According to the latest report by Reports and Data, the forecast period is expected to witness the polyamide market size reaching USD 62.10 billion by 2030, with a revenue compound annual growth rate (CAGR) of 6.2%. The significant revenue growth in the polyamide market can be attributed to various factors, including increased investments and research and development (RD) in bio-based and specialty polyamides, as well as a rise in disposable income.
Polyamide finds application in the manufacturing of automobile components such as hydraulic clutch lines, headlamp bezels, automotive cooling systems, air intake manifold, and airbag containers. Nylon is used to make automobile air intake manifolds, replacing metals and resulting in a 30% reduction in production costs, a 50% weight reduction, cost reduction through parts integration, and improved fuel efficiency. Nylon is also used in engine covers due to its ability to allow thinner-walled designs. Plastic chain tensioner guides made of PA 46 are promoted by manufacturers for powertrains as they offer better wear performance compared to high molecular weight PA 66, along with enhanced safety and reduced noise generation.
The emergence and rapid growth of electrically-powered road vehicles have become significant factors in assessing the automotive outlook and the resulting demand for polymers. The electrification of vehicle fleets has gained momentum in recent years, driven by favorable regulatory policies, changing consumer perceptions, and the development of affordable electric vehicle models by the automotive industry. Governments are focusing on vehicle electrification by incentivizing electric vehicle manufacturers, framing policies to promote electric vehicles, and allocating budgets for infrastructure development, leading to an increased demand for automobiles. Polyamide is also used in exterior automotive parts like doors, tailgate handles, exterior mirrors, front-end grilles, and wheel covers and trim. As the penetration of electric vehicles in the market increases, the demand for polyamide materials is expected to rise, driving market revenue growth.
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The report highlights that in 2021, the PA 6 segment accounted for the largest market revenue share among the product types. PA 6 has established reliability, utility, and supportive economics based on cost and performance in various applications. Its excellent surface finish, even under reinforced conditions, makes it suitable for applications where aesthetics are crucial. PA 6 is used in manufacturing air intake manifolds, airbag containers, and exterior automotive parts such as door and tailgate handles, exterior mirrors, and front-end grilles in automobiles. It is also utilized for electronic connectors and offers strength, tear resistance, and puncture resistance in packaging applications, including medical blister packs.
Among the application segments, the engineering plastics segment held the largest revenue share in 2021 and is expected to exhibit a faster revenue CAGR during the forecast period. Engineering plastics are used in structural applications that require efficient performance across a wide temperature range, under mechanical stress, and in challenging chemical and physical environments. Compared to metals, engineering plastics offer advantages such as transparency and non-electrical conductivity. The extensive use of engineering plastics across various end-use industries is expected to drive revenue growth in this segment.
Polyamide Market: Drive factors
There are several key drive factors contributing to the growth of the polyamide market:
1. Increasing Investments and RD: The polyamide market is experiencing rapid growth due to significant investments in research and development activities. Companies are focusing on the development of bio-based and specialty polyamides, which offer improved performance and sustainability features.
2. Rise in Disposable Income: The growth in disposable income, particularly in emerging economies, is fueling the demand for automobiles and consumer goods. Polyamide is extensively used in various automotive and consumer applications, such as manufacturing automobile components, electrical and electronics products, and textiles, thereby driving market growth.
3. Automotive Industry Applications: Polyamide finds widespread use in the automotive industry for manufacturing lightweight and durable components. It is utilized in the production of automobile parts like hydraulic clutch lines, headlamp bezels, air intake manifolds, and engine covers. The increasing demand for lightweight and fuel-efficient vehicles is propelling the adoption of polyamide in the automotive sector.
4. Electrification of Vehicles: The emergence and rapid growth of electric vehicles (EVs) have become a significant driver for the polyamide market. Favorable government policies, changing consumer perceptions, and the development of affordable electric vehicle models are leading to a surge in EV adoption. Polyamide is extensively used in EV components, including air intake manifolds, exterior parts, and powertrain applications, further driving the demand for polyamide materials.
5. Stringent Regulations: Governments worldwide are implementing stringent regulations to promote sustainability and reduce carbon emissions. These regulations focus on improving fuel efficiency, reducing vehicle weight, and enhancing safety standards. Polyamide, with its lightweight and strong characteristics, is playing a crucial role in meeting these regulatory requirements, thus driving its market growth.
Overall, factors such as increasing investments, rise in disposable income, automotive industry applications, vehicle electrification, stringent regulations, growing end-use industries, and the expanding Asia-Pacific market are driving the growth of the polyamide market.
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