Bio-based & Synthetic Polyamide Market Analysis

Bio-based & Synthetic Polyamide Market Analysis

Based on type segment, PA6 was valued at over USD 13 billion in 2020 and is expected to reach USD 19 billion by 2027. Polyamide 6 is a semi-transparent polymer that exhibits excellent thermoplasticity along with good chemical resistance and durability after some modification. It also exhibits a smooth surface and has a small friction coefficient along with good wear resistance.
 

Its non-toxic and odorless properties make it an excellent candidate to be utilized in various industries. The high mechanical strength, compressive strength, and high tensile properties find use in the automotive industry. The growing demand from various end-user industries for a material that exhibits high mechanical strength and good chemical resistance will propel the bio-based & synthetic polyamides market revenue during the projected period.
 

The automotive end-use industry segment will witness a CAGR of 5.6% through 2027. The growing need for lightweight automotive and reduced fuel consumption is compelling various automotive manufacturers to search for materials that can act as a substitute for metals and aid in reducing automotive weight. Bio-based & synthetic polyamides have increasingly been utilized as a metal substitute in the automotive sector to reduce vehicle weight.
 

The growing automotive industry, primarily in the emerging economies, is driving the demand for bio-based & synthetic polyamides. Automotive sales are also on the rise as the demand for electric vehicles is expected to grow significantly. The rising electric vehicles market, as can be evident from over 1.3 million electric vehicles in China, is expected to drive the product demand during the projected period.
 

Asia Pacific will exceed USD 24 billion in the bio-based & synthetic industry by 2027 owing to the robust industrialization, increasing demand from various end-user industries, and cost-effective manufacturing. The growing automotive and electrical & electronics industry in the region is anticipated to positively impact the market growth owing to increased consumption of electronic products, primarily by China, India, South Korea, etc.
 

Moreover, the presence of numerous electrical and electronics industry players in the region is further driving the market for bio-based & synthetic polyamides. The growing penetration of electric vehicles in the region is another factor driving the product demand in the region. Various governments in the region are working on building and developing the infrastructure necessary for electric vehicles along with introducing the necessary regulation for driving the demand for electric vehicles in the region.