Polyamide Resins Market Size, Share, Opportunities, COVID-19 Impact, And Trends Type (Nylon (Polyamide 6, Polyamide 12, Polyamide 66, Others), Non-Nylon (Dimer Acid–based, Polyamide Epichlorohydrin)), Application (Moisture-Absorbent, Temperature Resistant, Chemical Resistant, Others), End-Use Industry (Automotive, Aerospace And Defense, Electrical & Electronics, Packaging, Others), And By Geography - Forecasts From 2022 To 2027

The polyamide resins market is expected to grow at a CAGR of 7.76% over the forecast period to reach a total market size of US$43.810 billion by 2027, increasing from US$25.964 billion in 2020.

Polyamide resins are high molecular weight polymers with excellent strength and heat tolerance and are widely used in various end-user industries, ranging from oil and gas to automotive. Due to superior properties and its wider adoption in the end-user industry the market is expected to witness significant growth during the forecast period. Also, polyamide resins are used as casting agents to cast all types of machinery and electronic components, which are widely adopted in cohesion and coating, among others. However, the availability of substitutes coupled with the high cost associated with them compared to other groups of plastics is expected to restrain the growth of the market in the coming years.

By end-user industry, automotive is expected to grow at a substantial rate during the forecast period

Polyamides have great success, especially in areas like rocker covers, fuel rails, radiator end tanks, and electrical connectors, among others, due to their excellent balance of oil resistance, thermal stability, toughness, mechanical strength, and other desirable properties. The automotive industry utilizes coating materials on account of various advantages, ranging from improving the pigment effect and enhancing coating performance to environmental friendliness while reducing cost. In addition, polyamide resins are also utilized in the hybrid car industry due to their improved thermal properties. The revival of the automotive industry in many parts of the world is anticipated to boost the demand for polyamide resins in the coming years. According to the data from the International Organization of Motor Vehicle Manufacturers (OICA), vehicle production in Brazil has increased from 2,429.463 thousand in 2015 to 2,944,988 thousand in 2019, showing a growth of more than twenty percent. However, the current COVID-19 pandemic has drastically affected the automotive industry, from initial supply and manufacturing disruptions to upcoming demand shocks with the uncertainty of the recovery timeline. Also, focusing on the leading vehicle parts manufacturing hub China, due to nationwide lockdown and legal and trade restrictions such as closed borders, there is an increased shortage of required parts resulting in limited supplies. Besides, the overall impact of global production shutdowns and collapsing demand, coupled with the challenges in component supply, will have a major economic impact in the short and medium run.

The Asia Pacific is holding a significant share of the market

By geography, the global polyamide resins market has been segmented as follows: North America, South America, Europe, the Middle East, Africa, and the Asia-Pacific regions. The Asia-Pacific accounts for a significant share of the polyamide resins market in the base year and is projected to maintain its position throughout the forecast period. This growth is attributed to the strong presence of key players in the region and the establishment of the automotive and electronics industries. The region is showing significant growth opportunities owing to the expanding oil and gas industry in the region and favourable government policies for the development of the manufacturing sector in countries like India and Vietnam. Besides, with the expansion of the aerospace industry and increasing investment in the industrial sector, the demand for polyamide resins is growing in the coming years. Besides, in North America, due to the expanding aerospace industry and the presence of major commercial aircraft, the market is growing at a substantial rate. Also, according to the International Trade Administration (ITA), the United States is the world’s second-largest market for both vehicle production and consumption. Further, the recent replacement of NAFTA (North American Free Trade Agreement) by USMCA (United States-Mexico-Canada Agreement) will significantly impact the region's automotive industry, which, in turn, will bolster the demand for polyamide resins.

Competitive Insights

Prominent key market players in the global polyamide resins market include A. Schulman, Aaron Industries Corporation, Akro-Plastic, Arkema Group, BASF, DuPont, DSM Engineering Plastics, Evonik Corporation, Toyobo, Ensinger, among others. The number of players in the polyamide resins market is large and growing, with the opportunity to generate significant revenues as a result of growing demand in various end-user industries. Key players in the market are seen to adopt differentiated strategies and are either looking to expand their market portfolio with investments in the development of a new product line, or some companies are opting for mergers, acquisitions, and strategic partnerships to expand their market presence and/or expand their product line. For example, BASF completed the acquisition of Solvay's polyamide business through backward integration into the key raw material in January 2020; as a result of this backward integration into the key raw material, the company is now present along the entire polyamide value chain and can improve supply reliability. Also, in October 2019, Toray Industries (India) Private Limited began the manufacturing of polyamide (PA) and polybutylene terephthalate (PBT) at its new facility. These resins offer outstanding toughness and resistance to heat and chemicals and should reach their full operating capacity of around 5,000 metric tonnes in the near future. The research study report categorizes the polyamide resin market based on type, end-user industry, and geography. The analysis presents in-depth information regarding the trends and developments. and the latest industry policies and regulations implemented in each of the geographical regions (including the overall impact of COVID-19 in the market). Also, the overall regulatory framework of the market has been covered to offer stakeholders a better understanding of the key factors affecting the market environment over the forecast period.

Recent development and expansion

• Solvay introduces a recycled-content polyamide line a high-performance polyamide (HPPA) compound family based on a minimum of 33% recycled content in January 2020. Omnix's distinct performance and sustainability profile make it an appealing material solution for manufacturers seeking to increase recycled content in their products without sacrificing dimensional stability, high stiffness, impact resistance, and processability.
• BASF expands its polyamide and polyphthalamide offering in Europe in February. These types of resins can be used across all industries, such as connectors and circuit breakers for E&E applications, consumer and household electronics, and autonomous driving and mobility.

Covid 19 impact on Polyamide Resins Market

The coronavirus pandemic had an impact on this market. Its impacts on the polyamide resins market were also felt as a result of stalled activities in the paints and coatings, inks, automotive, and electronics sectors. However, the increasing use of antimicrobial polymers as polyamide additives for preventing the spread of bacteria and limiting the presence of microbes on plastics may provide a competitive advantage.

Polyamide Resins Market Scope:

Market Segmentation:

• By Type
  • Nylon
    • Polyamide 6
    • Polyamide 12
    • Polyamide 66
    • Others
  • Non Nylon
    • Dimer acid–based
    • Polyamide epichlorohydrin
• By Application
  • Moisture-absorbent
  • Temperature resistant
  • Chemical resistant
  • Others
• By End User Industry
  • Automotive
  • Aerospace and defense
  • Electrical & Electronics
  • Packaging
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Thailand
    • Indonesia
    • Taiwan
    • Others