Scienza e Tecnologia
Polyamide Market to Garner $40.6 Billion, Globally, By 2028 at 5.4% CAGR, Says Allied Market Research
Increase in demand for PA-6 in the electrical and electronics sector and surge in demand for electric vehicles drive the growth of the global polyamide market. However, changing crude prices hinder the market growth. On the other hand, favorable government policies for electric vehicles presents new opportunities in the coming years.
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Based on application, the polyamide fibers & films segment held the highest market share in 2020, accounting for more than half of the global polyamide market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to its wide usage in carpet manufacture. Moreover, the engineering plastics segment is projected to manifest the highest CAGR of 5.9% from 2021 to 2028. The automobile parts such as radiator fans, fuel tanks, oil filter housing, and speedometer gears are primarily manufactured from polyamide engineering plastics, which drive the growth of the segment.
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Based on end use industry, the automotive segment accounted for the largest share in 2020, contributing to nearly one-third of the global polyamide market, and is projected to maintain its lead position during the forecast period. Automotive manufacturers are increasingly using this polymer in order to cut down system costs and integrate components in order to increase the fuel efficiency of automobiles. However, the consumer goods segment is expected to portray the largest CAGR of 7.4% from 2021 to 2028, owing to its wide usage in the consumer goods such as sports items, batteries, artificial printed jewelry, leisure equipment, kitchen appliances, carpets, and many more.
Based on region, Asia-Pacific , followed by North America , held the highest market share in terms of revenue 2020, accounting for around one-third of the global polyamide market. Moreover, the same region is expected to witness the fastest CAGR of 6.8% during the forecast period. Asia Pacific emerged as a major regional polyamide market, driven by its increasing application automotive and food packaging industries.
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