Polyamide Market To Deliver Prominent Growth & Striking Opportunities Scenario to 2028

Polyamide Industry Overview

The global polyamide market size is expected to reach USD 53.32 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.2% from 2021 to 2028. Increasing adoption of polyamide in numerous industries, including automotive, electrical and electronics, consumer goods and appliances, packaging, and textiles is projected to fuel the market growth during the forecast period. Polyamides are widely used in the exterior parts of vehicles such as front-end grilles, fuel caps, wheel covers, doors, exterior mirrors, and tailgate handles.

 

Polyamide Market Segmentation

Grand View Research has segmented the global polyamide market based on product, application, and region:

 

Based on the Product Insights, the market is segmented into Polyamide 6, Polyamide 66, Bio-based Polyamide, and Specialty Polyamides

• Polyamide 6 dominated the market in 2020 and accounted for a revenue share of more than 50.0%. It is anticipated to maintain its lead over the forecast period. The use of polyamide 6 in various applications over the past few years has established its reliability, utility, and supportive economics on the basis of cost and performance.
• PA 66 has enhanced properties in comparison to PA 6, which is triggering its demand in thermally and mechanically stressed moldings. Its shorter and stronger bond, which provides it a denser and tighter structure, makes it useful for high-temperature applications. This makes it useful in the manufacturing of friction bearings, radiator caps, and tire ropes.
• Bio-based polyamides are gaining traction due to the rising environmental concerns resulting from the consumption of fossil fuel-based polyamides. Their improved chemical resistance, low moisture absorption rate, and higher impact strength compared to their traditional counterparts have increased their usage in many applications, such as cable jackets, carpets, tires, sporting goods, and flexible oil and gas hoses.

 

Based on the Application Insights, the market is segmented into Engineering Plastics and Fibers

• The engineering plastics segment dominated the market in 2020 and captured a revenue share of over 55.0%. The engineering plastics segment includes automotive, electrical and electronics, consumer goods and appliances, packaging, and others. The automotive segment emerged as the leading segment in 2020. Polyamide is used to manufacture hydraulic clutch lines, headlamp bezels, automotive cooling systems, air intake manifold, and airbag containers.
• In the fibers segment, textile accounted for the largest revenue share of more than 60.0% in 2020. However, the COVID-19 pandemic outbreak has impacted the consumption power of the consumers, which has decreased the demand for apparel and negatively impacted the growth of the textile industry. However, the demand for face cover has grown significantly due to the outbreak of COVID-19, which is expected to have a positive impact on the textile industry. Thereby, creating demand for polyamide in textile applications.

 

Polyamide Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa

 

Key Companies Profile & Market Share Insights

The market is characterized by the presence of key players, along with a few medium and small regional players. Established players such as BASF are implementing different strategic initiatives giving them an edge over their competitors.

Some prominent players in the global polyamide market include:

• BASF SE
• AdvanSix Inc.
• Ube Industries Ltd.
• Domo Chemicals
• Toray Industries, Inc.
• Ashley Polymers Inc.
• Ascend Performance Materials LLC
• Toyobo Co. Ltd.
• Lanxess AG
• Huntsman Corporation
• Goodfellow Group

 

Order a free sample PDF of the Polyamide Market Intelligence Study, published by Grand View Research.