(EMAILWIRE.COM, November 07, 2019 ) The Polyamide Market is estimated to grow from USD 25.1 billion in 2016 to USD 30.8 billion by 2021, at a compound annual growth rate (CAGR) of 4.1% during the forecast period. The market is driven by the increasing applications of polyamide in the automotive industry as a replacement of metal parts and for vehicle reduction.

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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.

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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Asia Pacific accounted for the largest share of the polyamide market in 2016.

Asia Pacific was the leading polyamide market in 2016 due to the increased use in the automotive, consumer goods, electrical & electronics, building & construction, and textile industries. In recent years, the automobile sector has witnessed large-scale investments. Moreover, there has been a growing demand for luxury cars driven by the increased purchasing power of consumers in the region. All these factors have contributed to the use of polyamide for the production of lightweight automobiles in Asia Pacific.

The major polyamide market players profiled in this report include BASF SE (Germany), Li Peng Enterprise Co. Ltd, (Taiwan), Royal DSM (Netherlands), Ascend Performance Materials LLC (US), Invista Sarl (US), Arkema SA (France), and Evonik Industries AG (Germany), among others.

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