Polyamide Market to Undertake Strapping Growth During 2023

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Polyamide is a polymer with versatile properties and high demand in various end user segments such as automotives, textile, electronics, machinery, packaging and coatings among others. Polyamides occur naturally in form of wool, silk among others and can be synthesized artificially. Nylon, polyamide 6 and aramid are amongst artificially made polyamides. Artificial polyamides exhibit properties such as resistance to wear, good mechanical properties, low permeability to gases and chemical resistance. Bio-based polyamides are gaining demand in market owing to its eco- friendly nature. Polyamide 6 is dominant type among polyamides in terms of revenue and consumption owing to its cost to performance factor.

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Growing automotive industry in developed and developing countries is expected to drive the polyamide market. Polyamides are preferred by automotive manufactures due to their high performance at low cost. Owing to current rise in raw materials prices in automotive industry, manufacturers are shifting towards polyamides for various applications such as coatings and films. The growth in automotive industry is due to the rising disposable income of consumers and increase in transportation activities across the world. Increasing demand from applications in electronics and coatings industry is expected to drive the market. Increase in the construction activities and rising population are major driving factors for electronics and coatings industry. Low cost of production and high performance factors such as chemical & wear resistance and insulation makes polyamide ideal choice to be used in electrical and electronic applications.

Research and development in the field of bio-based and specialty polyamide for different applications is expected to provide immense opportunities for players in the near future. The manufacturers, associations and end product manufactures are investing in R&D activities. Polyamide applications in food contact & domestic products and specialty polyamides in automotive to replace metals are expected to provide opportunities for players in this market. Technology modifications such as bio-based polyamide are expected to drive the market in near future owing to eco-friendly properties. Government regulations and rising health awareness in developing countries are expected to fuel the bio-based polyamide market in the near future.

Complex manufacturing process of polyamide and availability of the precursors are expected to hamper polyamide market growth. Degrading properties due to moisture absorption is another factor which may hamper market growth. Companies are developing bio-based and specialty polyamides for different applications including medical. For instance, Akrema launched specialty polyamide, Pebax, Rilsan and Rilasmid, which are of medical grade. These specialty polyamides offer advantage over other polyamides with unique specifications such as gel rating, moisture content and viscosity.

North America and Europe are dominating the polyamide market with growing demand from automotive and electronics industry. Major players are located in the same region with high production capacities and R&D centers. Growing demand from Asia-Pacific region and other developing countries due to increased applications of the polyamide is expected to boost the market. The Eastern and Central European countries, South East Asian and Latin American nations are expected to experience higher growth owing to increase in auto sales, rising construction activities, improving civil infrastructure by government and other events.

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The key players in the polyamide market are BASF SE, Honeywell International Inc. Formosa Group, Invista, Li Peng Enterprise Co., Du Pont de Nemours and Company, Radici Group, Royal DSM N.V., Solvay, Ascend Performance Materials Inc. Shenma Industrial Co. Ltd., Huntsman, Koch industries, Royal DSM N.V., Lanxess, Rhodia, Arkema and others

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