Quest to Manufacture Lightweight Vehicles to Drive Polyamide Usage in Automotive Industry: Fact.MR Survey
FACT.MR
7 min read
FACT.MR
Rising Use of Polyamide Fiber and Polyamide Plastics in the Automotive Industry Is Expected To Influentially Drive Market Growth Through 2032
United States, Rockville MD, June 14, 2022 (GLOBE NEWSWIRE) -- The global polyamide market has reached a valuation of US$ 29.71 billion and is estimated to surge to US$ 42.29 billion by the end of 2032. Consumption of polyamides is predicted to increase at a CAGR of 3.6% from 2022 to 2032. These insights are from a new industry survey on the polyamide market by Fact.MR, a market research and competitive intelligence provider.
Increasing demand for lightweight vehicles has propelled the use of polyamides in the automotive industry and is anticipated to be a major trend across the forecast period. Increasing focus on sustainability is also expected to provide new opportunities for the sales of bio-based polyamides. Industrialization and urbanization are expected to favor polyamide market growth potential owing to rising construction activity.
Polyamide manufacturers are expected to increase their production capacity to meet high demand from several industry verticals. Polyamide suppliers are also expected to increase their investments in the research division to boost the development of specialty polyamides and bio-based polyamides that are expected to see high demand over the coming years.
How are Sales of Polyamides Being Positively Driven? “Increasing Demand for Lightweight Automobiles”
Sales of vehicles have risen over the past few years and since the emergence of electric vehicles, the world witnessed a prominent rise in demand for lightweight vehicles. In order to create lightweight vehicles, automobile manufacturers started using synthetic materials instead of heavy metals to reduce weight without compromising structural integrity.
Polyamides have been a popular choice among automotive manufacturers as they have high durability and wear resistance which are desired properties for the construction of vehicles. Sales of polyamide resins, specialty polyamides, and polyamide plastics are anticipated to be driven majorly by increasing demand in the automotive industry over the forecast period.
“Low Cost of Production & High Use in Electronics”
Polyamides are produced at a low cost and this makes them a desirable choice for various applications. Polyamides also possess high temperature and chemical resistance and this is expected to favor their use in the electronics industry.
The easy integration of polyamides in electronic components and their compact nature make them a highly preferred material in the electronics industry and this is expected to drive polyamide consumption through 2032 as demand for electronic components and devices increases.
Polyamide manufacturers can employ various strategies to enhance their market presence across the world. The polyamide market is partially fragmented and provides enough opportunities for new entrants as well as established market players.
Polyamide suppliers are expected to expand their production capacity to meet increasing demand from various industry verticals.
In 2022, the polyamide market accounts for a value of US$ 29.71 billion.
From 2022 to 2032, the polyamide market is expected to rise at a CAGR of 3.6% and attain a valuation of US$ 42.29 billion by 2032.
Increasing use of polyamides in the automotive industry, rising focus on sustainability, growing industrialization, and rising investments in R&D are anticipated to drive polyamide market expansion.
The PA 6 segment accounts for a dominant market share of 43.6%, currently valued at US$ 12.96 billion.
The market for polyamides in North America is expected to account for a value of US$ 13.77 billion by 2032 while expanding at a CAGR of 3.5%.
Fiber application of polyamides is estimated to hold a market share of 68.3% by 2032.
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemicals and materials division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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