The global specialty polyamides market size is estimated to reach USD 3.54 billion by 2025, according to a new study by Grand View Research, Inc., progressing at a CAGR of 6.0% during the forecast period. Rising concerns regarding automotive fuel efficiency and favorable government regulations regarding the use of polyamides in the automotive, textile, and consumer goods industries are expected to drive the global market over the forecast period.
With increasing focus on green technologies and sustainability, the use of specialty polyamide in the automotive industry is likely to increase over the forecast period. Globalization, coupled with an increase in disposable income of consumer, is poised to propel the global automotive market, which is further expected to augment specialty polyamides market.
Specialty polyamides find various applications in automotive & transportation, industrial, and electrical & electronics sectors in North America owing to its superior qualities such as high thermal stability, good chemical resistance, low flammability, and enhanced mechanical properties.
The automotive & transportation industry accounted for the highest demand in 2017. Specialty polyamides are being used in diverse applications in automobile manufacturing, including automobile interiors, undercarriages, and under the hood, as replacements for petroleum-based plastics.
Flourishing commercial aviation sector is also contributing towards market growth. Globalization has increased the number of passengers availing aviation services. An increase in the number of travelers has boosted the commercial aviation market, which, in turn, has positively influenced the growth of the specialty polyamides market.
Further key findings from the repot suggest:
- In terms of revenue, Asia Pacific dominated the overall specialty polyamides market in 2017. It is projected to expand at a CAGR of 6.7% over the forecast period. Increasing demand from various application segments in the region, particularly in China and India, is anticipated to augment the market
- The long chain segment was the largest product segment in the market in 2017. It is also estimated to dominate the market through 2025
- The electric & electronics segment is expected to expand at the highest CAGR of 6.7% in terms of value over the forecast period on account of increasing demand for display technologies, home electronics, mobile electronics, smart devices, electrical components, and household products
- North America is likely to rise at a CAGR of 6.0% in terms of revenue over the forecast period owing to increasing product demand from automotive and electronics industries.