Global polyamide market is expected to witness significant growth due to its increasing consumption in major end-use industries such as automotive, machinery and consumer goods. Polyamide is widely used in automotive, textiles, packaging and electronics applications. Growing automotive production in countries such as China, Brazil, India, Mexico and Korea along with major manufacturing regions such as Western Europe, Japan and U.S. is expected to drive polyamide demand. Polyamide application in automotives includes airbag containers and engine covers. Growing importance for safety standards in automotives and subsequent legislations making airbags mandatory is expected to further strengthen polyamide demand. Polyamide holds good electrical, mechanical, and thermal properties. Owing to these properties, polyamide finds application in electronics industry. Growing electronics consumption globally is expected to augment the global polyamide market growth. Growing polyamide demand in sporting goods and textiles on account of their increasing consumption is expected to further complement the global market growth over the forecast period.
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Commercially polyamide is available as polyamide 6-6, polyamide 6, and bio-based polyamide which find specific application according their functional properties. Polyamide 6 is widely used in food packaging applications owing to its excellent barrier properties. Increasing packaged food demand is expected to drive polyamide demand in the abovementioned application. Growing environmental concerns has led to increasing demand for recyclable and biodegradable products among consumers. This trend is expected to remain a key factor driving bio-based polyamide demand over the forecast period.
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Asia Pacific emerged as the largest regional market and is expected to witness significant growth over the forecast period. Growing automotive and electrical & electronic industries in the region are expected to drive the market growth. Growing food packaging market in Latin America and Asia Pacific on account of increasing processed food demand is expected to further complement the respective regional markets. North America and Europe are expected to register sluggish growth rates owing to stringent regulatory policies by EPA, ECHA and FDA. However, increasing penetration of bio-based polyamide in these regions is expected to offset this problem.
Global Polyamide market is fragmented in nature with multiple participants at regional level. Major companies are indulged in R&D to develop solutions for new product development. Few key players operating in the global market include Koch Industries, Honeywell, DuPont, Huntsman Corporation, Radici Group, Lanxess, and DSM N.V.
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