Wilmington, Delaware , Oct. 07, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Polyamide Market by Polyamide Types (Polyamide (PA6), Polyamide (PA11), Polyamide (PA12), Polyamide (PA66), Others), End-Use Industry (Textiles, Packaging Materials, Electrical Insulation, Automotive and Pharmaceutical): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the polyamide market was valued at $31.6 billion in 2023, and is estimated to reach $55.1 billion by 2033, growing at a CAGR of 5.7% from 2024 to 2033.
Prime determinants of growth
Polyamides are among the most important and useful technical thermoplastics due to their outstanding wear resistance, good coefficient of friction, and very good temperature and impact properties. In addition, nylon polyamide exhibits very good chemical resistance and is a special oil resistant plastic. This excellent balance of properties makes the PA polymer an ideal material for metal replacement in applications, such as automotive parts, industrial valves, railway tie insulators and other industry uses, whose design requirements include high strength, toughness and weight reduction. All these factors are expected to drive the demand for polyamide market growth.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $31.6 billion |
| Market Size in 2033 | $55.1 billion |
| CAGR | 5.7% |
| No. of Pages in Report | 340 |
| Segments Covered | Polyamide Type, End-use industry, and Region. |
| Drivers | Demand for sustainable and bio-based polyamides Advancements in polyamide composite materials |
| Opportunity | Innovations in polyamide production technologies. |
| Restraint | Fluctuating raw material prices. |
Polyamide (PA6) segment is expected to experience the fastest growth throughout the forecast period.
By polyamide type, the polyamide (PA6) segment held the highest market share in 2023 and is estimated to maintain its leadership status throughout the forecast period. Polyamide 6 (PA6) plays a pivotal role in driving the demand for the polyamide market due to its unique combination of properties, cost-effectiveness, and versatility. PA6 is increasingly used for manufacturing lightweight, durable components.
The textiles segment is expected to experience the fastest growth throughout the forecast period.
By end-use industry, the textiles segment held the highest market share in 2023 and is estimated to maintain its leadership status throughout the forecast period. Polyamides, commonly known as nylons, are highly valued in the textile industry for their exceptional properties such as high strength, elasticity, abrasion resistance, and chemical resistance. These characteristics make polyamides ideal for a wide range of textile applications, such as apparel, industrial fabrics, and home textiles.
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Asia-Pacific is expected to experience fastest growth throughout the forecast period
Based on region, Asia-Pacific is the fastest growing region in terms of revenue in 2023. Rapid expansion of polyamide market in automotive industry in various countries such as China, Japan, South Korea, and India. Polyamides, known for their lightweight, durability, and excellent mechanical properties, are increasingly being used in automotive applications to improve fuel efficiency and reduce emissions. With the automotive industry shifting towards electric vehicles (EVs), the need for lightweight materials to offset the weight of batteries is further propelling the demand for polyamides.
Leading Market Players:
- BASF SE
- DuPont
- Solvay S.A
- Arkema S.A.
- Evonik Industries AG
- SABIC
- LG Chem
- Mitsubishi Chemical Group Corporation.
- UBE Corporation
- Domo Chemicals
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The report provides a detailed analysis o f these key players in the global polyamide market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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