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Global Polyamide-6 Market size is predicted to reach $26 billion by 2030, growing at a CAGR of 6.7% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. The increasing demand for electric vehicles and favorable government policies and regulations are poised to propel the market growth, finds IndustryARC in its recent report, titled “Polyamide-6 Market – By Type (Polyamide-6 Fiber, Polyamide-6 Resin), By Application (Automotive [Wire & Cable, Cooling Fans, Air Intake, Turbo Air Ducts, Valve & Engine Cover, Brake & Power Steering Reservoirs, Gears, and Others], Electrical & Electronics [Switches, Sockets, Plugs, Electrical Insulators, Antenna-molding Devices, and Others], Commercial Fiber Application [Carpets, Garments, Seatbelts, Upholstery, Ropes, Tire Reinforcement, and Others], Industrial Applications, Packaging, and Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”
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Asia-Pacific to Register Highest Growth:
The Asia-Pacific region is recognized as the fastest-growing market for polyamide 6, driven by various factors. The ongoing expansion of the automotive and electronics sectors in countries like China and India is expected to further accelerate demand for PA6. For instance, innovations such as BASF’s bio-mass balance approach applied to adipic acid and PA 6.6 are projected to reduce respective product carbon footprints by at least 70%. Furthermore, the textile industry in APAC is experiencing significant growth, with PA6 being widely used for producing durable fibers, yarns, and fabrics, thereby enhancing its market potential in the region.
Polyamide-6 Market 2024-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
CAGR |
6.7% |
|
Market Size in 2030 |
$26 billion |
|
Segments Covered |
By Type, By Application, and By Region |
|
Geographies Covered |
North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (Middle East, and Africa). |
|
Key Market Players |
BASF SE Lanxess AG Huntsman Corporation AdvanSix Inc. INVISTA (Koch Industries, Inc.) DOMO Chemicals UBE Corporation Shenma Industrial Co., Ltd. Ascend Performance Materials Guangdong Xinhui Meida Nylon Co., Ltd. |
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Polyamide-6 Market Report – Key Takeaways:
The Polyamide-6 market analysis indicates that Polyamide-6 Resin will dominate with a 57% market share in 2023. Its versatility and adaptability make it a preferred choice across industries such as automotive, textiles, electronics, and consumer goods. The automotive sector significantly drives PA6 consumption, utilizing its high strength, impact resistance, and thermal stability in engine components, fuel systems, and interior parts. Additionally, PA6’s cost-effectiveness compared to other polyamide variants enhances its appeal to manufacturers. Key players like China Shenma Group, INVISTA, and Ascend Performance Materials strengthen PA6’s position through innovation and partnerships, ensuring its continued leadership in the market.
The packaging segment of the Polyamide-6 market is projected to grow at a CAGR of 8.3% during the forecast period. This growth is driven by increasing demand for sustainable packaging solutions, as polyamide-6 resins offer excellent barrier properties, durability, and recyclability. With a focus on environmental conservation, manufacturers are turning to eco-friendly materials like polyamide-6. Its versatility allows use in flexible packaging, rigid containers, and films, while its resistance to moisture, chemicals, and punctures enhances its appeal. Recent collaborations, such as BASF SE and StePac’s partnership to develop sustainable packaging for fresh produce, further support this market expansion.
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Key Opportunity Analysis:
Growing Demand for Sustainable Materials Creating Opportunities in the Market
The increasing focus on sustainability presents a significant opportunity for the polyamide 6 market. As consumers and regulatory bodies prioritize eco-friendly materials, manufacturers are turning to polyamide 6 due to its recyclability and durability. This shift is especially evident in packaging applications, where polyamide 6’s excellent barrier properties make it an ideal choice for sustainable solutions. The development of bio-based polyamide 6 alternatives further enhances its appeal in environmentally conscious markets. Companies that innovate and promote sustainable practices in their production processes can capture a larger share of the growing demand for eco-friendly materials, driving market expansion.
Increasing Use in Electrical and Electronics
The electrical and electronics sector is a significant opportunity for polyamide 6, driven by the demand for lightweight and durable materials. With the rise of consumer electronics and advancements in technology, polyamide 6 is increasingly utilized in components such as connectors, housings, and insulation materials. Its excellent thermal resistance and electrical insulation properties make it ideal for applications in this sector. As the global electronics market continues to expand, projected to reach $1.07 trillion by 2027, polyamide 6 manufacturers can leverage this growth by developing specialized products that meet the specific requirements of the electrical and electronics industries.
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The report also covers the following areas:
Polyamide-6 Market 2024-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
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List of Key Market Players in the Polyamide-6 Market:
The Global Polyamide-6 Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
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