The bio-based & synthetic polyamide market is poised to see notable expansion through 2027 on account of prominent product uptake in varied industry verticals. In addition, rising investment towards the healthcare industry is expected to further support market growth over the forecast timeline.
Following the COVID-19 outbreak, universal masking, particularly with multilayer surgical face masks, was found to provide considerable efficacy in protecting wearers against the novel coronavirus in indoor spaces. However, universal masking also posed a serious environmental threat as billions of them were disposed every day. Consequently, soaring need for biodegradable masks, coupled with mounting climate consciousness, has positively impacted industry expansion during the pandemic.
The bio-based & synthetic polyamide market has been segregated in terms of type, end-user, and region. With respect to end-user, the market has further been categorized into automotive, construction, electrical & electronics, packaging, and others.
The construction sub-segment is set to witness substantial growth at a CAGR of more than 4.2% through the forecast period. The expanding construction industry, especially in the Asia Pacific region, which is supported by high government spending on new construction and infrastructure development, is expected to drive segmental growth in the coming years.
The bio-based & synthetic polyamide market from the others sub-segment was valued at over USD 3 billion in 2020 and is projected to grow at a sturdy pace over 2021-2027. Other end-users include energy, healthcare, and so forth. The proliferating healthcare industry driven by increased focus on research and development activities is likely to support segmental progress. Moreover, the COVID-19 pandemic has further boosted the healthcare industry due to an upsurge in government as well as private investments in the healthcare sector, which is slated to bolster product adoption in other end-user sectors.
From the regional perspective, the Latin America bio-based & synthetic polyamide market was valued at over USD 1 billion in 2020 and is speculated to expand at a robust CAGR through the assessment timeframe propelled by the booming automotive industry in LATAM. The growing per capita income, along with rapid urbanization, has resulted in the growth of the automotive and construction industries in the region. Additionally, the positive GDP growth of several Latin American countries is also foreseen to facilitate the growth of various end-user industries, which is primed to impel regional market growth in the forthcoming years.
Meanwhile, the Middle East & Africa bio-based & synthetic polyamide market is estimated to register about 4.8% CAGR over the study timeframe. The domestic electrical & electronics industry has seen significant development over the past few years owing to various factors, such as increasing digital penetration and favorable government policies. Furthermore, surging emphasis on the construction industry in the MEA region, primarily in the Middle East, is anticipated to create novel growth opportunities in the regional industry in the future.