The global specialty polyamides market is expected to reach USD 3.28 billion by 2024, according to a new report by Grand View Research, Inc. Rising utilization of eco-friendly nylon materials that offers high efficiency and protection to extend product durability is projected to boost market demand over the forecast period.
Growing environmental concern shave led to rise in interest to develop polyamides using renewable feedstock in recent times. Green benefits are not the only reasons for wide acceptance of specialty polyamides. In fact, it is claimed these polyamides can offer better performance than the conventionally made engineering thermoplastics.
Growing disposable income, high demand for low fuel combustion vehicles and strict implementation of regulations by the governing bodies such as EPA has led to increasing demand for these products. Companies such as Evonik Industries AG, BASF SE, Arkema SA, and E. I. du Pont de Nemours and Company have adopted expansion strategies to increase their presence in the market. Most of the companies have been heavily investing in R&D amenities to discover advanced and innovative special engineering nylons that are eco-friendly and easy to use, with less utilization of expensive & harmful raw materials.
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Further key findings from the report suggest:
The global specialty polyamides market demand was 527.9 kilo tons in 2015 and is expected to exceed 840 kilo tons by 2024, growing at a CAGR of 5.6% from 2016 to 2024
Automotive & transportation emerged as the leading application segment with demand share exceeding 35% in 2015. Increasing demand for light weight vehicles on account of existing and proposed stringent governmental regulations regarding automotive pollution along with growing need for fuel-efficient vehicles is expected to drive this segment over the forecast period
Electronics & semiconductors are expected to witness brisk growth over the forecast period. Increasing utilization of electronic components made up of these polyamides for electronic equipment, as well as for trays and conveyer systems used in the manufacture of semiconductor chips is anticipated to benefit the overall industry consumption
Asia Pacific was the leading regional market and accounted for over 40% of global demand in 2015. The region is also expected to witness the highest growth of 6.1% on account of the growing demand for automobile components and electronics & other electrical products in China, Taiwan, and Japan
Grand View Research has segmented the specialty polyamides market on the basis of applicationand region:
Global Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
Automotive & transportation
Electrical & electronics
Consumer goods & retail
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
Central & South America
Middle East & Africa
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