Polyamides Market - Forecast(2023 - 2028)

Report Code: CMR 84066 Report Format: PDF + Excel

Polyamides Market Overview

The Polyamides Market size is forecast to reach US$ 35.5 billion by 2027, after growing at a CAGR of 5.2% during the forecast period 2022-2027. Polyamides are thermosetting plastics that are processed by injection molding and possess excellent thermal, mechanical, and chemical-resistant properties. They are used in a wide range of applications which include carpet fibers, knitted garments, flat panel display, cable guards, bearings, protective coverings, air coolers, automotive upholstery, and other applications. According to the German Association of the Automotive Industry (VDA), the global expenditure rose to US$ 51.5 billion in 2020, out of which the German automotive industry accounts for more than one-third of total global R&D expenditure in the automotive sector. An increase in demand from the automotive and textile industries acts as the major driver for the market. On the other hand, fluctuating prices of raw materials may act as a major constraint for the market.

COVID-19 Impact

There is no doubt that the COVID-19 lockdown has significantly reduced automotive, and production activities as a result of the shutdown of automotive sites, shortage of labor, and the decline of the supply and demand chain all over the world, thus, affecting the market. Studies show that the outbreak of COVID-19 sharply declined the production of automobiles in 2020 due to a lack of operations across multiple countries around the world. According to OICA (International Organization of Motor Vehicle Manufacturers), the production of automobiles decreased by 16% globally in the year 2020, compared to 2019. However, a slow recovery in the automotive industry has been witnessed across many countries around the world since 2021. For instance, recent insights from OICA states that the total automobile production in 2021 in Europe, America, Asia, and Africa increased by 25%, 17%, 28%, and 37% respectively in comparison to 2020.

In this way, a steady increase in automotive production activities is expected to increase the demand for polyamides since they are primarily used in the production of glass-reinforced plastics-based structural parts, engine covers, flat panel display, rocker valve covers, airbag containers, cable guards, and other interior and exterior parts of the automotive. This indicates a slow and steady recovery of the market in the upcoming years.

Report Coverage

The “Polyamides Market Report– Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Polyamides Industry.

By Product Type: Aliphatic Polyamides (PA 66, PA 6, PA 610, PA 11, PA 612, PA 12, PA 69, and PA 46) and Aromatic Polyamides (Aramid, Polyphthalamide).
By Application: Carpet Fibers, Knitted Garments, Flat Panel Display, Cable Guards, Bearings, Gears, Conveyor Belts, Sheet Gaskets, Sealing Rings, Protective Coverings, Air Coolers, Automotive Upholstery, Bearing Pads, Motor Insulators, Electronic Connectors, Medical Implants, Others.
By End-Use Industry: Automotive, Aerospace & Defense, Electrical & Electronics, Packaging, Medical, Food & Beverage, Textile, Others.
By Geography: North America (USA, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and the Rest of Asia-Pacific), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America), the Rest of the World (the Middle East, and Africa).

Key Takeaways

  • Aliphatic Polyamides held the largest share in the Polyamides Market in 2021. Its wide range of characteristics, along with its high melting point and excellent abrasion resistance made it stand out in comparison to other types of polyamide in the market.
  • Polyamide has a wide range of properties such as high abrasion resistance, high thermal resistance, wear resistance, and excellent noise dampening properties which makes them ideal for use in the automotive sector.
  • Asia-Pacific dominated the Polyamides Market in 2021, owing to the increasing demand for polyamide from the automotive sectors of the region. For instance, recent insights from OICA states that the total automobile production in 2021 in Asia-Pacific increased by 28% in comparison to 2020, which in turn, increased the demand for polyamides.
Figure: Asia-Pacific Polyamides Market Revenue, 2021-2027 (US$ Billion)

Global Polyamides Market
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Polyamides Market Segment Analysis – By Product Type

Aliphatic Polyamides held the largest share in the Polyamides Market in 2021 and is expected to grow at a CAGR of 5.3% between 2022 and 2027, owing to their increasing demand due to the characteristics and benefits it offers over other types of polyamides. For instance, aliphatic polyamides offer better resistance to abrasion, chemical, and corrosion in comparison to aromatic polyamides which include aramid, and polyphthalamide. They have higher electromagnetic resistance, higher strength, and flexibility as compared to aromatic polyamides. Furthermore, aliphatic polyamides offer excellent thermal resistance, wear resistance, UV light resistance, flame resistance, and noise dampening properties. Hence, all of these properties and benefits of aliphatic polyamides are driving its demand over other types of polyamides, which in turn, is expected to boost the growth of the market during the forecast period.

Polyamides Market Segment Analysis – By End-Use Industry

The automotive industry held the largest share in the Polyamides Market in 2021 and is expected to grow at a CAGR of 5.5% between 2022 and 2027, owing to the properties of polyamide that is driving its demand in the automotive sectors across the globe. Polyamides are primarily used in the structural and decorative components and electronic components of an automobile. They are also used as a substitute for metals in order to reduce automotive system costs and to integrate lighter components to increase fuel efficiency. For instance, recent insights from the European Automobile Manufacturers' Association (ACEA) states that total passenger car production during the fourth quarter of 2020 reached around 34 million in Asia-Pacific, 14 million in Europe, 1.3 million in the Middle East/Africa, 1.7 million in South America, and 9.6 million in North America respectively. This, in turn, increased the demand for polyamides for use in structural parts, engine covers, flat panel display, airbag containers, cable guards, and other interior and exterior parts of the automotive Hence, such new automotive production is expected to drive the market growth during the forecast period.

Polyamides Market Segment Analysis – By Geography

The Asia Pacific held the largest share in the Polyamides Market in 2021 up to 28%. The consumption of polyamide is particularly high in this region due to its increasing demand from the automotive sector. For instance, a recent study published by the OICA (International Organization of Motor Vehicle Manufacturers) during the fourth quarter of 2020 states that around 25 million, 3.5 million, 8 million, and 3.4 million units of vehicles were produced in China, South Korea, Japan, and India, respectively, which in turn, contributed to approx. 50% of the global automobile production during the year 2020. Likewise, according to the Department of Promotion Industry and Internal Trade (DPIIT), the Indian Automobiles market invested around US$ 24.5 million worth of FDI (Foreign Direct Investment) during the year June 2020.

In this way, an increase in production from the automotive industry in the region is expected to increase the demand for polyamide since it is primarily used in automotive cooling systems, flat panel display, cable guards, along with other automotive upholstery, thus, resulting in the growth of the market during the forecast period

Polyamides Market – Drivers

An increase in automobile production is most likely to increase demand for the product

According to a recent study published by the German Association of Automotive Industry during the fourth quarter of 2020, the new registration of motor vehicles reached up to 16,763 units in Europe, 37,467 units in Asia, 3080 units in South America, 17,421 units in North America, 12,733 units in Western Europe, and 5180 units in other regions worldwide. According to a recent study published by the International Netherlands Group (ING), the global sales of new electric vehicles have increased by 50% in 2021 and it is expected to increase by 8% in 2022. Furthermore, according to the European Automobile Manufacturers Association (ACEA), the EU demand for new passenger cars significantly increased by 25.2% from January-June 2021 and reached around 5.4 million units in total. Hence, an increase in demand and production of motor vehicles is expected to increase the demand for polyamides for use in automotive parts and components. This is expected to accelerate the growth of the market in the upcoming years.

An increase in demand from the textile industry is most likely to increase demand for the product

Polyamides are primarily used in the production of fabric used in the textile industry. Polyamide fabrics are relatively cheaper, light-weight, and offer greater elasticity and flexibility. For instance, in July 2021, India announced the Non-Woven Fabric Manufacturing Expansion Project worth INR 220 million (US$ 2.9 million) in Himachal Pradesh. A recent article published on fibre2fashion states that Vietnam’s garment manufacturing business accounts for around 70% of the majority of businesses. It also states that the import of textiles and clothing by the United States increased by 26.79 % up to US$ 41.689 billion during the initial five months of 2021. Likewise, the value of U.S. man-made fiber, textile, and clothing shipments reached about US$ 64.4 billion in 2020. Furthermore, in 2021, United Nations Environment Programme (UNEP) announced the commencement of a new project that is targeted to provide the approval of eco-innovation along with the use of Product Environmental Footprint (PEF) within textile SMEs in Kenya, South Africa, and Tunisia.

In this way, an increase in textile operations across the world is expected to increase the demand for polyamide fabric, owing to its lower cost, and properties such as lightweight, greater elasticity, and flexibility. This is most likely to drive market growth in the upcoming years.

Polyamides Market – Challenges

Fluctuating prices of raw materials may cause an obstruction to the market growth

Most of high-performance polyamides are primarily derived from crude oil. When the availability of crude oil, additives, or other materials that are primarily used in the production of polyamide fluctuates, the overall cost of producing the polyamide increases. For instance, the Brent crude prices across the world decreased to US$ 9.12 per barrel on April 21, 2020, which was the lowest record since December 10, 1998. In April 2020, India’s Crude Oil Basket (COB) reached US$ 19.90 per barrel, which was the lowest record since February 2002. During the first 11 months of the year 2020-21, the average annual price of India’s COB was around US$ 42.72 per barrel, which decreased by 30% from the average COB price in 2019-20. Likewise, as per revised estimates for 2020-21, the COB has increased by around 35% from its initial budget estimate. Since October 2021, Vietnam has also witnessed a spike in demand for crude oil. According to the oil price, the price of light crude oil exceeded US$ 94.38 per barrel in February 2022, an increase of 3.63% that is equivalent to US$ 3.3, the highest record since November 2014. Similarly, the price of Brent crude oil also increased and reached up to US$ 95.39 per barrel, an increase of 1.98% which is equivalent to US$ 1.85. In this way, such fluctuating prices of crude oil may confine the growth of the market.

Global Polyamides Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Polyamides Market. Global Polyamides top 10 companies are:

  • BASF SE
  • AdvanSix Inc.
  • Ube Industries Ltd.
  • Domo Chemicals
  • Toray Industries, Inc.
  • Ashley Polymers Inc.
  • ·Ascend Performance Materials LLC
  • Toyobo Co. Ltd.
  • Lanxess AG
  • Huntsman Corporation

Recent Development

  • In January 2022, Solvay launched its new Omnix high-performance polyamide (HPPA) compound family primarily based on a 33% recycled content, including 70% PIR/PCR recycled resin. The new product combines the excellent mechanical properties of virgin semi-aromatic HPPA with lower water pickup, better flow, and better surface features.
  • In November 2021, Arkema announced its plan to launch a new bio-based polyamide 11 powder plant in China as a part of the company’s expansion plan in Asia. The plant is expected to become operational in the first quarter of 2023.
  • In January 2020, BASF acquired Solvay’s polyamide (PA 6.6) business. The main motive of the acquisition is to expand BASF’s polyamide capabilities with innovative solutions along with enhancing the company’s access to growth markets in Asia, North and South America.

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1. Polyamides Market- Market Overview
    1.1 Definitions and Scope
2. Polyamides Market - Executive Summary
    2.1 Key Trends by Product Type
    2.2 Key Trends by Application
    2.3 Key Trends by End-Use Industry
    2.4 Key Trends by Geography
3. Polyamides Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Polyamides Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Polyamides Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Polyamides Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Polyamides Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Polyamides Market – By Product Type (Market Size - US$ Million/Billion)
    8.1 Aliphatic Polyamides
        8.1.1 PA 66
        8.1.2 PA 6
        8.1.3 PA 610
        8.1.4 PA 11
        8.1.5 PA 612
        8.1.6 PA 12
        8.1.7 PA 69
        8.1.8 PA 46
    8.2 Aromatic Polyamides
        8.2.1 Aramid
        8.2.2 Polyphthalamide
9. Polyamides Market – By Application (Market Size - US$ Million/Billion)
    9.1 Carpet Fibers
    9.2 Knitted Garments
    9.3 Flat Panel Display
    9.4 Cable Guards
    9.5 Bearings
    9.6 Gears
    9.7 Conveyor Belts
    9.8 Sheet Gaskets
    9.9 Sealing Rings
    9.10 Protective Coverings
    9.11 Air Coolers
    9.12 Automotive Upholstery
    9.13 Bearing Pads
    9.14 Motor Insulators
    9.15 Electronic Connectors
    9.16 Medical Implants
    9.17 Others
10. Polyamides Market – By End-Use Industry (Market Size - US$ Million/Billion)
    10.1 Automotive
    10.2 Aerospace & Defense
    10.3 Electrical & Electronics
    10.4 Packaging
    10.5 Medical
    10.6 Food & Beverage
    10.7 Textile
    10.8 Others
11. Polyamides Market - By Geography (Market Size - US$ Million/Billion)
    11.1 North America
        11.1.1 USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherlands
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
        11.5.2 Africa
12. Polyamides Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs, and Partnerships
13. Polyamides Market – Industry/Segment Competition Landscape Premium
    13.1 Company Benchmarking Matrix – Major Companies
    13.2 Market Share by Key Geography - Major companies
    13.3 Market Share at Country Level - Major companies
    13.4 Market Share by Key Product Type/Product category - Major companies
14. Polyamides Market – Key Company List by Country Premium Premium
15. Polyamides Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"*Financials would be provided on a best-efforts basis for private companies"