From 2022 to 2032, the global consumption of polyamides is anticipated to grow at a consistent CAGR of 3.6%. The market for polyamides is expected to grow from its present size of US$ 29.71 billion to US$ 42.29 billion by the end of 2032.
Polyamide demand in the automotive industry has increased significantly as a result of rising demand for lightweight automobiles to improve fuel efficiency, which is anticipated to be a key market driver throughout the course of the projected period. Due to the expanding sustainability trends taking place all over the world, sales of bio-based polyamides are anticipated to rise.
During the future years, rising R&D spending is anticipated to fuel demand for speciality polyamides. Going forward, it is projected that the range of applications for polyamide polymers and resins would expand across a variety of industry sectors.
According to this market study on polyamides, demand would grow in Europe at a CAGR of 4%. By 2032, it is predicted that the economies of Germany and the United Kingdom will reach US$ 2.19 billion and US$ 1.82 billion, respectively, as attractive markets in the area.
The expansion of new sectors and rising industrial activity in Europe are anticipated to have a significant impact on the region’s consumption of polyamide. The demand for polyamides in Europe is anticipated to be significantly influenced by the automobile industry.
How are Sales of Polyamides Being Positively Driven?
The world has seen a noticeable increase in demand for lightweight automobiles as the number of vehicle sales has increased over the past few years and with the introduction of electric vehicles. Automobile makers began using synthetic materials rather than heavy metals to create lightweight vehicles in order to cut weight without compromising structural integrity.
Since polyamides have great durability and wear resistance, which are desirable qualities for the building of automobiles, they have been a popular choice among automotive producers. Over the projected period, it is anticipated that the growth in demand in the automotive industry will be a major factor in driving sales of polyamide resins, speciality polyamides, and polyamide plastics.
North America and Europe to Lead Polyamide Market Growth Opportunities
Currently, the North American polyamide market dominates the worldwide business landscape with a 32.9% market share. This dominance is anticipated to continue through the conclusion of the projection period, reaching US$ 13.77 billion by 2032.
It is projected that significant growth in polyamide consumption in this region will result from significant investments in polyamide research and development. The large production capacities of the local facilities will also be a major factor in determining the potential of the North American polyamide market until 2032.
Due to the growing use of polyamides in developing countries with increasing building activity, the Asia Pacific polyamide market is predicted to be extremely opportunistic.
The polyamide market in the APAC area had a net value of US$ 8.65 billion in 2022 and is projected to grow at a CAGR of 3.7% to reach an expected revenue total of US$ 12.43 billion by the end of 2032.
Moreover, the region’s low cost of manufacturing is anticipated to increase the manufacture of polyamides, which are already inexpensive to make. Through 2032, supportive government measures are also anticipated to support market growth for polyamide. The demand outlook in this area is anticipated to be led by China, Japan, India, and South Korea.
The area of MEA is predicted to experience the slowest rise in polyamide demand. The polyamide market in MEA has a current net value of US$ 1.67 billion and is anticipated to grow at the lowest CAGR of all the areas examined in this research report, 2.5%, to reach an expected revenue total of US$ 2.15 billion by 2032.
The South African polyamide market, which presently has a net value of US$ 254.6 million, is anticipated to be one of the most profitable ones in the MEA region. It is estimated to grow at a CAGR of 3.1% through 2032.
Key Companies Profiled
- BASF SE
- Honeywell International Inc.
- Formosa Group
- Li Peng Enterprise Co.
- Du Pont de Nemours and Company
- Radici Group
- Royal DSM N.V.
- Ascend Performance Materials Inc.
- Shenma Industrial Co. Ltd.
- Koch Industries
- Royal DSM N.V.