According to a new report published by Allied Market Research titled, “Polyamide Market by Type, Application, and End-use Industry: Global Opportunity Analysis and Industry Forecast, 2020–2027,” the global polyamide market 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.
Polyamides are polymers whose structure includes an amide bond connection. Wool and silk include polyamides in their natural state. Polyamides are available in three different types—aliphatic, semi-aromatic, and aromatic. The step growth polymerization or solid phase synthesis technique is used in the artificial formulation of polyamides. The polyamides are commonly found in fabrics, culinary utensils, athletics, and carpets, among other applications. They are tough and heat and chemical resistant and thus are used in a variety of applications, including ropes & cables, bulletproof vests, tennis strings, snowboards, jet engine enclosures, brake & transmission friction elements, and others.
Aliphatic polyamide was the leading product segment and accounted for 90.3% of total market volume in 2020. Surge in demand for aliphatic polyamides particularly in the automotive industry is expected to remain a key driving factor for this segment .
Polyamide fibers & films was the most dominant application and accounted for 56.4% of total market volume in 2020. Growth in demand for nylon fibers & films in end-use industries such as packaging, construction, and household care owing to the rapid increase in urbanization in developing economies of Asia Pacific is expected to drive the nylon films market during the forecast period.
In 2020, automotive became the leading end-use industry, accounting for one-third of overall consumption. Increase in usage of recyclable materials in the worldwide automotive industry is likely to remain a key driving force for this segment during the forecast period.
Asia-Pacific is expected to have the fastest growth rate due to higher per capita income in developing countries, expansion of middle-class population, and rise in living standards. The area consumer demand for the item is being supplemented by the rapid increase in the automotive manufacturing industry.
Some of the key players operating in the global polyamide market are 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.
Key Findings Of The Study:
- By type, the aliphatic polyamides segment emerged as the global leader with more than 89.5% share in 2020.
- By application, polyamide fibres & films segment dominated the global polyamide market with around 56.4% global market share in 2020.
- By end-use industry, automotive segment dominated the global polyamide market with around 30.4% global market share in 2020.
- Countries such as the U.S., China, and India are emerging as an investment centric hub due to wide scope in manufacturing sector.
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. Furthermore, negative effects on human health are anticipated to hamper market expansion during the study period.