According to the latest market study released by Technavio, the global polyamide (PA) market is expected to grow at a CAGR of more than 4% through 2021.
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Technavio has published a new report on the global polyamide market from 2017-2021. (Graphic: Business Wire)
This research report titled 'Global Polyamide Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global PA market has stabilized since its inception into the field of polymers. The global market for PA is expected to grow both in terms of production and construction during the forecast period. Although fibers occupy a majority share in the global PA market, PA resins are anticipated to bring further growth by providing newer technical and technological solutions.
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Technavio's analysts categorize the global polyamide market into four major segments by end user. They are:
- Automotive
- Electrical and electronics
- Packaging
- Others
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The top three segments based on end-user for the global PA market are discussed below:
Global PA market by automotive sector
The automotive sector accounts for the largest share of the global PA market during 2017-2021. Weight reduction, cost savings, and fuel efficiency are of utmost importance to the global automotive sector. Replacement of metals with polymers for automotive applications is one of the key driving factors driving the consumption of PA in the automotive sector.
According to Hitesh Bhatia, a lead specialty chemicals research analyst from Technavio, "Among automotive applications, under-the-hood parts are anticipated to have significant growth. Air intake manifolds, fuel rails, radiator end tanks, rocker covers, and electrical connectors are some of the under-the-hood components where PA is widely used. As PAs offer a fine balance between oil resistance, thermal stability, mechanical strength, and toughness, they become an ideal fit for automotive applications."
Global PA market by electrical and electronics sector
PAs enable cost-effectiveness and design flexibility in numerous electrical and electronics products. A few of the PA electrical and electronics products include terminal blocks, connectors, relays, switches, plugs, cables, buttons and knobs, housings, insulators, transformers, and coil bobbins.
"The electrical and electronics sector requires materials with excellent mechanical, flame retardancy, and electrical insulation properties. The electrical and electronics products come with specified design criteria. PA has been successful in incorporating cost-effectiveness and design requirements in the electrical and electronics sector," says Hitesh
Global PA market by packaging sector
The packaging sector is highly dependent on PAs for flexible packaging applications, especially for the food sector. They are used in the form of films or film layers. In the packaging sector, PAs offer good transparency, barrier to gases and flavors, and other mechanical properties. PA for packaging is available in multiple grades that can be used either for film extrusion or extrusion coating lines.
Most of the existing players in the packaging sector consider PA, particularly PA 6, as an ideal component for manufacturing packages. The combination of barrier properties and mechanical strength makes it ideal for packaging applications. However, PA has certain processing difficulties such as high crystallization speed in barrier film processors.
The top vendors highlighted by Technavio's research analysts in this report are:
- Arkema
- BASF
- DuPont
- Evonik
- Solvay
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