Increase in demand for PA-6 in the electrical and electronics sector and surge in demand for electric vehicles drive the growth of the global polyamide market.
PORTLAND, Ore., Jan. 27, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Polyamide Market by Type (Aliphatic Polyamides and Aromatic Polyamides), Application (Polyamide Fibers & Films and Engineering Plastics), and End-use Industry (Automotive, Electrical & Electronics, Textile, Construction, Packaging, Consumer Goods, and Others): Global Opportunity Analysis and Industry Forecast 2021–2028". According to the report, the global polyamide industry generated $26.7 billion in 2020, and is anticipated to generate $40.6 billion by 2028, witnessing a CAGR of 5.4% from 2021 to 2028.
Prime determinants of growth
Increase in demand for PA-6 in the electrical and electronics sector and surge in demand for electric vehicles drive the growth of the global polyamide market. However, changing crude prices hinder the market growth. On the other hand, favorable government policies for electric vehicles presents new opportunities in the coming years.
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The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global polyamide market, owing to interruptions in the activities of big end-use polyamide industries.
The pandemic led to the implementation of global lockdown, due to which, the global supply chains got disrupted. Other logistical difficulties in shipping end goods also hampered the market growth.
The polyamide fibers & films segment to maintain its leadership status by 2028
Based on application, the polyamide fibers & films segment held the highest market share in 2020, accounting for more than half of the global polyamide market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to its wide usage in carpet manufacture. Moreover, the engineering plastics segment is projected to manifest the highest CAGR of 5.9% from 2021 to 2028. The automobile parts such as radiator fans, fuel tanks, oil filter housing, and speedometer gears are primarily manufactured from polyamide engineering plastics, which drive the growth of the segment.
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The automotive segment to maintain its lead position during the forecast period
Based on end use industry, the automotive segment accounted for the largest share in 2020, contributing to nearly one-third of the global polyamide market, and is projected to maintain its lead position during the forecast period. Automotive manufacturers are increasingly using this polymer in order to cut down system costs and integrate components in order to increase the fuel efficiency of automobiles. However, the consumer goods segment is expected to portray the largest CAGR of 7.4% from 2021 to 2028, owing to its wide usage in the consumer goods such as sports items, batteries, artificial printed jewelry, leisure equipment, kitchen appliances, carpets, and many more.
Asia-Pacific, followed by North America, to maintain its dominance by 2028
Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2020, accounting for around one-third of the global polyamide market. Moreover, the same region is expected to witness the fastest CAGR of 6.8% during the forecast period. Asia Pacific emerged as a major regional polyamide market, driven by its increasing application automotive and food packaging industries.
Leading Market Players
Ascend Performance Materials LLC
Arkema SA, BASF SE
Evonik Industries AG
Gujarat State Fertilizers & Chemicals Limited (GSFC)
Mitsubishi Chemical Holdings
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