Polyamide Market Size, Share & Trends Analysis Report By Product (Polyamide 6, Polyamide 66, Bio-based Polyamide, Specialty Polyamides), By Application (Engineering Plastics, Fibers), By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global polyamide market size was valued at USD 33.30 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028. The growing demand for polyamide as a replacement for metals to reduce weight is propelling the product demand in the automotive, electrical and electronics, consumer goods and appliances, and other industries. Polyamide exhibits high wear resistance, good coefficient of friction, very good chemical and temperature resistance, and impact properties. The aforementioned properties make polyamide suitable to be used in industrial valves, automotive parts, electrical and electronic devices, development of packaging films, textiles, and consumer products, like tennis strings, hockey sticks, and snowboards.

To cater to the rising demand for electronic devices from the growing population, the electronics industry is simultaneously upgrading smartphones, computers, laptops, smartwatches, and other consumer electronic devices. Polyamides are used for manufacturing casings for televisions, laptops, mobile phones, and other electronic devices. Their low water absorption, superior balance, and high chemical, heat, and abrasion resistance make them suitable to be used in the production of connectors, switches, relays, components of 3D circuits, bobbins, and other parts for computers.

Asia Pacific accounted for the largest revenue share in 2020. Various government initiatives such as providing subsidies, tax cuts, and increasing the FDI limit, intended toward developing the manufacturing sector, are attracting major global players to expand their operations in the region. Asia Pacific is the largest producer of automobiles, consumer goods, and packaging materials, thereby paving the way for market growth in the region. Recommencing industrial operation in the region post-second wave of COVID-19 is anticipated to positively influence the demand for polyamide in the coming years.

The auto components industry is the most significant industry of the European Union and it emerged as a major contributor to the market growth for polyamide in 2020. The growth of the automobile sector and increased government focus to reduce vehicular emissions are creating more demand for lightweight plastics in the region. This is expected to drive the market for polyamide over the forecast period.

Polyamide Market Trends 

Increasing demand from automobile industry is going to boost the market over the forecast period. Polyamide is used in several engine components such as bearing, bushings, wire harness connectors, oil containers, cylinder head covers, fuse boxes, crankcases, and timing belts. In the recent past, automobile industry has witnessed a robust growth, particularly from Asia Pacific market.

Improving socio-economic trends and infrastructure development are some of the key factors that have contributed toward the growth of this sector. Major players are shifting their manufacturing bases to countries such as India, China, and Indonesia because of the availability of workforce, favorable regulations, and initiatives by the government to provide attractive FDI regulations.

Increasing concerns about the size is expected to fuel the demand of polyamides in electrical & electronics industry. Polyamide has growing demand from electrical & electronics industry because plastics are more compact and can be easily integrated with other components. This simplifies the design procedure and enables manufacturers to develop smarter miniature circuit breaker (MCB) having thinner walls.

Polyamide is also used in tubes for cables and wirings, connectors, contactors, low voltage switch gears, and other electrical & electronics industry applications. Properties such as good processability, thin walls, laser marking ability, low flammability, high stiffness & toughness, high heat distortion temperature, excellent flow characteristics, short injection cycle time and lightweight is fueling the adoption of polyamide in electrical & electronics industry. Thus, the excellent properties offered by polyamide is expected to create significant demand in electrical & electronics industry during the forecast period.

Polyamide substitutes such as polypropylene, and polyvinylidene fluoride (PVF) are expected to hinder the growth of the global polyamide market owing to their lower competitive prices. PVF is a non-reactive thermoplastic, which possesses finer characteristics when compared to polyamide, which have higher density, high wear resistance, high UV resistance, harder surface, and low elasticity. Lately, PVF is gaining acceptance as a major substitute for polyamide fishing lines.

Compared to polyamide, polypropylene is highly smooth, more elastic, have high tensile strength, low elongation, and better handling. They have various applications in textiles, medical applications, and fishing applications. In addition, cheaper counterparts such as polypropylene is presumed to hamper the growth of polyamide during the forecast period.

Raw materials used in polyamide such as caprolactam is derived from benzene, which is further is produced by cracking of crude oil. Thus, variations in crude oil prices on account of supply-demand imbalances, seasonal variations, and political stability have a significant impact on the prices of polyamide. Increasing support from governments for the production of electric vehicles is anticipated to fuel the growth of automotive industry This, in turn, is anticipated to boost the demand for polyamide in automotive application.

Product Insights

Polyamide 6 dominated the market in 2020 and accounted for a revenue share of more than 50.0%. It is anticipated to maintain its lead over the forecast period. The use of polyamide 6 in various applications over the past few years has established its reliability, utility, and supportive economics on the basis of cost and performance. The excellent surface finish of the product even under reinforced conditions makes it suitable for applications where aesthetics is of prime importance.

PA 66 has enhanced properties in comparison to PA 6, which is triggering its demand in thermally and mechanically stressed moldings. Its shorter and stronger bond, which provides it a denser and tighter structure, makes it useful for high-temperature applications. This makes it useful in the manufacturing of friction bearings, radiator caps, and tire ropes.

Bio-based polyamides are gaining traction due to the rising environmental concerns resulting from the consumption of fossil fuel-based polyamides. Their improved chemical resistance, low moisture absorption rate, and higher impact strength compared to their traditional counterparts have increased their usage in many applications, such as cable jackets, carpets, tires, sporting goods, and flexible oil and gas hoses.

Application Insights

The engineering plastics segment dominated the market in 2020 and captured a revenue share of over 55.0%. The engineering plastics segment includes automotive, electrical and electronics, consumer goods and appliances, packaging, and others. The automotive segment emerged as the leading segment in 2020. Polyamide is used to manufacture hydraulic clutch lines, headlamp bezels, automotive cooling systems, air intake manifold, and airbag containers.

In the fibers segment, textile accounted for the largest revenue share of more than 60.0% in 2020. However, the COVID-19 pandemic outbreak has impacted the consumption power of the consumers, which has decreased the demand for apparel and negatively impacted the growth of the textile industry. However, the demand for face cover has grown significantly due to the outbreak of COVID-19, which is expected to have a positive impact on the textile industry. Thereby, creating demand for polyamide in textile applications.

Regional Insights

Asia Pacific dominated the Polyamide market and has the largest share of 42.35% in terms of revenue in 2020. In 2020, Asia Pacific, led by China, in terms of both volume and revenue. Asia Pacific is characterized by the easy availability of raw materials and low labor costs. Governments providing tax cuts, subsidies, and increasing the FDI limit to attract major global players to expand their operations in the region and to develop the manufacturing sector.

Asia Pacific is the largest producer of consumer goods, packaging materials, and automobiles thereby paving a way for polyamide market in the region. However, the decline in consumer spending on discretionary products and stalled industrial output due to COVID-19 pandemic negatively impacted the demand for polyamide in 2020. Moreover, recommencing industrial operation in the region is anticipated to positively influence the demand for polyamide in coming years.

Germany is the manufacturing hub of Europe and the largest manufacturer of automobiles in the region. The demand for polyamide in the automotive sector is expected to be driven by properties such as excellent mechanical properties, wear resistance, lightweight and others. According to the International Organization of Motor Vehicle Manufacturers (IOCA) in 2020, the country produced over 3.7 million units of vehicles. These factors are expected to contribute to the growth of polyamide market over the forecast period.

In addition, ongoing transition to a sustainable energy system in the region is further fueling the demand for green buildings in Germany. This in turn is anticipated to fuel the demand for bio-based polyamide in the country. Moreover, increasing demand from textile, electrical & electronics, consumer goods & appliances, carpet is projected to influence the demand for polyamide in Germany. 

Key Companies & Market Share Insights

The market is characterized by the presence of key players, along with a few medium and small regional players. Established players such as BASF are implementing different strategic initiatives giving them an edge over their competitors.

For instance, in August 2020, BASF India, a subsidiary of BASF SE, approved its merger decision to acquire BASF Performance Polyamides India. This is expected to support the company in expanding its materials segment and extend and strengthen its position for key industries. Some prominent players in the global polyamide market include:

• BASF SE

• AdvanSix Inc.

• Ube Industries Ltd.

• Domo Chemicals

• Toray Industries, Inc.

• Ashley Polymers Inc.

• Ascend Performance Materials LLC

• Toyobo Co. Ltd.

• Lanxess AG

• Huntsman Corporation

• Goodfellow Group

Polyamide Market Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For this study, Grand View Research has segmented the global polyamide market report based on product, application, and region:

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

  • Polyamide 6

  • Polyamide 66

  • Bio-based Polyamide

  • Specialty Polyamides

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

  • Engineering Plastics

    • Automotive

    • Electrical & Electronics

    • Consumer Goods & Appliances

    • Packaging

    • Others

  • Fibers

    • Textile

    • Carpet

    • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

  • North America

    •  U.S.

    • Canada

    • Mexico

  •  Europe

    •  Germany

    •  France

    •  U.K.

    • Italy

  • Asia Pacific

    •  China

    •  India

    • Japan

  • Central & South America

  • Middle East & Africa