Bio-Polyamide, Specialty Polyamide and Precursors Market Is Expected To See a growth of 6%
During the anticipated period, the market for bio-polyamide, specialty polyamide, and precursors market is anticipated to grow at a CAGR of 6%. The market is anticipated to be worth US$ 185.47 million in 2022 and US$ 332.15 million by 2032.
Polyamide is among the more dominant of engineering plastics with applications in various end-user industries including automotive, electronics, construction, sports equipment and consumer goods. Polyamide, also known as nylon occurs in nature in form of silk and wool and can be produced artificially through polymerization.
Polyamide-66 and polyamide-6 are among the most dominant artificially made polyamide employed mainly in the production of fibers. Polyamides such as polyamide-11, polyamide-12 are employed primarily as engineering plastics.
Undecanoic acid and sebacic acid derived from castor oil are among the most dominant raw materials used in the production of bio based polyamide. Owing to the eco logical benefits, bio based polyamides are gaining acceptance and are anticipated to be the fastest growing product segment during the forecast period.
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Caprolactam, Adipic Acid and Hexamethylenediamine are dominant precursors for polyamides. Caprolactam, a monomer of polyamide 6 is the most dominant precursor. Automotives is the largest application segment for polyamide and the trend is expected to continue in the near future. Demand for polyamide in packaging applications is expected to outdo other application segments in terms of growth rate during the forecast period.
Several end user industries for polyamide include consumer goods hence, GDP growth rate and increasing disposable income of people in a region are some of the important determinants for polyamide demand in a region.
Characteristics such as light weight, abrasion resistance and chemical resistance of polyamide make polyamides suitable for transportation applications. Transportation applications have been a major factor driving demand for polyamides. Castor oil is the most dominant raw material employed in the production of bio based polyamide.
India is among the leading suppliers of castor oil and is also expected to be among the fastest growing region for the demand of bio-polyamide, specialty polyamide and precursors. Growing investment in the emerging economies of India, China and Brazil is expected to drive market growth during the forecast period.
Petroleum based products are used in the production of several specialty polyamide. Therefore, volatile pricing of raw material has been a major restraint for these polyamides. Increasing research and development activities to improve efficiency of bio based polyamide is expected to offer huge growth opportunity in the market.
Asia Pacific dominates the global demand for bio-polyamide, specialty polyamide and precursors and the trend is expected to continue during the forecast period. Increasing industrial investment and high economic growth rate in the emerging economies of India and China has been a major factor driving demand for bio-polyamide, specialty polyamide and precursors in the region.
China dominates the global bio-polyamide, specialty polyamide and precursors both in terms of production and consumption. North America is the second largest consumer for polyamides.
Demand for bio-polyamide, specialty polyamide and precursors in North America and Europe is anticipated to grow at a sluggish rate primarily owing to market saturation in various end user industries. Emerging economies in South America are anticipated to drive the demand for polyamide in the RoW region.
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Bio-polyamide, specialty polyamide and precursors market is concentrated and dominated by few major players. Ascend Performance Materials Inc., E. I. du Pont de Nemours and Company, Honeywell International Inc., Li Peng Enterprise Co., Shenma Industrial Co. Ltd., Nantong Jingshan Polyamide Fibre Co., Ltd., Synergy Polymers are some of the major players in the bio-polyamide, specialty polyamide and precursors market.
This research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically-supported and industry-validated market data and projections with a suitable set of assumptions and methodology. It provides analysis and information by categories such as market segments, regions, product types and distribution channels.