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(MoneyNewsWire.Net, June 03, 2018 ) The global polyamide market was valued at USD 25.14 Billion in 2016 and is projected to reach USD 30.76 Billion by 2021, at a CAGR of 4.1% from 2016 to 2021. The growth in the polyamide market is driven by the polyamide 6 and polyamide 66 segments due to their usage in a wide range of products across several industries. The market for both the above-mentioned segments is projected to witness significant growth in Asia-Pacific, owing to the increased consumption in consumer goods, electronics, and other verticals in the region. The applications of polyamide in the automotive sector have increased significantly. Polyamide is an ideal solution for vehicle weight reduction. They are fast replacing metal parts in the automotive industry due to the ease of mass production and molding. Thus, the high demand of polyamide parts from the automotive industry propels the growth of the polyamide market.
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The bio-based & specialty polyamide type segment is projected to be the fastest-growing type segment of the polyamide market from 2016 to 2021. The demand for organic materials is expected to rise globally due to the rise in prices of petrochemical-based raw materials. Bio-based polyamides are a high-quality alternative to substitute petro-based materials. They can be used in automotive, electronics, and sports applications. These polyamides are created from bio-based performance polymers with improved properties, such as durability, heat & water resistance, and water solubility.
Engineering plastics segment is estimated to account for the largest share of the polyamide market in 2016. Polyamide engineering plastics are mostly used in automotive sector to make various parts such as radiator fans, speedometer gears, fuel tank, oil filter housing, and others. Automotive is the largest end-use segment for polyamide engineering plastics, followed by electricals & electronics end-use segment. Automotive is one of the most important market segments for polyamides, especially in the emerging economies. Emerging economies are increasingly investing in sectors such as infrastructure development, chemical industries, and automotive. This is expected to fuel the growth of the polyamide market in the automobile segment.
The polyamide market has been witnessing high growth in Asia-Pacific, with increased usage across industries such as automotive, consumer goods, electricals & electronics, building & construction, and textiles. There has been a rise in the demand for polyamide in recent years due to large-scale investments in automobile sector, where it is widely used. Asia-Pacific has experienced a rise in demand for luxury cars due to the increase in purchasing power of consumers, which has led to increased polyamide consumption in this region. Polyamide is increasingly being used to replace metal with plastic in automobiles, which has led to a surge in its demand in this segment.
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China is a leading consumer of domestically produced and imported polyamides. China has been a driver for the rapid growth in last couple of decades, globally. However, it is now showing an early sign of relative economic slowdown. Its GDP annual growth rate was 6.7% in the first quarter of 2016, which was the lowest in the last six years. This will adversely impact polyamide market and could impede the continued investments and expansion in the polyamide market for a few years. There is a huge polyamide capacity planned in China in near future – economic slowdown will not just impact the overall capacity utilization rate of new domestic plants but could severely hit the polyamide manufacturing in Europe and North American region from where it imports significantly. Key players operating in the polyamide market, such as BASF SE (Germany), Li Peng Enterprise Co. ltd, (Taiwan), Royal DSM (Netherlands), Ascend Performance Materials LLC (U.S.), Invista Sarl (U.S.), Arkema SA (France), and Evonik Industries AG (Germany), among others, have adopted various strategies to increase their market shares. New product launches, acquisitions, and expansions are some of the key strategies adopted by market players to achieve growth in the polyamide market.
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