According to a new research report by Global Market Insights Inc., the global Bio-based & Synthetic Polyamide Market size is anticipated to cross USD 43 billion by 2027.
Bio-based & synthetic polyamide are macromolecules with repeating amide linkages. Polyamides are major engineering and high-performance thermoplastic class materials that are widely used due to their high temperature and chemical resistance. They also exhibit various other properties such as electrical resistance, abrasion resistance, high durability, and strength. This makes their adoption convenient in various end-user industries.
The automotive industry is one of the largest application segments in the bio-based & synthetic polyamide market. The product has increasingly been used as a substitute for metal to reduce vehicle weight. Product usage in the production of automotive exterior parts, such as mirrors, caps, handles, wheel covers, grills, lids, etc., is growing at a rapid pace. The automotive industry is witnessing moderate growth on account of the increased penetration of electric vehicles. The growing demand for electric vehicles and the need to reduce vehicle weight are expected to drive the growth of bio-based & synthetic polyamides market during the projected period.
Due to the COVID-19 pandemic, the bio-based & synthetic polyamide market has witnessed negative demand from various end-user industries. Moreover, strict lockdowns imposed by various governments around the world to mitigate the spread of the virus resulted in the shutting of industries and operating below their normal capacity.
The reduced consumption of goods further impacted the demand as factories started cutting their production capacities. However, with the lifting of lockdowns and resumption of industry activities, the demand for bio-based & synthetic polyamides from various end-user industries is expected to swing back to normal and grow over the projected period.
Browse key industry insights spread across 160 pages with 150 market data tables & 21 figures & charts from the report, “Bio-based & Synthetic Polyamide Market Size, By Type (PA6, PA66), By End-user (Automotive, Packaging, Construction, Electrical & Electronics), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Landscape & Forecast, 2021 – 2027”, in detail along with the table of contents:
PA66 to gain attention among industry players
The PA66 segment was valued at over USD 13 billion in 2020 and is anticipated to reach over $18 billion by 2027. PA66 exhibits higher strength compared to other varieties of bio-based & synthetic polyamide. The material also has high toughness along with a low coefficient of friction in a wide range of temperatures. The material is also oil-resistant, exhibits good chemical resistance, and offers good fatigue resistance.
The electrical & electronics segment to drive the market during the forecast period
The electrical & electronics segment was valued at over USD 8 billion in 2020 and is expected to reach over $12 billion by 2027 on account of growing digital penetration in various countries around the world. The product offers good abrasion and heat resistance, which makes its application in the electrical & electronics industry more convenient. The growing demand for electronic products can be summarized by the increasing sales of various types of electronic products during the pandemic. The growing electrical & electronics market in Asia Pacific is particularly driving the bio-based & synthetic polyamide market during the projected period.
Europe will showcase sustainable growth
The Europe bio-based & synthetic polyamide market will be valued at over USD 7 billion by 2027. Europe is one of the most technologically advanced regions in the world. The demand for electric vehicles and various electrical & electronic products is also growing in the region. The region has one of the most stringent regulations on fuel emissions. To reduce fuel emissions in the automotive industry, companies are developing new technologies and materials. One such factor the companies are working on is vehicle weight reduction, which aids in the reduction of fuel emissions.
The growing emphasis on automotive weight reduction has resulted in the development of new materials & parts, substituting heavier metals with other lightweight materials such as polyamides. The growing demand for electric vehicles in Europe is expected to drive the biobased & synthetic polyamide market share during the anticipated timeframe.
The bio-based & synthetic polyamide industry is highly competitive due to the presence of numerous small- & medium-scale manufacturers in the region. Players are developing new marketing strategies to expand their regional presence. Moreover, the industry players are also working on developing new products and increasing their research & development activities.
Major players in the bio-based & synthetic market include BASF SE, Evonik, Arkema, Koninklijke DSM N.V., Asahi Kasei Corporation, Lanxess, RTP Company, UBE INDUSTRIES LTD., Grupa Azoty, Dow Chemicals, EMS-CHEMIE, Invista, Toray, Teijin Aramid B.V., AdvanSix Inc., etc.