The Global Polyamide Market was valued at USD 25.14 Billion in 2016 and is projected to reach USD 30.76 Billion by 2021, at a CAGR of 4.1% from 2016 to 2021.
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China is a leading consumer of domestically produced and imported polyamides. China has been a driver for the rapid growth in last couple of decades, globally. However, it is now showing an early sign of relative economic slowdown. Its GDP annual growth rate was 6.7% in the first quarter of 2016, which was the lowest in the last six years. This will adversely impact polyamide market and could impede the continued investments and expansion in the polyamide market for a few years.
The engineering plastics segment is estimated to be the largest application of polyamide, in terms of value.
Engineering plastics and fiber are the key applications of polyamide. In the automotive industry, polyamide engineering plastics are used for making radiator fans, speedometer gears, fuel tanks, and oil filter housing. The growing investments in the automotive sector of the emerging economies are promising for the growth of the polyamide market in the engineering plastics segment.
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Bio-based & specialty polyamide is projected to register the highest CAGR in the polyamide market during the forecast period.
Based on type, the polyamide market has been segmented into PA 6, PA 66, and bio-based & specialty polyamide. Bio-based & specialty polyamide is projected to be the fastest-growing segment of the market due to its growing use in automotive, electronics, and sports applications. The soaring prices of petrochemical-based raw materials are likely to increase the demand for organic materials. Bio-based & specialty polyamide with excellent properties such as durability, heat & water resistance, and water solubility is a suitable alternative to petroleum-based materials.
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