The report “Polyamide Market by Type (Polyamide 6, Polyamide 66, Bio-Based & Specialty polyamide), Application (Engineering Plastics, Fiber), and Region (North America, Europe, Asia Pacific, South America, Middle East & Africa) – Global Forecast to 2028″, is projected to grow from USD 43.8 billion in 2023 to USD 55.7 billion by 2028, at a CAGR of 4.9% from 2023 to 2028. Growing demand for lightweight materials in the automotive industry to provide increased efficiency and design flexibility has paved its way for the growth of polyamide market. Furthermore, bio-based & specialty polyamides are gainifiberng demand in the market owing to their eco-friendly nature.
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- 274 Market data Tables
- 44 Figures
- 242 Pages and in-depth TOC on “Polyamide Market – Global Forecast to 2028”
Some of the prominent key players are:
- BASF SE (Germany)
- Celanese Corporation (US)
- Arkema (US)
- Asahi Kasei Corporation (Japan)
- Evonik Industries AG (Germany)
- Kuraray Co., Ltd. (Japan)
- Toray Industries, Inc. (Japan)
- Envalior (Germany)
- UBE Corporation (Japan)
- Formosa Chemicals & Fibre Corp. (Republic of China)
- SABIC (Saudi Arabia)
Driver: Increased usage in vehicles for weight reduction
The use of polyamide in the automotive sector dates to 1950. Polyamide is an ideal solution for vehicle weight reduction. It is also cheaper in unit cost in comparison to metals, which makes it an economic alternative. In the coming years, aluminum or steel consumption in automotive manufacturing is expected to reduce significantly, as weight reduction is expected to be the most important factor for R&D in automotive. It is believed that the future of the automotive industry is hybrid and electric vehicles, which is expected to propel the demand for the polyamide market during the forecast period.
Restraint: Growth in the number of substitutes used in various applications
One of the common engineering plastic materials is polyamide, also known as nylon. Even though, it is tough and durable, engineers always seek for other substitute materials that can do the job just as well or even better. For example, polycarbonate is an alternate used for clear and strong plastics, like in phones or car parts. Special plastics like polyimides or PEEK are utilized over polyamide for application in hot temperatures. Thus, growth in number of substitutes is expected to hamper the growth of polyamide market.
By region, the Middle East & Africa is estimated to be the fastest growing segment of the global polyamide market during 2023 to 2028.
By region, Middle East & Africa is estimated to account for the fastest-growing region of polyamide market from 2023 to 2028. The automotive, power, manufacturing sectors, and infrastructural developments are the key drivers for engineering plastics such as polyamide in Middle East & Africa. UAE and Saudi Arabia are the major markets in the region. These are supported by rising income and increased demand for electronics products which boost the polyamide demand in the region.
