Bio-Polyamide, Specialty Polyamide and Precursors Market Overview
The bio-polyamide, specialty polyamide, and precursors market are likely to capture a CAGR of 6% during the forecast period. The market is projected to be valued at US$ 185.47 Mn in 2022 and likely to be valued at US$ 332.15 Mn by 2032.
Attributes
Details
Bio-polyamide, Specialty Polyamide and Precursors Market CAGR (2021 to 2032)
6%
Bio-polyamide, Specialty Polyamide and Precursors Market Value (2021)
US$ 185.47 Million
Bio-polyamide, Specialty Polyamide and Precursors Market Value (2032)
US$ 332.15 Million
The bio-polyamide, specialty polyamide, and precursors market manufacturers are developing the bio-polyamide, specialty polyamide, and precursors by using the natural foam of polyamide. The key manufacturers of bio-polyamide, specialty polyamide, and precursors are growing the engineering plastic industry during the forecast period. The manufacturers develop this bio-polyamide which is widely used for several engineering plastic applications, including machinery, automation, consumer goods, electricity, wire & cable, construction, and sports equipment, among others, during the foreseen time.
However, the bio-polyamide, specialty polyamide and precursors market key players are developing several types of bio-polyamide, some of which are primarily used for engineering plastics such as polyamide-11 and polyamide-12. In addition, several other bio-polyamides developed by the key manufacturers are used in other end-use industries such as textile, carpet, industrial, and staple, among others, during the forecast period. This bio-polyamide is manufactured in lightweight, chemical resistance and abrasion resistance which is more suitable for transportation applications during the forecast period. These factors are likely to increase the demand for bio-polyamide, specialty polyamide, and precursors during the forecast period.
As compared to other raw materials, castor oil is likely to dominate the bio-polyamide, specialty polyamide and precursors market size. The automotive sector and packaging sector are one of the largest consumers of bio-polyamide, specialty polyamide and precursors during the forecast period. Based on countries, India, China and Brazil are the top key companies that acquire the maximum share in the global bio-polyamide, specialty polyamide and precursors market share.
Rising industrial investment and growing high economic rate are accelerating the demand for bio-polyamide, specialty polyamide and precursors are likely to increase in these countries during the forecast period. Among these countries, India is the largest producer of castor oil. Due to growing production in the country is anticipated to flourish the bio-polyamide, specialty polyamide and precursors market share during the forecast period.
The key market players are using several marketing tactics to acquire maximum output in the bio-polyamide, specialty polyamide and precursors. Some of their commonly used marketing methodologies, such as mergers, acquisitions, collaborations, partnerships, and product launches, among others, during the forecast period. The key players in the bio-polyamide, specialty polyamide, and precursors market are Ascend Performance MaterialsInc., E. I. du Pont de Nemours and Company, Honeywell International Inc., Li Peng Enterprise Co., Shenma Industrial Co. Ltd., Nantong Jingshan Polyamide Fibre Co., Ltd., Synergy Polymers are some of the major players in the bio-polyamide, specialty polyamide and precursors market.
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Consumer Goods Remains a Key Revenue Contributor
Polyamide is among the more dominant of engineering plastics with applications in various end-user industries including automotive, electronics, construction, sports equipment and consumer goods. Polyamide, also known as nylon occurs in nature in form of silk and wool and can be produced artificially through polymerization.
Polyamide-66 and polyamide-6 are among the most dominant artificially made polyamide employed mainly in the production of fibers. Polyamides such as polyamide-11, polyamide-12 are employed primarily as engineering plastics.
Undecanoic acid and sebacic acid derived from castor oil areamong the most dominant raw materials used in the production of bio based polyamide. Owing to the eco logical benefits, bio based polyamides are gaining acceptance and are anticipated to be the fastest growing product segment during the forecast period.
Caprolactam, Adipic Acid and Hexamethylenediamineare dominant precursors for polyamides.Caprolactam, a monomer of polyamide 6 is the most dominant precursor. Automotives is the largest application segment for polyamide and the trend is expected to continue in the near future. Demand for polyamide in packaging applications is expected to outdo other application segments in terms of growth rate during the forecast period.
Several end user industries for polyamide include consumer goods hence, GDP growth rate and increasing disposable income of people in a region are some of the important determinants for polyamide demand in a region.
Characteristics such as light weight, abrasion resistance and chemical resistance of polyamide make polyamides suitable for transportation applications. Transportation applications have been a major factor driving demand for polyamides. Castor oil is the most dominant raw material employed in the production of bio based polyamide.
India is among the leading suppliers of castor oil and is also expected to be among the fastest growing region for the demand of bio-polyamide, specialty polyamide andprecursors. Growing investment in the emerging economies of India, China and Brazil is expected to drive market growth during the forecast period.
Petroleum based products are used in the production of several specialty polyamide. Therefore, volatile pricing of raw material has been a major restraint for these polyamides. Increasing research and development activities to improve efficiency of bio based polyamide is expected to offer huge growth opportunity in the market.
Asia Pacific dominates the global demand for bio-polyamide, specialty polyamide andprecursors and the trend is expected to continue during the forecast period. Increasing industrial investment and high economic growth rate in the emerging economies of India and China has been a major factor driving demand for bio-polyamide, specialty polyamide andprecursors in the region.
China dominates the global bio-polyamide, specialty polyamide andprecursors both in terms of production and consumption. North America is the second largest consumer for polyamides.
Demand for bio-polyamide, specialty polyamide andprecursors in North America and Europe is anticipated to grow at a sluggish rate primarily owing to market saturation in various end user industries. Emerging economies in South America are anticipated to drive the demand for polyamide in the RoW region.
Bio-polyamide, specialty polyamide andprecursors market is concentrated and dominated by few major players. Ascend Performance MaterialsInc., E. I. du Pont de Nemours and Company, Honeywell International Inc.,Li Peng Enterprise Co., Shenma Industrial Co. Ltd., Nantong Jingshan Polyamide Fibre Co., Ltd., Synergy Polymers are some of the major players in the bio-polyamide, specialty polyamide andprecursors market.
This research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically-supported and industry-validated market data and projections with a suitable set of assumptions and methodology. It provides analysis and information by categories such as market segments, regions, product types and distribution channels.
