The global polyamide market is highly competitive and is largely governed by prominent players such as
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As per Market Industry Reports (MIR) research findings, rising demand for various applications and focus on technological advancements are set to open new avenues for stakeholders.
Growth opportunities in the global polyamide market look stable for the coming eight to ten years. Use of polyamides across industries such as automotive, electronics, packaging, construction, textiles and consumer goods among others is the key factor driving the demand for polyamides market. However, factors such as low weight, low flammability, high chemical, and UV and heat resistance properties have created high demand for polyamides in the automotive and electronics industry.
Technological advancements have also played a key role in shaping the growth of the polyamides market. For instance, in 2018, BASF SE and Farsoon Technologies signed a strategic agreement to offer customers a new polyamide based 3D printing material solution. The introduction of Ultrasint PA6 X043 Black will allow manufacturers to produce components with reduced weight, optimize shape and the ability to withstand harsh weather conditions. This material also aims to create new opportunities for other industries such as automotive, aerospace and consumer goods among others.
“High growth demand for bio-based polyamide is further expected to supplement the growth in this market. Favorable government regulations and the rising awareness of using eco-friendly products have allowed companies to expand their production and product portfolio in this segment” said Anustop, Senior Analyst, Chemicals and Materials at MIR.
MARKET ECOSYSTEM/CLASSIFICATION
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From a regional perspective, Asia-Pacific accounted for the largest market for polyamides globally and this trend is expected to continue during the forecast period. China stands to be the global leader in terms of polyamides production and consumption. High growth demand in the automotive and electronics industry stands to be the major growth driver in this region. Additionally, expansion of manufacturing hubs in this region will further supplement growth. For instance, the launch of new plant by Arkema in China by 2021 will help the company to increase its global polyamide 11 production capacity by 50%. Additionally, the company also plans to build a new bio-based polyamide plant in Singapore to meet the growing demand in electronics, 3D printing, automotive, oil and extraction applications.
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To view the original version on The Express Wire visit Polyamide Market 2030 Analysis by Top Players | Formosa Group, BASF SE, Solvay SA, Arkema SA H, Lanxess AG