Market Research Future (MRFR) has published a research report that forecasts a hike in the global high-performance polyamide market with 5.52% CAGR (Compound Annual Growth Rate) between 2015 and 2023. In terms of cash, the market is expected to grow with US $ 3473.0 mn by the end of the forecast period. The key factors that are driving this market include growing inclination towards the automotive weight reduction and increasing demand from the consumer goods industry in sportswear, cosmetic, and personal care products.
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Other important factors driving this market include changing lifestyle trend and high disposable income. The excellent flex fatigue and tear resistance offered by the product is driving the demand for them in electrical & electronics industry all over the world. However, stringent regulations on the use of synthetic polyamides that may prove hazardous to the environment and human health can slow down the growth of the market. With more and more consumer and manufacturer trends are shifting towards the bio-based products, substantial opportunities are likely to rise for the bio-based polyamide in the coming years.
The global high-performance polyamide market has been segmented on the basis of application, types, and lastly, region. Based on the application, this market has been segmented into consumer goods, electrical & electronics, industrial coatings, oil & gas, transportation, and other industrial applications. Industrial coatings are products that are engineered specifically for their protective and functional properties. By types, the market has been segmented into polyamide 6T, polyamide 10, polyamide 11, polyamide 12, and others. Polyamide 6T has a high melting point and a rigidity level comparable to super engineering plastics. It possesses a strong chemical resistance and dimensional stability. Castor plants are the source of polyamide 10 and polyamide 11. Polyamide 12 is petroleum based.
The regional segmentation of the global high-performance polyamide market comprises of regional markets namely North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa (MEA). According to the report, Asia Pacific has emerged as the leading high-performance polyamide market due to the rising demand for efficient and lightweight automobiles. Due to the high density of population, cheap labor, and outsourced production activities, production is also steady in this region. In the region, the cream of the market includes, China, India, Japan, and South Korea, followed by the rest of the Asia Pacific region. During the forecast period, Asia Pacific market is expected to grow with 6.49% CAGR, and currently, it holds 34% share of the global market.
Europe is the second largest regional market, and it holds around 27% of the global market share. Report predicts growth for Europe market during the forecast period. The most important markets in Europe are France, Germany, Italy, Spain, and the United Kingdom (UK).
The reviving automotive sector in North America and the manufacturing and trade of automotive parts in Europe are likely to enhance the market growth during the forecast period.
North America is a big market primarily due to heavy industrialization. The cosmetics industry and sports industry are big industries in the United States of America (USA) due to various cosmetics brands and sports gear makers that demand high-performance polyamide for various purposes. The second biggest market in North America is Canada. In the Latin American region, the market is smaller compared to North America due to less population and less technological advancement. Maximum revenue in this region comes from Argentina, Brazil, and Mexico, followed by rest of Latin America. Due to political instability, less technological advancement, and less education, MEA regional market is growing slower than the other regional markets. In the MEA region, the biggest markets are Iran and Turkey, followed by rest of the MEA region.
The key players in the global high performance polyamide market include Arkema S.A. (France), Asahi Kasei (Japan), Ascend (USA), BASF SE (Germany), DOMO (Italy), DSM (Netherlands), Dupont (USA), EMS Chemie Holding AG (Switzerland), Evonik Industries AG (Germany), Hyundai EP Co. Ltd. (South Korea), Investa (Kansas), Kolon Plastic Inc. (South Korea), Laxness (Japan), NILIT (Israel), Radici Group SpA (Italy), Solvay (Belgium), Shenma Industrial Co. Ltd. (China), Toray Industries Inc. (Japan), and UBE Industries (Japan).
Latest Industry News
- The Lubrizol Corporation has commercially launched Aptalon(TM) W8062 high-performance polyurethane dispersion, a new offering from its breakthrough Aptalon(TM) polyamide technology portfolio. 7 AUG 2018
- The LANXESS High-Performance Materials (HPM) business unit is now offering a range of high-end lightweight material solutions for the drone industry, using its high-performance plastics. This includes a drone propeller made of short glass fiber-reinforced Durethan (Polyamide 6). 9 AUG 2018
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