Polyamide Market

Updated on : June 27, 2024

Polyamide Market

The polyamide market is valued at USD 43.8 billion in 2023 and is projected to reach USD 55.7 billion by 2028, growing at 4.9% cagr from 2023 to 2028. The market has observed stable growth throughout the study period and is anticipated to continue with the same trend during the forecast period.  There is an increase in demand for polyamide in automotive, textiles, electronics, and industrial applications worldwide. This, in turn, drives the growth of the global polyamide market in the upcoming years.

Attractive Opportunities in the Polyamide Market

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Polyamide Market Dynamics

Driver: Increased usage in vehicles for weight reduction

The use of polyamide in the automotive sector dates to 1950. Polyamide is an ideal solution for vehicle weight reduction. It is also cheaper in unit cost in comparison to metals, which makes it an economic alternative. In the coming years, aluminum or steel consumption in automotive manufacturing is expected to reduce significantly, as weight reduction is expected to be the most important factor for R&D in automotive. It is believed that the future of the automotive industry is hybrid and electric vehicles, which is expected to propel the demand for the polyamide market during the forecast period.

Restraint: Growth in the number of substitutes used in various applications

One of the common engineering plastic materials is polyamide, also known as nylon. Even though, it is tough and durable, engineers always seek for other substitute materials that can do the job just as well or even better. For example, polycarbonate is an alternate used for clear and strong plastics, like in phones or car parts. Special plastics like polyimides or PEEK are utilized over polyamide for application in hot temperatures. Thus, growth in number of substitutes is expected to hamper the growth of polyamide market.

Opportunity: Investment and R&D in bio-based polyamide

Bio-based polyamides are fabricated from natural materials. With rising environmental concerns companies are investing in the production of eco-friendly products including bio-based polyamides, such as clothes and car parts. For instance, in September 2023, DSM Engineering Materials launched a sustainable version of its flagship polyamide (PA) product — StanylB-MB (Bio-based Mass Balanced) with up to 100% bio-based content. This growing demand and R&D for eco-friendly options is boosting the whole polyamide industry, helping it expand and thrive.

Challenge: Environmental risk of using plastics

The plastics employed in automotive & packaging industries are criticized by environmental NGOs for their role in solid waste disposal issues. Currently, these industries are shifting their focus on further integration of engineering plastics in their products. In spite of the recycling efforts, the products which are not recycled are exposed to the open atmosphere, burnt, or even mixed with the marine life. These factors act as a challenge to the further development of the engineering plastics such as polyamide.

Polyamide Market Ecosystem

Prominent companies in this market include well-established, and financially stable manufacturers of polyamides. These companies have been operating in the market for several years and possess a diversified product portfolio and strong global sales and marketing networks. Prominent companies in this market include BASF SE (Germany), Envalior (Germany), Celanese Corporation (US), Arkema (US), and Evonik Industries AG (Germany).

Based on type, the bio-based & specialty polyamide segment is projected to register highest CAGR during forecast period

The bio-based & specialty polyamide segment is estimated to be the fastest-growing segment of the global polyamide market in forecast period. Bio-based polyamide, also known as bio-nylon, represents a significant advancement in sustainable materials. They contribute to a circular economy by reducing greenhouse gas emissions and dependence on fossil fuels. This makes them a promising and sustainable choice for environmentally conscious manufacturers and consumers alike.

Based on application, the engineering plastics segment is projected to account for the largest share in 2023.

The engineering plastics segment is estimated to have the largest share of the global polyamide market in 2023. Engineering plastics are known for their mechanical strength, thermal stability, and chemical resistance. They cater to several applications ranging from automotive to aerospace, which propels the bio-based & specialty polyamide market growth.

Based on region, Asia Pacific region is projected to be the second fastest growing region for polyamide  market during the forecast period.

Asia-Pacific has been witnessing high growth in the polyamide market and is projected to be the largest and second fastest growing region. Asia is a major hub for the automotive industry, and the use of polyamides in automotive components, such as engine parts, interior components, and under-the-hood applications, is on the rise. Lightweighting initiatives and stricter emissions regulations also contributed to the increased use of polyamides in vehicle manufacturing. Thus, usage of polyamide in replacing metal with plastic is expected to witness increased demand during forecast period.

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Polyamide Market Players

BASF SE (Germany), Celanese Corporation (US), Arkema (US), Asahi Kasei Corporation (Japan), Evonik Industries AG (Germany), Kuraray Co., Ltd. (Japan), Toray Industries, Inc. (Japan), Envalior (Germany), UBE Corporation (Japan), Formosa Chemicals & Fibre Corp. (Republic of China), SABIC (Saudi Arabia), Advansix (US), DuPont de Nemours, Inc. (US), Huntsman International LLC (US), EMS Grivory (Switzerland), DOMO Chemicals (Belgium), Ascend Performance Materials (US), Mitsubishi Chemical Advanced Materials (Switzerland), Invista (US), RadiciGroup (Italy) and others are among the major players leading the market through their innovative offerings, enhanced production capacities, and efficient distribution channels.

Read More: Polyamide Companies

Polyamide Market Report Scope

This research report categorizes the polyamide market based on type, application, and region.

Based on type, the polyamide market has been segmented as follows:

• Polyamide 6
• Polyamide 66
• Bio-based & specialty polyamide

Based on application, the polyamide market has been segmented as follows:

• Engineering plastics
• Fiber

Based on the region, the polyamide market has been segmented as follows:

• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Taiwan
  • Indonesia
  • Rest of Asia Pacific
• Europe
  • Germany
  • Italy
  • France
  • Russia
  • U.K.
  • Rest of Europe
• North America
  • US
  • Canada
  • Mexico
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East & Africa
• South America
  • Brazil
  • Argentina
  • Rest of South America

Recent Developments

• In April 2023, Envalior started off as a brand-new business, one of the major global providers of engineering materials. DSM Engineering Materials (DEM) and LANXESS High Performance Materials (HPM), two highly complementary market leaders in engineering materials, have merged to become Envalior, which is owned by Advent International (around 60% share), a worldwide private equity firm, and LANXESS (around 40% share), a manufacturer of specialty chemicals.
• In February 2023, Asahi Kasei's Board of Directors approved a Final Agreement regarding the transfer of business related to the development, production, and sale of spun-bond nonwoven products to a newly formed joint venture company, which will be established by joint incorporation-type company separation (The Separation) with Mitsui Chemicals, Inc. The Separation is expected to take place on October 2, 2023. Through this joint venture both the companies aim to strengthen their spunbond business in Asia.
• In January 2023, Toray Industries, Inc. created recycled nylon 66 made from leftover pieces of silicone-coated airbag fabric.  The mechanical and flowability characteristics of this material are identical to those of virgin nylon 66 injection molding grades. The new product is introduced as Ecouse AMILAN.

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