Rapid industrialization is anticipated to create substantial demand for polyamides in the forthcoming years. According to Market Research Future (MRFR)’s report, the global polyamides market is expected to mark a steady CAGR over the forecast period 2017 to 2023. The growing consumption in the end-user industries such as consumer electronics, automotive, etc. is likely to propel market expansion over the next couple of years.
The introduction of favorable laws to support the use of bio-based products is poised to fuel demand for polyamides in the years to come. It is expected to accelerate revenue generation for the participants of the polyamides market in the foreseeable future. Also, an upsurge in demand for polyamides is expected from the packaging industry. It is prognosticated to boost the revenue growth of the polyamides market in the upcoming years.
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The noted players participating in the share analysis of global the Polyamides Market Include:
- BASF SE (Germany),
- Asahi Kasei Corporation (Japan),
- Honeywell International, Inc. (U.S.),
- Evonik Industries AG (Germany),
- Formosa Plastics Corporation (Taiwan),
- Dupont (U.S.), Huntsman International LLC (U.S.),
- Koninklijke DSM N.V. (the Netherlands),
- Arkema SA (France),
- UBE INDUSTRIES, LTD (Japan).
In May 2019, Arkema, specialty Chemicals Company based out of France, has announced its new bio-based polyamide plan to be established in Jurong Island, Singapore.
In May 2019, Evonik Industries AG, the largest specialty chemicals company, has initiated the construction of polyamide 12 (PA 12) facility complex and expansion of its transparent polyamides production.
The global Polyamides Market, by type, has been bifurcated into bio polyamides, and specialty polyamides. The bio polyamides segment is further sub-segmented into PA 6, PA 66, PA 10, PA 11, and PA 12 segments. The specialty polyamides segment has been sub-segmented into PA 6/10, PA 6/12, and PA 4/6 types.
On the basis of application, the polyamides market has been divided into engineering plastics and fiber. The engineering plastics segment has been sub-segmented into automotive, electrical & electronics, industrial/machinery, packaging/film, consumer goods & appliances, wire & cable, and others. Again, the fiber segment has been sub-segmented into textile, industrial, carpet, and staple.
By region, the global polyamides market has been segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa (MEA). Asia Pacific is anticipated to hold the most substantial share of the global market over the next couple of years. Factors such as urbanization and rising disposable income are expected to generate demand across different industry verticals. Thus, the growth of the end-user industries is projected to lead the growth of the polyamides market in the years to come. China, Japan, and India are the prime revenue pockets in the regional market.
North America is anticipated to expand at a moderate pace over the next few years. The growing consumption of polyamides for various applications in packaging, electronics, and chemicals is poised to boost the expansion of the regional polyamides market in the forthcoming years. The U.S., Canada, and Mexico are projected to exhibit significant growth over the assessment period.
Europe is poised to grow remarkably owing to the favorable policies supporting the use of bio-based products in end-user industries. The growth of industry verticals such as consumer electronics, automotive, etc. are projected to have a positive impact on the future trajectory of the polyamides market in the region. Major country-level markets of the region are the U.K, Italy, Germany, and France.
Latin America is anticipated to exhibit considerable growth in the foreseeable future. It is likely to witness an increase in consumption of polyamides, especially in the automotive sector. In addition, the Middle East & Africa is poised to signify a steeper rise in the growth curve due to increasing demand for lightweight auto components.
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