Market Analysis
Global Polyamide Market is estimated to reach the highest growth at a CAGR of over 5% to surpass USD 38.56 Billion during the review period. Polyamide is a polymer that features recurring amide groups (R―CO―NH―R′) as essential parts of the main polymer chain. It is produced from the production of polyamide are hexamethylenediamine, adipic acid, and caprolactam, among others.
The Global Polyamide Market is estimated to witness a substantial growth due to the rising use of polyamide in the automotive industry in various applications such as engine compartments, radiator systems, fuel supply systems, interior and exterior components, and electrical systems. Furthermore, the rising requirement for nylon fibers in the production of technical textiles is further expected to drive the growth of the market in Asia-Pacific. Polyamide has various applications in an expansive range of industries, including textile, automotive, electrical & electronics, medical, and packaging, among others. Nonetheless, the fluctuating crude oil prices have affected the manufacturing of petrochemicals, hence the volatile raw material prices are expected to hinder the growth of the global polyamide market during the study period.
Market Segmentation
The Global Polyamide market has been categorized by Type, Class, Application, and End-Use Industry.
Based on the type segment, the global market has been categorized into PA 6, PA 66, and bio polyamides & specialty polyamides. PA 6 is expected to drive the fastest growth with a market share of 51% during the forecast period.
By Class type, the polyamide market has been bifurcated into aliphatic polyamides (nylon class) and semi-aromatic & aromatic polyamides. Fibers, wire & cables, 3D printing, sports equipment, engine components, brakes & transmission parts, and household goods & appliances, among others, are the key application segments covered under the scope of the study. The 3D printing segment is expected to be one of the fastest-growing segments in the global market, while the engine components segment is expected to hold the highest share in the global market.
By end-use industry, the global polyamide market has been categorized into automotive, electrical & electronics, textile, aerospace & defense, packaging, consumer goods, others. The automotive industry held the highest share in the polyamide market in 2018 and is expected to register a CAGR of 5.5% during the assessment period.
Regional Analysis
Geographically, the Global Polyamide Market has been segmented into Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia-Pacific is expected to dominate the market due to the positive outlook of the automotive and textile industries in the emerging economies of the region. In 2018, Asia-Pacific contributed the 55% market share with a market value of approximately 15 billion. The surging technical textile industry in Asia-Pacific is expected to drive the growth of the global polyamide market during the review period. In 2018, North America was accounted for the second-largest market for the global polyamide market followed by Europe.
Key Players
The Key Players in the Global Polyamide Market are BASF SE (Germany), Evonik Industries AG (Germany), Lanxess (Germany), Arkema (France), DuPont (US), EMS-CHEMIE HOLDING AG (Switzerland), Mitsui Chemicals, Inc (Japan), Toray Industries Inc (Japan), KOLON PLASTIC INC (South Korea), and AdvanSix Inc (US).
Some of the key strategies followed by the players operating in the global polyamide market are expansion, product development, and agreement.
COVID 19 Impacts
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