The global high performance polyamides market size is projected to account for USD 2.8 billion by 2027, as per a new report by Million Insights. The market is anticipated to register more than 7.0% CAGR over the forecast duration. Growing focus on manufacturing of efficient and lightweight vehicles coupled with the favorable government initiatives is estimated to augment the growth of the market. Polyamides are increasingly used in consumer goods, electronics, construction and automotive industries.
The outbreak of COVID-19 has positively affected the growth of the market. Increasing use of this product in the production of medical equipment is driving the market growth. In addition, there has been significant growth in the production of thermally conducive and lightweight plastic material. Moreover, this trend is anticipated to continue over the forecast duration and in turn, likely to drive the market growth.
The Asia Pacific accounted for the highest share in the high performance polyamide market owing to the growing product demand from countries such as India and China. Government initiative such as “Make in India” is likely to propel the production of healthcare and manufacturing components in India and expected to provide lucrative growth opportunity. In addition, a large number of healthcare product manufacturing firms are shifting their product base to India post-COVID-19.
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Further key findings from the report suggest:
• Among end-use industries, the electrical and electronic segment is projected to register 7.7% CAGR over the forecast duration.
• In 2019, the automotive end-use segment accounted for the highest share in the market owing to the increasing focus on manufacturing light weight components.
• The Asia Pacific accounted for more than 40.0% share in the market in 2019. The market growth rate in India is estimated to be 8.3% from 2020 to 2027.
Million Insights has segmented the global high-performance polyamides market on the basis of type, end-use industry and region:
High Performance Polyamides Type Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Polyamide 6T (PA 6T)
• Polyarylamide (PARA)
• Polyamide 12 (PA 12)
• Polyamide 9T (PA 9T)
• Polyamide 11 (PA 11)
• Polyamide 46 (PA 46)
• Polyphthalamides (PPA)
High Performance Polyamides End-use Industry Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Electrical & Electronics
• Consumer Goods
• Medical & Healthcare
• Building & Construction
High Performance Polyamides Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia
• South Africa
List of Key Players of High Performance Polyamides Market
• RTP Company
• KURARAY CO., LTD.
• MITSUI CHEMICALS AMERICA, INC.
• Koninklijke DSM N.V.
• EMS-CHEMIE HOLDING AG
• Evonik Industries AG
• BASF SE