Polyamide Market

Polyamide Market Outlook - 2021–2028

The global polyamide market size was valued at $26.7 billion in 2020, and is projected to reach $40.6 billion by 2028, growing at a CAGR of 5.4% from 2021 to 2028.

Report Key Highlighters:

• Quantitative information mentioned in the global polyamide market includes the market numbers in terms of value (USD Million) and volume (Kilotons) with respect to different segments, pricing analysis, annual growth rate, CAGR (2021-28), and growth analysis.
• The analysis in the report is provided based on product and application. The study will also contain qualitative information such as the market dynamics (drivers, restraints, opportunities), Porter's Five Force Analysis, key regulations across the region, and value chain analysis.
• A few companies, including Evonik Industries, Ascend Performance Materials LLC, Arkema SA, BASF SE, Evonik Industries AG, Gujarat State Fertilizers & Chemicals Limited (GSFC), Koch Industries, Lanxess, Mitsubishi Chemical Holdings, Radici Group, and Royal DSM, hold a large proportion of the polyamide market.
• This report makes it easier for existing market players and new entrants to the polyamide business to plan their strategies and understand the dynamics of the industry, which ultimately helps them make better decisions.

Gigantic investment in research and development of specialty polyamides coupled with increasing demand of polyamides in automotive industry will depict rise in sales of polyamides even during coronavirus pandemic (covid-19).

Polyamides are found naturally in wool and silk, as well as synthetically in nylon, polyamide 6, and aramid, among other materials. Wear resistance, strong mechanical qualities, low gas permeability, and chemical resistance are the characteristics of artificial polyamides. Bio-based polyamides are gaining popularity due to its eco-friendly nature.

The increased demand for lightweight automobiles propels the growth of the polyamide market. Increased passenger car sales, particularly in emerging nations is anticipated to boost the demand for polyamides in automotive applications. This polymer, which is highly temperature resistant, is predicted to gain popularity with the increase in demand for lead-free soldering in electronics manufacturing. It is commonly used in electronic interconnections as well as conveyor systems and trays as a shielding material. Rise in electrical and electronics industry is anticipated to have a positive impact on this trend and continue to fuel worldwide market expansion. Government regulations, on the other hand, are expected to operate as a barrier to market growth in the Europe and North America regions. This problem is expected to be mitigated by increased manufacturing of bio-based polyamide. Furthermore, the market players are expected to benefit greatly from the shift in trend toward the manufacture of bio-based polyamide and expansion of R&D activity in the industry.

Additionally, polyamides are extensively used in the automotive sector for manufacturing various components such as engine covers, fuel systems, electrical connectors, and interior parts. With the increasing demand for lightweight, fuel-efficient vehicles and the shift towards electric vehicles, there is a significant opportunity for polyamide materials in the automotive industry.
Shift towards Electric Vehicles (EVs)

One of the key reasons for the adoption of polyamides in EVs is their lightweight nature. Polyamides offer a high strength-to-weight ratio, making them an ideal choice for reducing the overall weight of electric vehicles. Lighter vehicles require less energy to propel, leading to increased energy efficiency and extended driving range. By incorporating polyamides into structural components, interior parts, and under-the-hood applications, EV manufacturers can achieve weight reduction without compromising on performance and safety.

Another important factor driving the use of polyamides in EVs is their excellent electrical insulation properties. Electrical components in EVs, such as connectors, circuit boards, and wire insulation, require materials with superior electrical properties to ensure reliable and safe operation. Polyamides exhibit good dielectric strength and resistance to high voltages, making them well-suited for these electrical applications. Moreover, polyamides can withstand the heat generated by electrical components, contributing to the overall thermal management of EVs.

Polyamides also offer good chemical resistance, which is beneficial in EVs where exposure to battery fluids and other automotive fluids is common. The chemical resistance of polyamides ensures the long-term durability and reliability of components in the challenging operating conditions of electric vehicles.

Additionally, polyamides provide design flexibility and ease of processing, enabling the production of complex shapes and intricate geometries. This is particularly advantageous in the production of EV components, as they often require intricate designs to accommodate the unique requirements of electric drivetrains and battery systems. Polyamides can be easily molded, extruded, or formed into desired shapes, allowing for efficient manufacturing processes and cost-effective production.

The polyamide market is segmented on the basis of type, application, end-use industry, and region. By type, the market is classified into aliphatic polyamides and aromatic polyamides.  By application, it is segmented into polyamide fibers & films and engineering plastics. By end-use industry, it is divided into automotive, electrical & electronics, textile, construction, packaging, consumer goods, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Global Polyamide Market, by Type

By type, in 2020, the aliphatic polyamides segment held the highest proportion of the market attributed to rise in production and manufacturing need for polyamide in automotive and packaging components, as well as electrical components. This trend is expected to continue during the projection period.

Global Polyamide Market, by Application

By application, the polyamide fibers & films segment is predicted to account for the majority of revenue. The polyamide fibers and films category makes a substantial contribution to the polyamide market growth. One of the primary drivers of the nylon films market is the increase in demand for materials for packaging microwavable food products.

Global Polyamide Market, by End-Use Industry 

By end-use industry, the automotive segment is expected to lead the global market with a 30.4% market share and further expected to dominate during the forecast period. Radiator fans, gasoline tanks, oil filter housing, and speedometer gears are among the most common polyamide engineering polymers used in automobiles.

Global Polyamide Market, by Region

By region, Asia-Pacific is expected to dominate the global polyamide market and held for nearly 33.8% market share in terms of value in 2020. Moreover, Asia-Pacific has emerged as a major regional polyamide market driven by rise in automotive and food packaging applications.

Impact Of Covid-19 On The Global Polyamide Market

• The polyamide industry was unaffected by COVID-19 disruption. However, coronavirus-related lockdowns posed a number of problems for industry participants, including disrupted supply chains, logistical difficulties in shipping end goods, and recruiting staff from quarantines.
• The outbreak of coronavirus disease (COVID-19) and subsequent government-imposed lockdowns have temporarily interrupted the activities of big end-use polyamide industries. As a result, the industry is in a downward spiral. Furthermore, negative effects on human health are anticipated to hamper market expansion during the predicted period. 

Key Benefits For Stakeholders

• The report provides an in-depth analysis of the polyamide market forecast along with the current trends and future estimations.
• This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
• Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global polyamide industry for strategy building.
• A comprehensive polyamide market analysis covers factors that drive and restrain market growth.
• The qualitative data in this report aims on market dynamics, trends, and developments.

 Polyamide Market Report Highlights