The global polyamide market size was valued at USD 32 billion in 2021 and is expected to grow to a value of USD 40 billion in 2030, registering a CAGR of 3.0%. Polyamide is a substance with a long chain of multiple-unit molecules that are the repeating units in the molecular chains linked together through amide groups. Amide groups have a chemical formula of CO-NH. In broader terms, polyamide contains proteins and peptides that produce polymers that consist of amino-acid repeating units. Polyamides occur in natural and artificial states. Examples of naturally occurring polyamides are proteins such as silk and wool, while examples of artificial polyamides include nylons, aramids, and sodium poly aspartate. The global polyamide market can be categorized into product and application.
The automotive sector is a highly condensed industry where the product range is high because of the many players present in the market. 49% of the market is dominated by top players that include Ford, GM, Volkswagen, and Toyota, where Polyamide is integrated into various engine components such as bearing, bushings, wire harness connectors, oil containers, cylinder head covers, and fuse boxes, among others. Growth in the automotive store is directly proportional to the growth of the global polyamide market. Factors such as improving socio-economic trends and infrastructure development supporting the automotive sector will add to the value of the market.
Additionally, the availability of a robust workforce, favorable regulations, and initiatives undertaken by the government to attract a wide range of FDI investments will result in major players shifting their manufacturing base to India and China. Also, automobiles infused with polyamide lead to a lightweight and versatile nature, allowing for design flexibility. This leads to the production of advanced shapes without compromising on the safety and stability of the vehicles. Integration of polyamide on a large scale within the automobile sector will further lead to the growth of the global polyamide market size during the forecast.
Polyamide is gaining wide attention from various sectors such as electrical and electronics manufacturers, as plastic parts are more compact and can easily integrate with other components. This gives rise to simple design procedures. This factor provides the ability to develop smarter miniature circuit breakers (MCBs) with a thin wall. Additionally, Polyamide is further used in tubes for cables and wirings, connectors, contractors, low voltage switch gears, and other electrical and electronics industries. The rising demand for polyamide from the textile industry will accelerate the market.
Polyamide contains good processability, thin walls, laser marking ability, lower flammability, higher resistance to stiffness and toughness, higher heat distortion temperature, excellent flow characteristics, and a shorter injection cycle time. These factors make Polyamide incredibly valuable in various sectors, especially in the electrical and electronic industry. Additionally, the product can also be integrated within sportswear, loungewear, and children’s wear, among other ranges of garments. Properties such as wear resistance, high strength, lightweight, and dyeability will support the use of Polyamide within the garment sector.
Polyamide substitutes such as polypropylene and polyvinylidene fluoride (PVF) are expected to hamper the growth rate of the global market. PVF is a non-reactive thermoplastic that possesses finer characteristics when compared to its counterpart. Polyamide, in turn, contains a higher density, high wear resistance, higher UV resistance, harder surface, and lower elasticity. Comparatively, polypropylene is extremely smooth, has more elasticity, higher tensile strength, lower elongation, and has better handling. PVF has gained acceptance as a major alternative to polyamide fishing lines in recent years.
A wide range of applications such as textiles, medical, and fishing applications have found a way to integrate polypropylene. Volatility in raw material pricing, such as caprolactam, which is used to produce polyamide, will contribute to the downfall of the market size. Additionally, crude oil prices vary on a daily basis due to supply-demand imbalances, seasonal variation, and political stability. These factors lead to irregularity in the production of polyamide, which further leads to decreasing market size.
The ongoing pandemic affected the growth of the global polyamide market as regular lockdowns and disruptions in the global supply chains were imposed on a global scale. The demand for PA 6 and PA 66 from all regions was reduced as production costs became unbearable due to lowered demands. During the lockdown, various sectors across the globe were shut down for a short period, and workers returned to their native places. The pharmaceutical and consumer goods companies were further affected by a gap in the demand-supply line for packaging materials.
As the pandemic loomed on, countries observed significant changes as organizations began investing in developing regions that were expected to yield an exponential return. Surging demand for various products led to manufacturers increasing their production capabilities. Factors such as better investment opportunities and reduced costs of products further led to companies investing heavily within their R&D departments. The rapid and planned roll-out of vaccines instilled confidence within the business community for expanding their business practices within emerging economies like China and India. The government in these countries incentivized to promote business and support the middle-class income groups by indirectly driving market revenue during the forecast period.
Based on the product, the market can be divided into polyamide 6, polyamide 66, bio-based polyamide, and specialty polyamide. The segmental growth of polyamide 6 will account for the largest market value, with an estimated value of USD 16,612 million in 2021. It is expected to reach USD 20,026 million in 2030, with a CAGR of 2.8% during the forecast. The unique properties of PA 6 make it a viable product substitute for materials such as steel, bronze, brass, gunmetal, aluminum, and plastics, among others. Electrical protection device manufacturers will also allow for segmental growth. Additionally, the integration of PA 6 from the premium carpet industry, fishing nets, and travel accessories will increase the demand for polyamide 6 during the forecast period. Polyamide is replacing metal components in light vehicles to make them lighter and fuel-efficient.
Based on application, the market can be segmented across engineering plastics and fibers. The engineering plastics can be further distributed across automotive, electronic and electrical, consumer goods and appliances, packaging, and others, while the fibers segment can be broken down into textile, carpet, and others. Engineering plastics will account for the largest segmental growth, with a value of USD 18,832 million in 2021. It is expected to grow to USD 23,015 million by 2030, registering a CAGR of 2.9% during the forecast.
Automotive will account for the largest sub-segmental growth, with a value of USD 9,724 million in 2021. It is expected to grow to USD 12,396 million in 2030, with a CAGR of 3.3% during the forecast. Factors such as the integration of polyamide in manufacturing hydraulic clutch lines, headlamp bezels, automotive cooling systems, air intake manifolds, and airbag containers will add to the market value of the global polyamide market share. Additionally, factors such as excellent mechanical properties, wear resistance, and the increasing need for lightweight vehicles will further propel the market’s growth.
Asia-Pacific had a market value of USD 13,637 million in 2021 and is expected to have an estimated value of USD 18,154 million by 2030, registering a CAGR of 3.9% during the forecast period. Factors such as easy availability of raw materials and lower labor costs will contribute to the regional growth. Additionally, the integration of developing a smarter MCB having thinner walls coupled with rising concerns regarding the size and carbon footprint of electrical devices will further increase the market value of the global polyamide market.
China will have the largest sub-segmental growth in the region, with an estimated value of USD 6,203 million in 2021. It is expected to grow to an approximate value of USD 9,033 million by 2030, with a CAGR of 4.8%. Factors such as rising demand for electric vehicles and the introduction of stringent regulations will add to the market value of China.
Europe will account for the second-largest market with a value of USD 9,384 million in 2021. It is expected to grow to an estimated value of USD 11,453 million by 2030, with a CAGR of 2.5% during the forecast. Factors such as the presence of automobile manufacturers like Fiat, BMW, and Volkswagen coupled with a well-developed infrastructure for enabling auto components will push the market value to higher growth.
Additionally, the increased focus of the government on reducing vehicular emissions will further add value to the global polyamide market growth during the forecast. Germany had a market value of USD 3,424 million in 2021 and will grow to an estimated value of USD 4,726 million in 2030, with a CAGR of 2.9% during the forecast. Factors such as increasing demand for sustainable packaging from the food and beverage sector and the region being the manufacturing hub of Europe will contribute to the regional growth.