Global Bio Polyamides Market – a handsome growth expected owing to substitution of mineral based stock materials
Bio-Polyamides are naturally occurring biodegradable amides polymer synthesized using renewable raw materials and are building blocks of proteins. The global bio-polyamides market was valued at USD 171.0 million in 2016 and is anticipated to reach USD 216.22 million growing at CAGR of 3.51 % over the forecasted period of 2017 to 2023.
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Preference for eco-friendly solutions coupled with the increasing stringency of regulations surrounding the industry is driving the market. For example, European Union directs restricting the emission of volatile organic compounds (VOC) for the purposes of section 2(2) of the European Communities Act 1972(2). The corporate average fuel economy (CAFE) standards of the U.S. and European Union has created antecedents to reduce the weight of the vehicle in order to reduce emissions. The expected CO2 emission is pegged at 95g CO2/ km in 2020, as compared to 130 g CO2/ km in 2013.
Automobile, electronics, consumer goods, durables, construction, packaging, sporting goods, and textile industry account for the largest growth in demand for bio-polyamides owing to attractive benefits such as light weight, renewability, high chemical resistance, high thermal stability, ductility, creep resistance recyclability, high strength-to-weight ratio low moisture absorption, and non-abrasiveness. Burgeoning demand for high thermal stability materials for electrical & electronics application expanse is another driving factors of the global bio-polyamide market. Plastics industry accounts for the largest share of greater than 50 % followed by the textile and fiber industry of the global bio polyamides market.
A majority of bio-polyamide is produced using sebacic acid derived from castor oils as stock material. PA-6 accounts for the largest market volume of 45.4 % in 2016 while, PA 6, 6 is growing at the fastest CAGR. However the volatility of raw material and the regional concentration of raw material sources is the greatest threat to the market.
Asia Pacific accounts for 44% of the global market share and is dominated by China and India owing to larger demand emaciating from larger population, industrialization and the dominant textile industry.
China accounts for USD 32.36 million of the Asia Pacific market followed by India. India accounts for over 80 % of the global castor seeds production, followed by China which makes it an attractive investment destination.
North America led by the U.S. Accounts for the second largest share of the market followed by Europe. Europe is led by Germany, France and the U.K. which together account for greater than 40 % of the European market.
To generate an adequate understanding of the market the global bio-polyamides market is fragmented on the basis of type, application, end use, and region.
Based on the type, the market is classified into PA 6, PA 6, 6, and specialty polyamides.
Based on the application, the market is segmented into detergent engineering plastic and fiber with engineering plastic segment accounting for 58.25 %.
Based on the end use, the market is segmented into automotive, textile, electrical & electronics, consumer goods, industrial, films & coatings, and others.
Based on the region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Some of the major players operating in the Global Bio-Polyamides Market are BASF SE, Domo Chemicals, Arkema Group, Radici Group, DowDuPont Inc., Evonik Industries, EMS-GRIVORY, Royal DSM NV, Solvay S.A., Toray Industries Inc. and others.
The global bio-polyamide market is quite consolidated and oligopolistic, dominated by multinational corporations.
July 2017 – Arkema announced investment of 300 million euros over next five years for expanse of bio- polyamide production in Asia.
July 2016 – DSM launched hydrolysis-resistant bio-based polyamide, EcoPaXX, especially designed for the manufacture of faucet mixing valves.
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