Polyamide Market worth USD 40.6 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Polyamide Market by Type (Aromatic Polyamides and Aliphatic Polyamides), by Application (Polyamide Fibers & Films and Engineering Plastics), by End-Users (Automotive, Consumer Goods, Electrical & Electronics, Textile, Construction, Packaging, and Others), by Region – Global Share and Forecast to 2027". The global polyamide market size is expected to grow USD 40.6 billion by 2027 from USD 26.7 billion in 2020, at a CAGR of 5.4% during the forecast period. Electrical & electronics is a fast-growing segment. Polyamide-6 compounds are used in a variety of E&E components, including mobile phone connectors, connectors, computer motherboards, terminal blocks, circuit breakers, power tool housing, and more, due to a combination of excellent electrical and mechanical properties such as toughness, good dielectric strength, flame retardant properties, and insulation resistance. As polyamide-6 is a cost-effective condensing polymer, that attracts manufacturers of electrical protective devices to use PA 6 in their offerings. Furthermore, during the last few years, the usage of nylon 6 in various electrical and electronic applications has demonstrated its cost- and performance-based reliability, usefulness, and supportive economics. Thus, the market for polyamide-6 is anticipated to experience growth during the forecast period owing to a surge in demand for electrical and electronic devices in emerging economies.

Global Polyamide Market Segmentation

The overall polyamide market has been segmented into type, application, end-users, and region.

• By Type (Aromatic Polyamides and Aliphatic Polyamides)
• By Application (Polyamide Fibers & Films and Engineering Plastics)
• By End-Users (Automotive, Electrical & Electronics, Textile, Construction, Packaging, Consumer Goods, and Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Polyamide fibers & films, by application, is estimated to hold the largest market share during the forecast period

Based on the application, the polyamide market is segmented into polyamide fibers & films and engineering plastics. In 2020, the polyamide fibers & films segment generated the highest market share of 56.4% in the polyamide market. Polyamide (PA), generally known as nylon, is a transparent and printable thermoplastic with a high melting point, high strength and toughness, and good oxygen barrier qualities. It is also scratch, puncture, and flex-crack resistant. Grease, oil, and acidic foods do not dissolve or absorb it. These characteristics make PA an excellent choice for both conventional and microwave cooking.

The polyamide fibers and films category substantially contributes to the polyamide market's growth. One of the major drivers of the nylon films market is the growth in the demand for materials for packaging microwavable food products. The demand for packaged food products is also being driven by increasing people's disposable money. As a result, the market for nylon films is growing. Furthermore, the rapid expansion in urbanization in Asia-Pacific's developing economies is likely to boost the growth of the nylon films market during the forecast period, resulting in increased demand for nylon films in end-use sectors such as personal care, pharmaceuticals, and domestic care. In addition, nylon fibers are extremely strong, supple, and elastic, outperforming polyester fibers. The fibers are robust and abrasion-resistant, and they are simple to wash and dye in various colors.

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Asia Pacific accounts for the largest market share in the polyamide market in 2020

Based on the regions, the global polyamide market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, the Asia Pacific region generated the highest market share of 38.8% in the polyamide market. China has the world's largest vehicle manufacturing industry. Polyamides are most commonly used in the automotive industry. There is a surge in need for polyamides in the automotive sector.

Globally, China registered the largest defense spending after the U.S. By 2033, the aviation sector in the country is estimated to have accumulated roughly 6,000 aircraft planes. The increase in passenger numbers prompted the government to expand its investment in the manufacturing of new flights, which boosted the consumption of polyamide. The demand for smartphones, OLED TVs, tablets, and other electronic items increased fastest in the consumer electronics market. The demand for electrical items is expected to rise in the future, with the increase in the disposable income of the middle-class population. This boosts the growth of the polyamide market. Furthermore, countries such as India and Japan provide a favorable portion of the market and are likely to contribute to its growth throughout the forecast period.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the polyamide market. It also consists of leading companies such as Evonik Industries AG, Ascend Performance Materials LLC, Arkema SA, BASF SE, Gujarat State Fertilizers & Chemicals Limited, Lanxess, Radici Group, Mitsubishi Chemical Holdings, Koch Industries, and Royal DSM. These market players have focused on acquisitions and expansion to gain a larger market share in the polyamide market.

Browse complete report: https://www.marketstatsville.com/polyamide-market

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