Market Highlights
Global Polyamide Market is projected to be valued at over USD 38.56 Billion by 2025 and exhibit a healthy CAGR of over 5% during the assessment period.
The growth of the global polyamide market is primarily driven by the healthy growth of the automotive industry, especially in Asia-Pacific and the Middle East & Africa. The automotive industry is widely incorporating the use of micro-electronics in sensitive automotive applications such as transmission control units and sensors and safety-related applications such as airbag and anti-lock systems. The delicate circuits are often connected to semiconductors via thin wires, which is known as wire bonding. In such conditions, disruptive effects such as corrosion, electrolyte formation, ion migration, and creep currents may arise and, in extreme conditions, may cause the failure of entire assemblies. Plastics for housings and components need to be manufacturers so that they do not react with the metals involved and thus prevent electronic failure, in which case polyamides are being preferred. Additionally, the increasing use of polyamides in the automotive light-weighting coupled with the rising demand for lightweight vehicles is further expected to propel the market growth.
Segment Analysis
Global Polyamide Market has been segmented based on product type, application, end-use industry, and region.
By type, the global market has been categorized into three segments, namely PA 6, PA 66, and bio polyamides & specialty polyamides. The PA 6 segment, in terms of value, was pegged at USD 14 billion in 2018 and is likely to grow at a 5.24% CAGR during the forecast period, 2019 to 2025. Polyamide 6 (PA 6) is an abrasion-resistant and thermoplastic material, which has a good fatigue resistance and good stiffness. They are used in gears, cams, bearings, rollers, power tool housings, nuts and bolts, combs, electrical connectors, coil formers, kitchen utensils, and fuel tanks for cars, among others.
By class, the global market has been segmented into aliphatic polyamides (nylon class) and semi-aromatic & aromatic polyamides. The aliphatic polyamides (nylon class) segment is further divided into PA 4,6, PA 6,6, PA 6, PA 6,10, PA 6,9, PA 11, and others. Likewise, the semi-aromatic & aromatic polyamides segment is further categorized into PA 6T, PA 6I, poly (p-phenylene terephthalamide, and others. The aliphatic polyamides segment accounted for a share of over 61% in 2018. Aliphatic polyamides are produced on a larger scale compared to semi and fully aromatic polyamides. They are the most important class of engineering thermoplastics. The two most important polyamides are poly (hexamethylene adipamide) (PA 6,6) and polycaprolactam (PA 6), and they possess excellent mechanical properties including high tensile strength, good resilience, high flexibility, low creep, and high impact strength (toughness).
Based on application, the global polyamide market has been segmented into fibers, wire & cables, 3D printing, sports equipment, engine components, brakes & transmission parts, and household goods & appliances, among others. The engine components segment is the major application segment with a market share of over 26% in 2018. The fibers segment held the second-largest share of the market, while the 3D printing segment is likely to witness the highest CAGR during the review period.
By end-use industry, the global polyamide market has been categorized into automotive, electrical & electronics, textile, aerospace & defense, packaging, consumer goods, and others. The automotive segment accounted for the largest market share of 32% in 2018. The automotive industry is the largest consumer of polyamide, wherein it is used in various applications such as engine compartments, radiator systems, fuel supply systems, interior and exterior components, and electrical systems. The substitution of metals with polyamides helps automotive manufacturers reduce production cost by 30%, reduces the weight of a component by 50%, cuts system costs, and contributes to higher fuel efficiency.
Regional Analysis
The Global Polyamide Market has been studied across five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. The regional market of Asia-Pacific held the largest market share of 55% in 2018, with a market value of around USD 15 billion. The regional market is projected to register the highest CAGR of over 6% during the forecast period owing to the positive outlook of the automotive and textile industries in the emerging economies of Asia-Pacific.
North America and Europe are the other key regional markets for polyamide and accounted for second-largest and third-largest market shares of the global market in 2018.
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Key Players
The Key Players in the Global Polyamide Market are BASF SE (Germany), Evonik Industries AG (Germany), Lanxess (Germany), Arkema (France), DuPont (US), EMS-CHEMIE HOLDING AG (Switzerland), Mitsui Chemicals, Inc (Japan), Toray Industries Inc (Japan), KOLON PLASTIC INC (South Korea), and AdvanSix Inc (US).
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