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Polyamides Market Size, Share & Trends Analysis Report, Distribution Channel And Segment Forecasts
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Polyamides are macromolecules composed of recurring amide groups and linkages. These polymers are extensively used in end-use industries to impart thermal stability, lightweight and durable nature to the final product. Moreover, they also provide reliability and versatility to the product.
The global polyamides market is driven by the scope of its application in various sectors such as engineering plastics and fiber segments. Moreover, engineering plastics segment is set to grow at a higher CAGR owing to the endless use of lightweight materials in the sector.
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Polyamides are polymers composed of repeated amides such as -CO-NH-, linkages. These polymers are either obtained naturally in nature or formed by synthetic process. The naturally occurring polyamides are proteins, wool, and silk whereas artificial polyamides include nylons, aramids, and sodium poly (aspartate) and are formed by step growth polymerization process or solid-phase synthesis method. They are known for high standard performance, enhanced efficiency, durability, reliability, and other features which are also influencing the market confidently.
Bio polyamides hold a major portion of the market. This segment is further divided into PA 6, PA 66, PA 10, PA 11 and PA 12 segments. The increasing demand for polyamides in end-use industries is the major factor behind their growth in the market due to thermal stability, water solubility along with corrosion resistance and other features offered by them. The extensive consumption of these materials has driven the manufacturers to adopt them in automotive, electrical & electronics, consumer goods & appliances, and other sectors. Low cost, high strength, long life, high standard performance, and others are the major factors behind the growth of polyamides in the market.
The global polyamides market is segregated into types and application segment. The market by type is categorized into bio polyamides and speciality polyamides. The bio-polyamides sub-segment is differentiated into PA 6, PA 66, PA 10, PA 11 and PA 12 segments whereas textiles, carpet, and staple are the classifications of speciality amides sub-segment. The market by application is bifurcated into engineering plastics, and fiber segments. Among these, engineering plastics sub-segment is classified into automotive, industrial/machinery, electrical & electronics, consumer goods & appliances, packaging/film, wire & cable, and others.
Some of the well-known players functioning in the global polyamides market are BASF SE(Germany), Honeywell International, Inc. (U.S.), Asahi Kasei Corporation (Japan), Evonik Industries AG (Germany), Dupont (U.S.), Formosa Plastics Corporation (Taiwan), Huntsman International LLC (U.S.), Arkema SA (France), Koninklijke DSM N.V. (the Netherlands), and UBE INDUSTRIES, LTD (Japan) among others.
Geographically, polyamides market is segmented across five regions in the world namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds most of the market share due to advantages offered by the product and growing need for high- performance polyamides in major industries.
North America is set to grow at a higher rate owing to growing demand for the product in packaging, automotive, consumer appliances, and other sectors. In this region, the manufacturers and investors are shifting their focus to use bio-based products in end-use applications.
The European market has received a remarkable growth due to stringent rules and regulations implemented by regulatory bodies to follow bio-based product in end-uses. The market has been driven by the application of this rule in automotive, industrial/machinery, wire & cable segments. It is estimated that the growing innovation and technological advancement are predicted to propel the growth in countries such as the U.K, Italy, Germany, and France during the forecast period.
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