Global Polyamide Market Soaring High!!!
A polyamide is a synthetic polymer of a type made by the linkage of an amino group of one molecule and a carboxylic acid group of another, including many synthetic fibres such as nylon. Polyamide can be considered as a flexible product as it consists of unique mechanical, electrical, thermal and acoustic properties. It is a high-performance material that is available at a competitive price. The prominent players operating in polyamide market globally include Koch Industries, DuPont, DSM N.V., Honeywell, Radici Group, Huntsman Corp. and Lanxess.
The increase in demand for polyamide in electrical & electronics, automotive, machinery, consumer goods, packaging and textiles industries is anticipated to drive the growth of the polyamide market across the world. Automotive manufacturers are shifting towards polyamides for applications such as coatings and films due to increase in raw materials prices in automotive industry and delivering high performance at low cost. In addition, polyamide is replacing metals in automotive air intake manifolds. Some major applications offered by polyamide in automotive industry include airbag containers and engine covers. Airbags needs to be included in modern automotives compulsorily because of stringent safety rules and regulations imposed by the government authority. Thus, the demand for polyamide is anticipated to be driven in automotive industry due to the increase in sales of passenger cars mainly in emerging markets. Polyamide is expected to gain prominence owing to its high temperature resistance and lead free soldering prevailing electronics manufacturing parts. Polyamide is used in electronic connectors and shielding material in conveyor systems and trays. Growing electrical & electronics industry is expected to have a positive impact on this trend and further drive the global market growth over the predicted period.
Based on product type, polyamide market is classified as polyamide 6, polyamide 6-6 and bio-based polyamide. Of these, polyamide 6 films provide excellent barrier properties in food packaging that keep oxygen out and seal aroma. Growing processed food demand is expected to drive the polyamide market growth. The bio-based polyamide type segment is anticipated to be the largest-growing segment of the polyamide market owing to increasing awareness regarding the environment among people and growing use of recyclable products. Bio-based polyamide consists of improved properties such as water solubility, durability and heat & water resistance and bio-based polyamide can be used in electronics, automotive and sports applications. Based on applications, polyamide market is classified as engineering plastics and fibre. The largest market share for polyamide market is expected to be hold by engineering plastics in 2016.
Polyamide engineering plastics are widely used for making the parts in automotive sector such as speedometer gears, fuel tank, radiator fans, oil filter housing, and others.
North America and Europe regions are influencing the polyamide market with rising demand from automotive and electronics industry. The increasing demand for processed food products in emerging markets of Asia Pacific and Latin America are expected to boost the polyamide market over the next seven years. However, increasing bio-based polyamide production is expected to off-set these challenges and the respectively regional markets. The Eastern and Central European countries, South East Asian and Latin American nations are expected to experience higher growth owing to increase in auto sales, rising construction activities, improving civil infrastructure by government and other events.
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