(MENAFN- MarketersMEDIA) Growing demand for polyamides from the automotive industry is the most significant factor estimated to stimulate market demand.
New York City, United States - May 20, 2020 /MarketersMedia/ — The global polyamide market is expected to reach USD 38.30 Billion by 2026, according to a new report by Reports and Data. Polyamide is a kind of polymer that contains recurring amide groups as an integral part of the main polymer chain and is one of the most widely used engineering thermoplastic materials. Growing demand for polyamides from the automotive industry is the most significant factor estimated to drive the market demand in the forecast period. Application of polyamides in an automotive range from structural and decorative components of the vehicle to the electronic components as these materials are used as a substitute for metals to reduce system costs and incorporate lighter components to increase fuel efficiency with reduced emissions. According to research, a 10% reduction in the weight of an automobile can result in a 6%-8% improvement in fuel efficiency.
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Companies considered and profiled in this market study
BASF SE, Honeywell International Inc., Koch Industries, Huntsman Corp., Du Pont, DSM N.V., Lanxess AG, Evonik Industries AG, Solvay AG, and RadiciGroup, among others.
For the purpose of this report, Reports and Data have segmented the global polyamide market on the basis of product type, applications, end-user, and region:
Product Type Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
•PA 6
•PA 66
•Bio-Based Polyamides
•Others
Applications Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
•Polyamide Fibers & Films
•Engineering Plastics
•Polyamide Adhesives
End User Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
•Automotive
•Electrical & Electronics
•Aerospace & Defense
•Textile
•Films & Coatings
•Sports & Leisure
•Industrial
•Others
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Further key findings from the report suggest
•PA 6 held the largest market share in 2018 and is expected to maintain its market leadership with a growth rate of 4.4% in the forecast period attributed to the increasing demand from automotive, electrical and textile industries owing to the high tensile strength and also inhibit good elasticity and chemical resistance.
•Polyamide fibers & films dominated the market, with over 50% of the market share in 2018 and are expected to grow at a rate of 4.4% in the period 2019-2026.
•By end user, the Industrial sector is projected to witness a GAGR of 4.5% in the forecast period.
•The electrical and electronics segment generated a revenue of USD 3.65 Billion in 2017 and is expected to grow at a rate of 4.1% during the forecast period.
•The market in North America is expected to reach USD 7.01 Billion by 2026, with a growth rate of 3.9% over the forecast period.
•By country, China was the largest consumer of polyamides with over 35% of the share in 2018.
Regional Outlook (Revenue, USD Billion; 2017-2027)
• North America
• Europe
• Asia Pacific
• MEA
• Latin America
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To summarize, the global Polyamide market report studies the contemporary market to forecast the growth prospects, challenges, opportunities, risks, threats, and the trends observed in the market that can either propel or curtail the growth rate of the industry. The market factors impacting the global sector also include provincial trade policies, international trade disputes, entry barriers, and other regulatory restrictions.
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