Polyamides Market - Forecasts from 2024 to 2029

The polyamides market is expected to register a compound annual growth rate (CAGR) of 4.8% between 2024 and 2029.

The polyamide market is regarded as a dynamic and thriving industry that is playing an imperative role in multiple industries, resulting in shaping the future of materials engineering. These polyamides are known for their efficient properties such as their high versatility as well as their high-performance polymers which makes them renowned for their exceptional mechanical strength, thermal stability, and chemical resistance. The market is serving its purpose of meeting the increasing demand for advanced materials in sectors such as automotive, electronics, consumer goods, and packaging.

• The rising demand for lightweight materials which is essential in the improvement of fuel efficiency and the reduction of carbon emissions in the automotive industry is a major driver for the polyamide market. The increasing focus on sustainability and environmental concerns has led to a shift towards the use of polyamides in automotive air intake manifolds, which offer significant weight reduction and improved performance. This trend is expected to continue, driving the demand for polyamides in the automotive sector.
• Another significant driver is the expansion of the electronics sector which is playing a major role in driving the polyamides market growth. The expanding electronics sector demands heat-resistant materials imperative for the circuit boards and connectors. In this regard, polyamides offer resistance to high temperatures which is imperative along with superior thermal stability, making these polyamides an ideal choice for their efficient use in the electronics sector. The growing demand for advanced electronic devices and the increasing need for reliable and durable components simultaneously are driving the adoption of polyamides in the electronics industry.

POLYAMIDES MARKET DRIVERS:

• Aramid segment by sub-resin type is likely to be the fastest-growing type during the forecast period

In the coming years, the aramid segment by the sub-resin type is expected to be the fastest growing segment owing to the increasing demand for para-aramid fibers which are efficiently used in various applications such as frictional materials, security and protection, rubber reinforcement as well as optical fibers. The para-aramid fibers are known for their high strength-to-weight ratio, high-temperature resistance, and excellent chemical resistance, making them highly desirable for these applications. The demand for these para-aramid fibers is expected to grow owing to their increasing use in various industries such as aerospace, electrical, and electronics, and even high-performance materials. Additionally, the growing demand for high-performance materials in various end-use industries is also driving the growth of the para-aramid fibers market.

The aramid is segmented into two para-aramid which has certain advantages as mentioned above and the second one is meta-aramid fibers which are used in applications such as tire reinforcement, aerospace, and electrical insulations. These meta-aramid fibers are further expected to grow at a slower rate as compared to para-aramid fibers. Overall, the aramid segment by sub-resin type is expected to be the fastest-growing type during the forecast period due to the increasing demand for para-aramid fibers and their growing use in various applications.

• The growing application of polyamides in the automotive industry

The automotive industry is regarded to be the significant end-user in the polyamides industry which is driven by the increasing demand for high-performance and lightweight materials. Polyamides are used in various applications within the automotive sector, including air intake manifolds, engine covers, rocker valve covers, airbag containers, and various interior and exterior parts offer improved thermal stability, chemical resistance as well and mechanical strength which makes them ideal for high-performance applications.

The use of polyamides in the automotive industry especially for the automotive air intake manifolds holds an essential example of their growing application. These manifolds which were previously made of metal were not an ideal choice, but with the introduction of polyamides they have become an essential choice owing to their reduced production costs, lower weight as well as improved fuel efficiency,

• Asia Pacific region to dominate the polyamides market during the forecast period.

The major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies are from this region such as ASEAN countries. India and China have about 35.5% of the world's population. The Asia Pacific region is expected to dominate the polyamides market during the forecast period owing to the region being the home of several countries as mentioned above constituting significant production capacities that drive the demand for eco-friendly materials.

There are several factors that are driving the growth of the market in the APAC region such as the growing automotive sector in particular mainly because polyamides are light in weight and are high-performance materials which makes them the perfect component, Furthermore, the region's textile and industrial sectors are also contributing to the growth of polyamides. This growth is attributed to the increasing use of polyamides in various applications, including automotive, textiles, and industrial sectors, which is expected to continue driving the market in the region.

Two additional reasons contributing to the Asia Pacific region's dominance in the polyamide market are the presence of major manufacturers and the growing demand for high-performance materials.

Polyamides Market Key Developments:

• In October 2022, LANXESS enabled a smaller carbon footprint as a result of PA-6 high-performance plastics. These Durethan-brand polyamide 6 compounds from LANXESS are not only cost-effective alternatives to polyamide-66 based compounds but are also much more climate-friendly.
• In March 2022, BASF SE announced that it has plans to expand its production capacity of Ultramid polyamide in Panoli, Gujarat, to meet the growing demand from automotive, electrical and electronics, industrial, and consumer goods applications.

The polyamides market is segmented and analyzed as follows:

By Sub Resin Type

• Aramid
• Polyamide (PA) 6
• Polyamide (PA) 66
• Polyphthalamide (PPA)

By End-User Industry

• Aerospace
• Automotive
• Building and Construction
• Electrical and Electronics
• Packaging
• Industrial and Machinery
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• Rest of Europe
• Middle East and Africa
• Saudi Arabia
• Saudi Arabia
• United Arab Emirates
• Rest of Middle East and Africa
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Rest of Asia-Pacific