Polyamide Market Size is Projected To Reach USD 40.6 Billion By 2028, Growing at a CAGR of 5.4% - Valuates Reports
BANGALORE, India, July 12, 2021 /PRNewswire/ -- Polyamide Market by Type (Aliphatic Polyamides and Aromatic Polyamides), Application (Polyamide Fibers & Films and Engineering Plastics), and End-use Industry (Automotive, Electrical & Electronics, Textile, Construction, Packaging, Consumer Goods, and Others). It is published in Valuates Reports under Oral & Dental Care Category.
The global Polyamide Market size was valued at USD 26.7 Billion in 2020 and is projected to reach USD 40.6 Billion by 2028, growing at a CAGR of 5.4% from 2021 to 2028.
Major factors driving the growth of the polyamide market:
Increasing application of polyamide including automotive sector where they are used to replace metal parts to decrease overall weight and to cut down system costs of the vehicle.
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TRENDS INFLUENCING THE POLYAMIDE MARKET
The increasing use of polyamide in automobiles is driving the growth of polyamide market size. the surge in its demand in this segment. This polymer is increasingly being used by automotive makers to reduce system costs and integrate components in order to improve vehicle fuel efficiency. This pattern is predicted to fuel product demand in the automobile industry.
Engine covers and airbag containers are two more prominent uses of the product in the automotive industry. Airbags are now a mandatory element in modern automobiles, particularly passenger cars, due to stringent safety regulations. Increased passenger car sales, particularly in emerging nations, are likely to boost polyamide demand in automotive applications even further.
Because of its great temperature resistance, this polymer is predicted to become more popular as lead-free soldering becomes more prevalent in electronics manufacturing. It's commonly utilized in electronic interconnections as well as conveyor systems and trays as a shielding material. Over the projected period, the rising electrical and electronics industry is likely to increase the growth of the polyamide market size.
Furthermore, the shift in the trend toward the manufacture of bio-based polyamide and the increase of R&D activity in the industry is projected to benefit market players significantly.
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POLYAMIDE MARKET SHARE ANALYSIS
Based on type, the aliphatic polyamides segment accounted for the largest share of the market, owing to increased demand for polyamide in automotive and packaging components, as well as electrical components. During the projection period, this tendency is likely to continue.
Based on application, the polyamide fibers and films segment is expected to be the most profitable. The polyamide fibers and film segment contribute significantly to the growth of the polyamide market. The growing demand for materials to package microwavable food products is one of the key drivers of the nylon film industry.
Based on the end-user industry, With a 30.4% market share, the automotive category is predicted to lead the global market and continue to do so during the projection period. The most frequent polyamide engineering polymers used in automobiles are radiator fans, gasoline tanks, oil filter housing, and speedometer gears.
Based on region, In terms of value, Asia-Pacific is predicted to dominate the polyamide market, accounting for roughly 33.8 percent of the market in 2020. Furthermore, due to an increase in automotive and food packaging applications, Asia-Pacific has emerged as a prominent regional polyamide market.
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Key Market Segments
By Type
- Aliphatic Polyamides
- Aromatic Polyamides
By Application
- Polyamide Fibers & Films
- Engineering Plastics
By End-use Industry
- Automotive
- Electrical & Electronics
- Textile
- Construction
- Packaging
- Consumer Goods
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
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SIMILAR REPORTS :
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