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Specialty Polyamides Market Overview
Specialty polyamides market size is expected to be valued at US$4.3 billion by the end of the year 2027 and is set to grow at a CAGR of 6.2% during the forecast period from 2022-2027. The Surging demand for lightweight materials with abrasion resistance and other properties in the automotive and transportation industry is one of the key factors contributing to the growth of the specialty polyamides market. In addition, the growing concerns regarding automobile fuel efficiency and high demand for green solutions are also anticipated to fuel the demand for specialty polyamides market. Specialty polyamides such as aramid and nylon such as polycaprolactam and polyphthalamides are produced from sebacic acid which gives the polyamide excellent lubricity, high thermal stability and high flash points and other properties. The increasing demand from various end-use industries like automotive, consumer goods, energy and other industries is driving the demand for specialty polyamides market.
Amid the Covid-19 pandemic, specialty polyamides market witnessed downfall in the growth and demand owing to various economic and legal restrictions imposed by many countries across the world. The decrease in the growth of the construction industry, automotive industry, electrical and electronics industry during the year 2020 also highly affected the specialty polyamides market. And therefore, the decline in growth of these end use industries like building & construction, automotive, electrical and electronics also impacted the demand for specialty polyamides. However, the specialty polyamides market is set to improve by the end of the year 2021.
Specialty Polyamides Market Segment Analysis – By Types
High Temperature Specialty Polyamide segment held the largest share in the specialty polyamides market in the year 2021. High temperature specialty polyamides such as polyphthalamides are used for various applications owing to their properties such as cost-effectiveness and durability. High temperature specialty polyamides are used in the automotive, aerospace, medical, and electrical / electronic industries where demanding properties are required. Therefore, the increasing demand from various end use industries such as automotive industry and electrical industry is increasing the demand for specialty polyamides market.
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Specialty Polyamides Market Segment Analysis – By End-Use Industry
Energy and power segment held the largest in the specialty polyamides market in the year 2021. The oil & gas industry is projected to have the highest growth in terms of demand for the specialty polyamides products. The growing demand for preserving products along with their safety from extreme temperature, sensitive conditions concerning temperature, and pressure fluctuations are expected to push the demand for high-temperature molding, which helps in attaining better surface quality and good push of flow to the product. For instance, according to the International Energy Association (IEA) oil market report, the global oil consumption is estimated to increase by 5.4 million barrels per day in the year 2021. This gives rise to the demand for a product that can act as good seal frame, which will help in preserving the products (such as oil). This is set to project the usage of specialty polyamides in the form of polycaprolactam and polyphthalamides.
Specialty Polyamides Market Segment Analysis – By Geography
Asia-Pacific region held the largest share of 40% in the specialty polyamides market in the year 2021. The highest demand from the Asia-Pacific region is due to the availability of cheap raw materials such as nylons, aramids, sodium polyaspartate, and wool. The presence of emerging countries like India, China and South Korea also drives the market growth in APAC region. Furthermore, the growing demand for environment friendly vehicles, developing aviation sector, and growing investment in the infrastructure sector across the region also propels the market growth. Whereas, the growth in the electronics and IT industries is also contributing to the market growth. For instance, according to the Japan Electronics and Information Technology Industries Association (JEITA) report 2020, the total global production by the electronics and IT industries is expected to increase by a mere 2% year on year in 2020 to reach $2,972.7 billion. This will drive the demand for specialty polyamides market in the region.
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Specialty Polyamides Market Drivers
Technological advancements in the electrical and electronics industry is driving the demand for specialty polyamides market
The evolution of technology in the past few years has contributed to the growth of electronic protection devices. There has been a significant change in the control, testing and commissioning methods, which fuels the growth of electronic protection devices industry. This further gives rise to the need of specialty polyamide such as polycaprolactam and polyphthalamides in electronic protection devices market, due to their insulation properties and low flammability. For instance, the Voltage Test Station (VTS) from Grace Engineered Products is a permanent electrical safety device that helps quickly and safely validate zero electrical energy from outside the electrical cabinet. This helps in detecting the presence or absence of voltage, malfunctions of the disconnect switch and unintended release of stored electrical energy with the help of specialty polyamides. This is driving the demand for specialty polyamides market.
The increased applications in the packaging industry is driving the demand for specialty polyamides market
The increase in demand for polyamides such as polyethylene terephthalate (PET), polyphthalamides, low- and high-density polyethylene (LDPE and HDPE) is driving the demand for specialty polyamides from the packaging industry. Specialty polyamides are widely used in the packaging industry owing to their properties such as chemical purity, stability, hydrophobicity, low temperature performance, excellent weathering, high resistance to water, heat & sunlight and other properties. According to the data from World Packaging Organisation (WPO), a global organization and regulatory body of the packaging industry, the annual turnover of the global packaging industry crossed the value of US$500 billion during the year 2020, which served as an important factor driving the demand for adhesives and sealants which in turn increased the growth of specialty polyamides market. This is driving the growth and demand for specialty polyamides market from the packaging sector across the globe.
Specialty Polyamides Market Challenges
Availability of other substitutes for polyamide
The availability of substitutes for polyphthalamides such as polystyrene, polyester, and polybutyleneis acts as a major challenge to the growth of specialty polyamide market. These substitutes are relatively cheaper and is easier to handle than polyamides like polycaprolactam and polyphthalamides, which makes them a better substitute thereby acting as one of the biggest challenges to the specialty polyamide industry. Polystyrene can be made into various other applications by adding other additives, colorants, foam, other plastics etc. Polystyrene can also be extracted from natural products such as coffee, cinnamon etc. This makes polystyrene easily available and a preferred type of material. This is majorly hampering the growth of the specialty polyamides market.
Specialty Polyamides Industry Outlook
Acquisitions and mergers, production expansion, facility expansion collaborations, partnerships, investments, are some of the key strategies adopted by players in this market. Specialty Polyamides major companies include:
3.Li Peng Enterprise Co. Ltd
5.DuPont de Nemours, Inc.
6.Good Fellow Inc.,
7.Shenma Industrial Co. Ltd
10.Ascend Performance Materials LLC
12.Toray Industries Inc
13.Evonik Industries AG.
On May 18, 2020, Huntsman Corporation acquired CVC Thermoset Specialities for US $ 300 million. Under this acquisition Huntsman Corporation acquires the whole business of CVC Thermoset Specialities including composites, thermosets, adhesives and others. This acquisition helped Huntsman Corporation in growing its Advanced Materials Portfolio.
On February 4, 2020, BASF acquired Solvay’s Polyamide business for US $ 1.436 billion. This acquisition will help BASF to broaden its engineered plastics solutions to a wider portfolio. The acquisition also broadened BASF’s polyamide capabilities with innovative and well-known products such as Technyl. This facilitated BASF to support its customers with even better engineering plastics solutions, e.g., for autonomous driving and e-mobility.
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Asia-Pacific market held the largest share in the specialty polyamides market owing to increase in demand from the electrical industry from countries like China, India, Japan and South Korea.
Technological advancements in the electrical and electronics industry is driving the demand for specialty polyamides market.
The increase applications in the packaging industry are driving the demand for specialty polyamides market.
Amid the Covid-19 pandemic, the specialty polyamides market witnessed slow growth owing to the ongoing covid-19 pandemic.
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