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.
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.
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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.
Market Scenario
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.
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
Regional Analysis
The polyamides market is segmented across five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market due to the growing demand for polyamide materials in automotive, electrical & electronics, packaging, consumer appliances, and others.
The increase in disposable income and growing demand of bio-based polyamides in major industries has propelled the region to witness a higher growth over the assessment period. Countries such as China, Japan, and India are the major players in this market.
The North America region is growing significantly in the market due to rapid urbanization coupled with growing popularity of the product in end-use industries. It is predicted that growing investments in the end-use industries is likely to drive the market in the region during the forecast period.
The growing consumption of polyamides in electronics, packaging, and chemical sectors has propelled countries such as the U.S., Canada, and Mexico to achieve a stunning growth in the market as they provide excellent flexibility, stability and durable nature to the product.
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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.
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