The polyamides market is expected to register a CAGR of over 4% during the forecast period. The major factors driving the market studied include increasing demand for polyamide 6 and polyamide 66 from the automotive industry, wide-spread applications in the packaging industry, and increase in demand for kevlar from the defense sector.
– Stringent government regulations and competition from elastomer-based alternatives are expected to hinder the growth of the market studied.
– Asia-Pacific is expected to dominate the global market during the forecast period.
– Increasing popularity of bio-based polyamides is likely to act as opportunities in the future.
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Key Market Trends
Growing Applications in the Automotive Industry
– The use of plastics makes vehicles lighter, safer, and more economical. Plastics are used for making interiors, structural elements, propulsion engineering, and technical parts, among others.
– Polyamide is used in the production of glass-reinforced plastics-based structural parts, air intake manifolds, engine covers, rocker valve covers, airbag containers, and various other interior and exterior automotive parts.
– For a car’s powertrain, manufacturers are promoting plastic chain tensioner guides made of PA 4, 6, since PA 6, 4, which offers better wear performance than high molecular weight PA 6, 6, and PA 6, 6.
– It also enhances safety and reduces noise generation. PA 6, 6 has found its way into automotive cooling systems, where it allows the consolidation of various components that were once made of aluminum and plastics. PA 6, 6 is also used in headlamp bezels.
– Furthermore, the growing demand for lightweight materials in the automotive industry, in order to provide increased efficiency and design flexibility, is primarily responsible for the growth of the polyamide market in recent times.
China to Dominate the Asia-Pacific Market
– The Chinese automotive manufacturing industry is the largest in the world. The automotive industry is the largest consumer of polyamides. The demand for polyamides from the automotive sector is increasing at a moderately high rate.
– Globally, China registered the largest defense spending in the world, after the United States. The aviation industry in the country is expected to gather around 6,000 new airplanes by 2033.
– The increase in the numbers of passengers encouraged the government to invest more in the production of additional flights, which in turn, increased the consumption of polyamides.
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– Electronic products, such as smartphones, OLED TVs, tablets, etc., registered the highest growth rate in the consumer electronics segment.
– With the increase in the disposable income of middle-class population, the demand for electronic products is projected to grow in the near future, thereby driving the polyamide market.
– Furthermore, countries, such as India and Japan, are also contributing the favorable share and is expected to contribute toward the growth of the polyamides market over the forecast period.
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