The polyamide resins market is expected to grow at a CAGR of 5.24% over the forecast period to reach a total market size of US$38.711 billion by 2025, increasing from US$28.494 billion in 2019.
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 is 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 by the International Organization of Motor Vehicle Manufacturers (OICA), vehicle production in Brazil has increased from 2,429.463 thousand in 2015 to 2,879.809 thousand in 2018, showing a growth of more than eighteen percent. However, the current COVID-19 pandemic has drastically affected the automotive industry from initial supply and manufacturing disruptions to upcoming demand shock with the uncertainty of the recovery timeline. Also, focusing on 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 with components supply will have a major economic impact in the short and medium run.
The Asia Pacific is holding a significant share in the market
By geography, the global polyamide resins market has been segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific regions. The Asia Pacific accounts for the 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 established the automotive and electronics industry. The region is showing significant growth opportunities owing to expanding the oil and gas industry in the region and favorable government policies for the development of the manufacturing sector in the countries like India and Vietnam. Besides, expanding 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.
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 the 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 instance, In January 2020, BASF closes the acquisition of polyamide business from Solvay, through the backward integration into the key raw material; the company will now be present along the entire value chain for polyamide and can improve its supply reliability. Also, In October 2019, Toray Industries (India) Private Limited begins 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 its full operating capacity of around 5,000 metric tons in the coming future. The research study report categorizes the polyamide resins market based on type, end-user industry, and geography. The analysis presents in-depth information regarding the trends, development, and 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.
|Market size value in 2019||US$28.494 billion|
|Market size value in 2025||US$38.711 billion|
|Growth Rate||CAGR of 5.24% from 2019 to 2025|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Application, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Solvay, Toyobo, Ensinger, Mitsubishi Chemical Advanced Materials group of companies, A. Schulman, Aaron Industries Corporation, Akro-Plastic, Arkema Group, BASF, DuPont, DSM Engineering Plastics, Evonik Corporation|
|Customization scope||Free report customization with purchase|
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