Bio-based & Synthetic Polyamide Market Size

Bio-based & Synthetic Polyamide Market Size

Global Bio-based & Synthetic Polyamide Market size was registered at about USD 30 billion in 2020 and is expected to showcase considerable growth at a CAGR of 5.3% from 2021 to 2027. The increasing product applications in the packaging industry and the growing demand for polyamides in various end-user industries, such as electrical & electronics, automotive, construction, and textiles, is augmenting the business growth.

Polyamide has been actively looked at as a replacement for metals to minimize the weight of automotive, consumer goods, and various electronic products. Bio-based & synthetic polyamides primarily exhibit a good coefficient of friction, high wear resistance, increased temperature resistance, and impact properties.

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The packaging industry is witnessing significant growth due to growth in various end-user industries, particularly increased demand for packaging in the food & beverage and e-commerce industries. In the food packaging system, bio-based & synthetic polyamides are often utilized as they provide strength & toughness and possess excellent heat resistance properties along with moisture resistance.

According to the World Packaging Organization, global packaging industry turnovers was over USD 900 billion in 2019 and is expected to witness moderate growth over the next few years. Increased product application as a packaging material is expected to drive the bio-based & synthetic polyamide market share from 2021 to 2027.

Easy availability of substitutes and stringent government regulations are factors that are likely to hamper the bio-based & synthetic polyamide market growth during the forecast period. Moreover, the recent COVID-19 pandemic has negatively impacted the industry size due to the economic slowdown experienced by various countries

Various end-user industries were severely impacted due to stringent lockdowns imposed by various governments around the world. However, as the restriction on various end-user industries is on the retreat, product demand is also expected to come back to normal. Moreover, increasing applications of bio-based & synthetic polyamides in the automotive industry along with the electrical & electronics industry are expected to positively impact the market.