The global polyamide market size was USD 40 Billion in 2022 and is expected to reach USD 73.54 Billion in 2032, and register a rapid revenue CAGR of 7% during the forecast period. Rising demand from numerous end-use sectors, including e automotive, electrical and electronics, and consumer products, is a key factor driving market revenue growth. Polyamides are found naturally in wool and silk, as well as synthetically in nylon, polyamide 6, and aramid, among other materials. Need for autos and technological items is increasing by rising urbanization and disposable income of customers, which is in turn, rising demand for polyamide.
Polyamide is used in manufacturing of automobile components such as hydraulic clutch lines, headlamp bezels, automotive cooling systems, air intake manifold, and airbag containers. Automobile air intake manifolds are made of nylon which substitutes metals hence helping in reduction of production costs by 30%, reducing the weight by 50%, cutting system costs through parts integration, and contributing to better fuel efficiency. Engine covers are also produced using nylon because it allows thinner-walled designs. For a car’s powertrain, manufacturers are promoting plastic chain tensioner guides made of PA 46 as it offers better wear performance than high molecular weight PA 66 as well as enhances safety and reduces noise generation.
Emergence and rapid growth of electrically-powered road vehicles has become a key factor when assessing the automotive outlook and resulting polymer demand. Vehicle fleet electrification has gained significant momentum in recent years, supported by favorable regulatory policies, changing consumer perception, and development of a large number of affordable electric vehicle models by the auto industry. The government is focusing its attention on vehicle electrification by incentivizing companies that are manufacturing electric vehicles, framing policies to promote electric vehicles, and allocating budgets for infrastructure development, thus causing a rise in demand for automobiles. Polyamide is also deployed in exterior automotive parts such as doors, tailgate handles, exterior mirrors, front-end grilles, and wheel covers trim. As the market penetration of electric vehicles increases, demand for polyamide materials would rise which is expected to drive market revenue growth.
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Some Key Highlights from the Report
- Among product type segment, PA 6 segment accounted for the largest market revenue share in 2021. The use of PA 6 in various applications 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 are of prime importance. It is used in automobiles for manufacturing air intake manifolds, airbags containers, and producing exterior automotive parts such as door and tailgate handles, exterior mirrors, and front-end grilles. It is used for making electronic connectors. Packaging application of PA 6 provides a good combination of strength, tear and puncture resistance. In the medical field, PA 6 is fabricated into tough, puncture-resistant packages for medical blister packs which are expected to drive the segment revenue growth.
- Among application segment, engineering plastics segment accounted for the largest revenue share in 2021 and is expected to register faster revenue CAGR during the forecast period. Engineering plastics are used in structural applications that require efficient performance over a wide temperature range, under mechanical stress, and in difficult chemical and physical environments. In comparison with metals for a given application, engineering plastics may offer advantages such as transparency and non-electrical conductivity. Extensive use of engineering plastics across end-use industries is expected to drive revenue growth of this segment.
- Polyamide Market in Asia-Pacific accounted for the largest revenue share in 2021 and is expected to register a faster revenue CAGR during the forecast period due to the rising demand from end-use industries, including automotive, consumer goods, electrical and electronics, and textile in emerging economies such as China and India. Governments in countries in this region are framing stringent regulations regarding weight, fuel efficiency, and noise control in vehicles, thereby driving the polyamide market growth. Irregular volatility in fuel prices within developing economies due to dependence on crude oil from Middle East countries is also catalyzing the demand for electric vehicles. In addition, rising disposable income, especially of middle-income people in the region is supporting market growth.
- Companies profiled in the global market report include BASF SE, AdvanSix Inc., Domo Chemicals, Toray Industries Inc., DSM, Ascend Performance Materials LLC, Lanxess AG, Huntsman Corporation, Evonik Industries AG., Asahi Kasei Corporation.
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