The global demand for specialty polyamide is rising on account of advancements in chemical engineering. The use of specialty polyamides in a multitude of industries has played an integral role in market growth. The end-uses of specialty polyamides span into a multitude of industries, and this is a key proposition for the market vendors. Furthermore, polyamides are widely used to substitute silk and cotton in the textiles industry. The next decade is expected to witness the inflow of humongous revenues in the global specialty polyamide market.
- The use of polymerization reactions for manufacturing popular materials such as nylon and aspartate has emerged as a prominent trend. The synthesis of polyamides follows the aforementioned route, and its ease of manufacturing has generated voluminous market revenues. The high volume of investments made towards manufacturing durable and strong polyamides is a key consideration from the growth standpoint. There is heavy demand for specialty polyamides in the textiles industry as well.
- Polyamides are extensively used in the automotive industry for a range of applications. As this industry focuses on improving the interiors of cars, the demand for specialty polyamides is slated to escalate. Furthermore, sportwear and utensils are also manufactured through polymerization reactions involving polyamides. Therefore, there is a large playfield of opportunities for growth within this market.
Polymerization chemistry is a distinct domain within organic chemistry. The growing popularity of this area, coupled with the presence with its wide-ranging applications, has aided market growth. The electrical and electronics industries have also contributed towards the growth of the global specialty polyamide market. Vendors operating in the global specialty polyamide market are required to cater to the increasing demand from multiple industries. This trend endows several opportunities for market growth and maturity.
Specialty Polyamide Market: Introduction
Specialty polyamide is a division of polyamides, which comprises different polyamides that hold superior properties such as recyclable, light weighted, performance, and application over the general polyamides. Specialty polyamide is used as a substitute for synthetic polyamide. It is preferred, as it is lightweight and provides high performance, flexibility, toughness, and abrasion resistance. During the last few year, consumption of specialty polyamide has significantly increased in automotive and electrical industries.
Specialty Polyamide Market: Key Segments
The global specialty polyamide market can be segmented based on type and application. Based on type, the specialty polyamide market can be classified into PA 6/10, PA 6/12, PA 10, PA 11, and PA 12. PA 11 and PA 12, together, account for considerable share of the specialty polyamide market due to their superior mechanical & thermal characteristics and improved humidity and temperature resistance. In terms of application, the global specialty polyamide market can be divided into automotive & transportation, electrical & electronics, consumer goods & retail, energy, and industrial coatings. The automotive & transportation segment accounts for a considerable share of the market, as it is extensively used to manufacture lightweight vehicles. Additionally, increase in demand for fuel efficiency and eco-friendly production drive the specialty polyamide market.
Specialty Polyamide Market: Trends & Developments
Increase in use of specialty polyamides in the automotive industry due to their lightweight and rise in concern toward fuel efficiency are key factors fueling the specialty polyamide market. Stringent government regulations for environment safety drive the specialty polyamide market. Furthermore, most of the specialty polyamide is made from natural sources which are recyclable and can be reused is the major factor driving the specialty polyamide market. However, high-cost of specialty polyamide inhibits the specialty polyamide market. Growing concern about environment safety is projected to create new opportunities in the specialty polyamide market.
Specialty Polyamide Market: Regional Outlook
Based on region, the global specialty polyamide market can be segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounted for a dominant share of the specialty polyamide market due to the expansion of the automobile industry in this region. Additionally, the specialty polyamide market is expanding the region due to extensive use in electrical & semiconductor devices. Increase in disposable income fuels the transportation industry. This, in turn, is anticipate the drive specialty polyamide market in Asia Pacific. Europe and North America account for significant share of the specialty polyamide market due to high awareness among the people about the usage of eco-friendly substances. The specialty polyamide market in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period.
Specialty Polyamide Market: Key Players
Key players operating in the global specialty polyamide market include Evonik Industries AG, Arekma SA, BASF SE, E. I. du Pont de Nemours and Company, Koninklijke DSM N.V., Asahi Kasei Corporation, LG Chem, Ltd., INVISTA, Solvay S.A., and Radici Group.
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