Polyamide resins market size is set to show notable expansion over 2021-2027 due to increasing incursion in the electronics & electrical, automotive, chemical, textile, and fiber industries. Along with the rising penetration of e-books and internet, higher adoption of magazines, newspapers, and books is expected to drive the demand for inks and printing. The ongoing advances in lead-free soldering across the electronic connectors sector will also positively drive product penetration.
Polyamide resins are high-density, opaque polymers that offer superior strength and heat tolerance in under-the-hood automotive applications in comparison to other polymers. The influx of flexographic printing techniques along with the shifting inclination towards paper-based packaging materials is another trend influencing the market progression.
However, the presence of severe environmental regulations imposed on the product use along with its complex manufacturing process may negatively impede market growth to a considerable extent.
With respect to type, the polyamide resins market is bifurcated into dimer acid-based (DAB) polyamide resins and polyamide-epichlorohydrin resins. The DAB polyamide resins segment will expand with the rising need to offer diverse properties and synthesize hot melt adhesives. There is a growing requirement for reactive DAB polyamides in flooring applications. Moreover, the increasing usage as curing agents for epoxy resins in the production of surface coatings and adhesives will create a positive impetus to the market dynamics.
Based on application, the overall industry share from inks & printing sector will show lucrative growth driven by a higher focus on limiting chemical as well as wear resistance on materials-based applications. Increasing adoption of the product in flexographic inks for enhancing certain properties, specifically in flexible packaging applications will play a pivotal role in the market expansion.
Asia Pacific is expected to record substantial consumption of polyamide resins through 2027 due to significant strides in the automotive and chemical sector, notably across India and China. The booming automotive production rate in the region has stirred the rising requirement of engineering thermoplastics. A vast number of foreign automobile companies are also expanding their manufacturing base in the country. Growing preference for packed food, hiking household incomes, and the flourishing retail sector are other factors driving the regional market growth.
Prominent polyamide resins manufacturers and suppliers include Cytech Coatings Private ltd, Thomas Swan & Co. Ltd., Mitsubishi Chemical Holdings, The Dow Chemical Company (Dow Inc.), Royal DSM, Solvay SA, Lanxess, RI Chemical Corporation, Arizona Chemical (AZ Chem A.B.), Toyobo Co., Ltd., The Ensinger Group (Ensinger Holding Gmbh & Co. Kg), Gabriel, Anqing Hongyu Chemical Co. Ltd, Jinan Tongfa Resin Co., Ltd., Merck KGaA (E. Merck KG), RITEKS, and MPD Industries Pvt. Ltd.
These chemical firms are striving towards targeted marketing initiatives, namely partnerships, acquisitions, production expansions, and investments to proliferate their geographical presence and to reinforce their competitive stronghold.
For instance, in January 2020, BASF acquired the polyamide business from Solvay for €1.3 billion on a cash and debt-free basis. This helped the firm to proliferate its polyamide capabilities with innovative and well-known products to offer customers broad engineering plastics solutions in autonomous driving and e-mobility.
The coronavirus pandemic made way for huge ructions to the global economy as it took a toll on the operations of thousands of businesses across the world. Its effects were also experienced on the polyamide resins market due to stalled activities in the automotive, paints & coatings, inks, and electronic sectors. However, the rising use of antimicrobial polymers as additives in polyamides for preventing the spread of bacteria and limiting the presence of microbes on plastics may add an edge to the market propulsion.