The global polyamide market will be witnessing healthy growth over the forecast period, on account of the increasing product demand from critical sectors such as automotive, electrical & electronics, machinery, consumer goods, packaging, and textiles. This polymer is rapidly replacing metals in automotive air intake manifolds. Automotive manufacturers are increasingly using this polymer in order to cut down system costs and integrate components in order to increase the fuel efficiency of automobiles. This trend is expected to drive product demand in automotive applications. Other major applications of the product in automotive include engine covers and airbag containers. Stringent safety norms have made airbags a compulsory feature in modern automobiles, particularly passenger cars. Increasing passenger car sales mainly in emerging markets is expected to further strengthen polyamide demand in automotive applications. With lead-free soldering prevailing electronics manufacturing, this polymer is expected to gain prominence owing to its high-temperature resistance. It is being widely used in electronic connectors and as a shielding material in conveyor systems and trays. The growing electrical & electronics industry is expected to have a positive impact on this trend and further drive the global market growth over the forecast period.
On the basis of product type, the polyamide market is segmented as polyamide 6, polyamide 6-6, and bio-based polyamide. In food packaging, polyamide 6 films provide excellent barrier properties that keep oxygen out and seal aroma. Growing processed food demand is expected to drive the market growth. Environmental awareness among people and increasing use of recyclable products are expected to drive bio-based polyamide demand.
Asia Pacific emerged as a major regional polyamide market, driven by its increasing application automotive and food packaging industries. Growing demand for processed food products in emerging markets of Asia Pacific and Latin America are expected to drive the regional market growth over the next seven years. North America and Europe markets are characterized by stringent environmental regulations. However, increasing bio-based polyamide production is expected to off-set these challenges and the respective regional markets.
Major players operating in this market globally include Honeywell, Koch Industries, Huntsman Corp., DuPont, DSM N.V., Radici Group, and Lanxess. Market competitiveness is characterized by heavy R&D by major companies to develop sustainable solutions for product development.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.