GVR Report cover Polyamide Market Size, Share & Trends Report

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

  • Published Date: Oct, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68038-353-9
  • Format: Electronic (PDF)
  • Historical Data: 2017 - 2019
  • Number of Pages: 115

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.

U.S. polyamide market size, by product, 2018 - 2028 (USD Billion)

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.

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.

Global polyamide in engineering plastics market share, by application, 2020 (%)

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 market in 2020 and accounted for more than 40.0% share of the global revenue. China led the APAC market in 2020, in terms of both volume and revenue. The Asia Pacific is anticipated to maintain its lead over the forecast period owing to the rising demand from key industries, including automotive, consumer goods, electrical and electronics, and textile, in emerging economies, such as China and India.

The introduction of stringent regulations by the government of China regarding the weight, fuel efficiency, and noise control in vehicles, along with the promotion of alternative energy vehicles such as electric cars, is expected to boost the demand for polyamide in automobiles. Moreover, the rising fuel prices in India, coupled with subsidies offered on electric vehicles,are expected to drive the demand for polyamide in the automobile market.

The U.S. is one of the major markets for textiles and raw materials, including yarns, fabrics, apparel, and home furnishing, globally and exports textiles to more than 200 countries. The growing textile industry is expected to fuel the demand for polyamide in the coming years.

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

Report Attribute

Details

Market size value in 2021

USD 34.90 billion

Revenue forecast in 2028

USD 53.32 billion

Growth Rate

CAGR of 6.2% from 2021 to 2028

Base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Volume in kilotons, revenue in USD million/billion, and CAGR from 2021 to 2028

Report coverage

Volume forecast, revenue forecast, company profiles, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; France; U.K.; Italy; China; India; Japan

Key companies profiled

BASF SE; AdvanSix Inc.; Ube Industries Ltd.; Domo Chemicals; Toray Industries, Inc.; Ashley Polymers Inc.; Ascend Performance Materials LLC, Inc.; Toyobo Co. Ltd.; Lanxess AG; Huntsman Corporation; Goodfellow Group

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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

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