The globalspecialty polyamides marketsize is expected to reach USD 3.54 billion by 2025, registering at a CAGR of 5.9% over the forecast period, according to a new study published by Grand View Research, Inc. Rising concerns regarding automotive fuel efficiency and favorable government regulations regarding the use of polyamides in automotive, textile, and consumer goods industries are expected to drive the growth.
The use of specialty polyamide in automotive industry is expected to increase due to the rising focus on green technologies and sustainability. Globalization, coupled with an increase in disposable income of consumers, is projected to drive the global automotive market, which is expected to augment demand for specialty polyamide. Moreover, high strength-to-weight ratio of specialty polyamide has made it popular in other transportation industries, such as aerospace and defense. It is majorly used in the components of military aircraft and helicopters to reduce their overall weight to a large extent.
Based on product segment, high temperature polyamide is anticipated to expand at a significant CAGR over the forecast period. Long chain specialty polyamides are traditionally used to produce monofilaments, which are further used in a broad range of high chemical resistance and good dimensional stability applications. Some of the key applications of long-chain specialty polyamides include fuel lines, cooler hoses, corrugated tubes, transmission oil, oil and gas transportation, sensors and solenoids, hand-held devices, and hydraulic applications.
Electrical and electronics application segment is projected to witness substantial growth during the forecast period. Polyamides are used in display technologies, home electronics, mobile electronics, smart devices, and electrical components. Electronic devices and assemblies are getting smaller and hence, dissipate high amounts of heat. In addition, the demand for thermally conductive plastics for household applications has risen sharply in recent years. This trend is expected to continue driving the demand for polyamide in electrical and electronics segment in the forthcoming years.
Specialty polyamide filled with electrically conductive materials provides resistance to Electrostatic Discharge (ESD), Electromagnetic Interference (EMI), and Radio-Frequency Interference (RFI) shielding in electronic equipment as well as for conveyor systems and trays used to manufacture semiconductor chips. Common fillers in this application include carbon powder, carbon fiber, stainless steel fiber, and nickel-coated carbon fiber. Other application areas include wiring and associated devices, batteries, switches, industrial connectors, and mobile parts.
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Further key findings from the report suggest:
- Asia Pacific held the largest market share in 2018 and is projected to expand at the fastest CAGR during the forecast period. India is the fastest growing country in the region on account of the growing automotive industry
- Long chain specialty polyamides application segment is potentially fueling the market growth owing to rising demand from various end-use industries
- Market players engage in various strategic initiatives to gain greater market share. For instance, in September 2019, BASF signed an agreement with Solvay to acquire its integrated polyamide business for USD 1.77 billion. The company will acquire non-European PA6.6 business of Solvay including 50% share of the company in Butachimie’s adipodinitrile (ADN) production as per the 2017 agreement
Grand View Research has segmented the global specialty polyamides market on the basis of product, application and region:
Specialty Polyamide Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Long Chain Specialty Polyamide
- High Temperature Specialty Polyamide
Specialty Polyamide Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Automotive & Transportation
- Electrical & Electronics
- Consumer Goods & Retail
- Industrial Coatings
Specialty Polyamide Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Hong Kong
- South Korea
- Central & South America
- Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.