Polyamide Market is anticipated to grow at a 4.1% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Polyamide Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global polyamide market was valued at over US$ 25.0 Bn in 2018 and is anticipated to grow at a CAGR of 4.1% from 2019 to 2030.
The polyamide market is mainly driven by rising demand from end use industry like electronics, automobiles and packaging. Shift in trend towards production of bio-based polyamides offers huge traction towards the market growth. However, fluctuating prices of petroleum-based raw materials and stringent government guidelines are acting as a major barrier towards the market growth.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Polyamide Market by Type (Polyamide 6, PA 66 & Bio-Based & Specialty Polyamide), Application (Engineering Plastics & Fiber) - Global Analysis & Forecast, 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/polyamide-market/66
Rising demand from automobiles applications
Polyamides are majorly used in automobiles industry. Automobile air intake manifolds were previously made from metal but, nowadays it is mainly manufactured using polyamide 6. Polyamide 4, 6 and polyamide 6, 6 are also used in manifolds. Substituting metal manifolds with polyamide helps in reducing production cost, it reduces system cost by part integration which contributes to higher fuel efficiency. It also reduces the weight of the vehicle. The demand for lightweight vehicles is growing therefore; it will positively impact the demand for polyamides over the coming years.
Growing demand from packaging applications
Polyamide 6 films are used in food packaging. Polyamide 6 (PA6) provide excellent barrier properties, it helps to seal the aroma in along with keeping oxygen out. It is mainly used in packaging of meats, fruit juices, dried foods, and cheese food products. Consumer packaging made from PA6 provides good strength, puncture & tear resistance. As the demand for processed food is increasing rapidly, the demand for polyamide will also witness exponential growth.
Fluctuating Prices of Raw Materials
Polyamides are made using raw material from petrochemicals. Any fluctuation in the prices of raw materials will directly impact the pricing of the final product. Moreover, owing to supply and demand imbalance of crude oil the prices are fluctuating which in turn will hampering the overall growth of the market. However, rise in production of bio-based polyamides is projected to off-set this challenge.
BASF SE, Honeywell International Inc., Li Peng Enterprise Co., Formosa Group and Du Pont de Nemours and Company are the major players operating in this market. Investments in R&D activities in the production of bio-based polyamide, merger & acquisition and new product launches are the key strategies adopted by the players present in this market. Other prominent players operating in this market are Royal DSM N.V., Solvay SA, Arkema SA H, Lanxess AG and Asahi Kasei Corporation.
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