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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Market Segmentation
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. The fiber sub-segment is segmented into textile, industrial, carpet, and staple segments
Market Scenario
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. Moreover, the implementation of stringent rules and regulation set by the regulatory bodies in developed and emerging economies is projected to drive the market on a higher scale over the assessment period.
Competitive Analysis
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.
Regional Analysis
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 a majority 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 enactment of new rules and regulations to use eco-friendly materials in major industries has driven the market in the European region. Due to boundless consumption of the product in automotive, electronics, healthcare, and others, Latin American region is estimated to witness a moderate growth in the market. The rising demand for superior performance materials in the construction sector is projected to drive the market in the Middle East & African region during the forecast period.
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