthermore, growing sustainability trends could fuel sales of bio-based polyamides.
Market Growth
The market of Specialty Polyamides is anticipated to grow rapidly. Several reasons are encouraging this rise, including the advantage of the growth of lightweight materials in the automotive and transportation industries, rising demand for eco-friendly materials, and growing utilization of 3D printing technology. The market for specialty polyamides is also expected to grow with innovations in modern farming and biotechnology processes, as well as the need for increased crop yields, drought-stricken regions, and restricted farmland, which are anticipated to contribute to the market for specialized polyamides.
Regional Analysis
In 2022, the Asia-Pacific region is dominant with 43% of the revenue share. China, India, and Japan are forecasted to experience the fastest growth rates throughout this projection period. The accessibility of cheap labor and raw resources in this region, combined with an increase in consumption capacity, are the primary drivers of market expansion. Due to favorable government policies and an expansive untapped market, the region is also attracting multinational specialized polyamide producers to establish manufacturing and distribution facilities. In Asia-Pacific, voltage and load fluctuations are greater than those experienced by industrialized nations in Europe and North America. Manufacturers of electrical and electronic components are increasingly turning towards specialty polyamides, as the plastic components are compact and easily integrated with other parts, simplifying the design process. The regional expansion will be buoyed by an expanding middle class, rising per capita income levels, and improved living standards in emerging economies. Furthermore, product demand from this region is being further buoyed by its rapidly developing automotive manufacturing sector.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 2.55 Billion |
| Market Size (2032) | USD 4.8 Billion |
| CAGR (from 2023 to 2032) | 6.8% |
| Asia-Pacific Revenue Share | 43.0% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
- Advancements in manufacturing technology: New polymerization techniques and the use of renewable raw materials are among the technological advancements that are expected to drive market expansion in the production of specialty polyamides. These advancements have led to the creation of better-behaving new specialty polyamide grades, which are expected to find new applications in a variety of industries.
- Growth of the electrical and electronics industries: Specialty polyamides are frequently used in the electrical and electronics industry to make parts like connectors, switches, and cable insulation because of their excellent dielectric strength and heat resistance. The increased demand for electronic devices and the trend toward smaller electronic components are both expected to drive growth in the market for specialty polyamides.
Market Restraints
- High production costs: Specialty polyamides may be more costly to produce than ordinary polyamides, which may restrict their utility in particular industries. Production costs are relatively high as a consequence of the necessity of specialist raw materials and the complicated production processes necessary for producing them.
- Limited availability of raw materials: The creation and availability of specialty polyamides may be strictly limited by a shortage of the ingredients needed to make them, such as dodecane diamine and meta-xylylene diamine. The high cost of making special polyamides could be affecting the low inventory of certain raw materials, these factors can act as barriers to the specialty polyamides market
Market Opportunities
Manufacturers who are looking to provide high-quality, alternatives to conventional crude oil-based raw materials have a lot of opportunities in the market for specialty polyamides. Specialty polyamides are highly sought-after in a number of applications because of their improved mechanical, thermal, and humidity resistance qualities. Specialty polymers have the largest market in Asia Pacific, followed by Europe and then North America. Nonetheless, the industry does face challenges such as a lack of raw materials, unpredictable price patterns, altering health laws, and scrutiny of polyamide groupings. Several significant companies are actively competing in this industry, including Evonik Industries AG, Koninklijke DSM N.V., BASF SE, Arkema, Radici Group, and E. I. du Pont de Nemours and Company.
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Report Segmentation of the specialty polyamides market
Product Insight
The High-Temperature Specialty Polyamide segment dominated the specialty polyamide market. There are several applications for high-temperature specialty polyamides such as polyphthalamides. High-temperature specialty polyamides are used in the automotive, aerospace, medical, and electrical/electronic industries, where demanding qualities are needed. As a result, the market for specialty polyamides is experiencing increased demand from various industries, such as the automotive and electrical industries.
Application Insight
Based on application the market is segmented into automotive & transportation, electrical & electronics, consumer products & retail, energy, industrial coatings, and other uses. With a market share of 40%, the automotive and transportation segment is predicted to be the most lucrative in the global specialty polyamides market. Specialty polyamides are often used in the automotive industry because they can match the specifications of vehicle thermal management components. They have the abilities of toughness and strength even when in contact with heated vehicle fluids. It finds significant use in various sectors due to its good combination of oil resistance, design flexibility, toughness, mechanical strength, and thermal stability.
Recent Development of the specialty polyamides market
- Huntsman Company purchased CVC Thermoset Specialty on May 18, 2020, for a cost of $300 million. Huntsman Company acquires the entire business of CVC Thermoset Specialty through this purchase, including all of its composites, thermosets, adhesives, and other goods. With the help of this acquisition, Huntsman Corporation was able to increase the range of sophisticated materials it offers.
- On February 4, 2020, BASF purchased Solvay's Polyamide division for US $ 1.436 billion. BASF will be able to provide a wider variety of specialized plastics solutions due to this acquisition. Also, by adding cutting-edge and well-known products like Technyl, the acquisition increased BASF's polyamide capabilities. As a result, BASF was able to offer its customers even superior engineering plastics solutions, such as those for driverless cars and electric mobility.
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Market Segmentation
Based on Product
- Long Chain Specialty Polyamide
- High-Temperature Specialty Polyamide
- MXD6/PARA
Based on Application
- Automotive & Transportation
- Electrical & Electronics
- Consumer Goods & Retail
- Energy
- Industrial Coatings
- Other Applications
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The Specialty Polyamide market is a rapidly evolving and highly competitive market. Some of the major players in the market include:
- Evonik Industries AG
- Arkema S.A
- Basf SE
- Dowdupont, Inc.
- Koninklijke DSM N.V.
- Asahi Kasei Corp.
- LG Chem
- INVISTA
- Solvay SA
- Radici Partecipazioni SpA
- Ems-Chemie Holding Ag
- Ube Industries Ltd.
- Kuraray Co., Ltd.
- Mitsubishi Gas Chemical Company, Inc.
- Toyobo Co., Ltd.
- Shandong Dongchen Engineering Plastic Co., Ltd.
- Eurostar Engineering Plastics
- Other Key Players
Browse More Related Reports:
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- Azelaic acid market size is expected to be worth around US$ 422.21 million by 2032 from US$ 218.29 million in 2022, growing at a CAGR of 7.0%
- Low Pressure Injection Molding Polyamide Market size was valued at USD 27.6 million in 2022, growing at a CAGR of 13.8%
- Thermoplastic Polymers Market size was valued at USD 121.7 billion in 2022, growing at a CAGR of 4.8% between 2023-2032
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