Polyamides or PA are high-performance engineering thermoplastics made from repeating amide linkages having high thermal, heat, and mechanical stability. According to BlueQuark Research & Consulting, the Global Polyamides market is expected to witness a significant growth rate during the forecasted period. Usage of polyamides in automobiles for manufacturing air intake manifolds, airbag containers, wheel covers, and trims is expected to drive the Global Polyamides Market. Further, the increased use of polyamides in manufacturing electrical and electronic products like surface-mounted devices, connectors, etc., is expected to drive the global Polyamides market. Furthermore, the use of polyamides in the textile industry, as nylon fiber for garments, carpets, rugs, etc., is projected to drive the Global Polyamides Market. The use of polyamides in the consumer goods industry to make home and kitchen appliances, furniture, etc., is expected to drive the Global Polyamides market. However, factors like stringent government regulations, availability of elastomer-based alternatives, and volatile raw materials prices are expected to hinder the market's growth.
Polyamides are used to manufacture automotive components like door and tailgate handles, exterior mirrors, front-end grilles, fuel caps, and lids, and others like sleeping bags, rope, tubing hose, tarpaulin, etc. and are also used in end-user industries like automobile, electronics, consumer goods, and textiles.
The Automobile industry is the leading consumer of Polyamides and is projected to drive the global Polyamides market. Factors like the increasing population and rapid urbanization are factors attributing to the increased sales of automobiles in countries like China and India. Further, theFord Motor Company, a leading automobile manufacturer, released its quarter one result of 2021, in which it reported global revenue of USD 36.2 Billion and a net income of USD 3.3 Billion. Moreover, the automobile industry is also witnessing a boom in the electric vehicle market with buyer interest shifting from the conventional internal combustion engine vehicles to newer and efficient electric vehicles and increased government subsidies on electric vehicles, further due to the fact that Polyamides are an engineering material used in parts both externally and internally in an automobile, therefore its applications are not limited almost similar in both electric and conventional automobiles. Therefore the use of Polyamides in the automobile industry is expected to grow and drive the overall market.
Some of the market's key players areDuPont de Nemours,Celanese Corporation,Asahi Kasei Corporation,Ensinger Plastics,Mitsubishi Chemical,Arkema S.A., among others.
Asia-Pacific region is expected to be the leader in Polyamides production, with most of the consumption in countries like China and India. This is due to China being the most extensive base for automobile production globally, and as estimated by the China Association of Automobile Manufacturers or CAAM, the vehicle sales in China are expected to hit nearly 27 million in 2021, which is up by 6.7 percent year-on-year. Thus, with numerous automobiles manufactured daily, China not only satisfies its domestic need but also caters to the international need for vehicles. According to IBEF, automobile production in India stood at 21.55 million vehicles in FY 20. Apart from the growing automobile industry, China, Japan, and South Korea are some of the largest electronics manufacturers, which have Polyamides as one of the components, thus surging the demand for Polyamides in the region. Further, according toGlobal Times, the retail sales of consumer goods increased by 23% year on year, with the first six months of 2021 adding USD 3.28 Trillion in total retail sales of consumer goods in China itself, adding to that, according toIBEF, the consumer goods sector in India reached USD 52.75 Billion in FY18 and reached USD 103.7 Billion in 2020. Factors like these have made Asia-Pacific an important region for the global Polyamides market.
In June 2021,Solvay S.A.launched its Bio Amni, a partially bio-based polyamide textile yarn produced entirely in Brazil's textile unit.
In April 2021,Arkema S.A.announced an opening date for its new bio-based polyamide 11 production plant in Singapore. The new plant will boost the global polyamide 11 capacity of Arkema S.A. by 50%.
In February 2021,BASF SEintroduced Ultramid, a high-temperature range polyamide with potential use in automobiles, Ultramid prevents galvanic corrosion on electrical components due to its halogenide- and metal-free stabilization.
Global Polyamides Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Polyamides market by segmenting based on the Type (Polyamide 6, Polyamide 66, Kevlar, Bio-Polyamides), Class (Aliphatic Polyamides, Semi-Aromatic and Aromatic Polyamides, Poly(p-phenylene terephthalamide), Application( Fibers, Wires and Cables, 3-D Printing, Others), End-User Industry (Automobile, Electrical and Electronics, Textile, Consumer Goods Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.