Growing use of polyamide fiber and polyamide plastics in automotive industry is expected to drive market growth till 2032
USA, Rockville MD, June 14, 2022 (GLOBE NEWSWIRE) — The global polyamide market has reached a valuation of US$29.71 billion and is expected to reach US$42.29 billion by the end of 2032 Consumption of polyamides is forecast to increase at a CAGR of 3.6% from 2022 to 2032. This information is taken from a new industry survey of the polyamide market by Fact.MR, a provider of market research and competitive intelligence.
The growing demand for light vehicles has propelled the use of polyamides in the automotive industry and is expected to be a major trend throughout the forecast period. The growing attention to sustainability should also provide new opportunities for sales of bio-based polyamides. Industrialization and urbanization are expected to drive the growth potential of the polyamide market owing to the increase in construction activity.
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Polyamide manufacturers are expected to increase production capacity to meet strong demand from several industry verticals. Polyamide suppliers should also increase their investments in the research division to boost the development of specialty polyamides and bio-based polyamides which should experience strong demand in the years to come.
How are sales of polyamides positively stimulated?
“Growing demand for lightweight automobiles”
Vehicle sales have been increasing over the past few years and since the emergence of electric vehicles, the world has seen a significant increase in the demand for light vehicles. In order to create lightweight vehicles, automakers began using synthetic materials instead of heavy metals to reduce weight without compromising structural integrity.
Polyamides have been a popular choice among automotive manufacturers because they have high durability and wear resistance which are properties desired for vehicle construction. Sales of polyamide resins, specialty polyamides and polyamide plastics are expected to be mainly driven by increasing demand in the automotive industry during the forecast period.
“Low production cost and high usage in electronics”
Polyamides are produced at low cost, making them a desirable choice for various applications. Polyamides also have high temperature and chemical resistance, which should favor their use in the electronics industry.
The easy integration of polyamides into electronic components and their compact nature make them a highly preferred material in the electronics industry and this is expected to drive polyamide consumption through 2032 as demand for electronic components and devices increases .
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Key segments covered by the Digital Transaction Management industry survey
Polyamide manufacturers can use various strategies to boost their market presence across the globe. The polyamide market is partially fragmented and offers enough opportunities for new entrants as well as established market players.
Polyamide suppliers are expected to increase their production capacity to meet the growing demand from various industry verticals.
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The key players in the Polyamide Market
Main takeaways from Polyamide Market research
In 2022, the polyamide market represents a value of 29.71 billion US dollars.
From 2022 to 2032, the polyamide market is expected to grow at a CAGR of 3.6% and reach a valuation of US$42.29 billion by 2032.
Growing use of polyamides in the automotive industry, increasing attention to sustainability, growing industrialization, and increasing R&D investments are expected to drive the expansion of the polyamides market.
The PA 6 segment represents a dominant market share of 43.6%, currently valued at US$12.96 billion.
The North America polyamide market is expected to be worth US$13.77 billion by 2032 while growing at a CAGR of 3.5%.
The application of polyamide fibers is estimated to hold a market share of 68.3% by 2032.
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