Bio-based & Synthetic Polyamide Market to record USD 43 billion in revenue by 2027, Says Global Market Insights Inc.
The growth of the bio-based & synthetic polyamide market is supported by the growing construction industry, surging prevalence of electrical & electronic products, proliferating automotive sector in Asia Pacific, and rising demand for sustainable packaging solutions, says this report.
SELBYVILLE, Del., Dec. 14, 2021 /PRNewswire/ -- According to the report by Global Market Insights Inc., the Bio-Based & Synthetic Polyamide Market was estimated at USD 30 billion in 2020 and is speculated to exceed a valuation of USD 43 billion by 2027, registering with a CAGR of 5.3% from 2021 to 2027. The latest report offers a detailed assessment of top winning strategies, market size & estimations, drivers & opportunities, wavering market trends, competitive scenario, and major investment pockets.
The global bio-based & synthetic polyamide market is set to showcase robust growth over the forecast period driven by prevalent product utilization in varied end-user industries. Industry players are focusing on research & development activities and forming strategic partnerships to gain a competitive edge in the market, which has led to the development of novel and innovative products. Notably, the expanding scope of applications of bio-based & synthetic polyamides in diverse industries is foreseen to stimulate business expansion over the following years.
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Apart from PA6 and PA66, other types of bio-based & synthetic polyamides include PA11, PA12, and others. Increasing application of these types of bio-based & synthetic polyamides in diverse end-user industries is likely to boost the demand for these polyamides. Driven by this factor, the others type segment is poised to grow at a CAGR of more than 4.2% over the assessment timeframe.
Key reasons for bio-based & synthetic polyamide market growth:
- Soaring demand in electronics industry.
- Mounting uptake in packaging applications.
- Rising usage in sustainable textile products.
- Growing prominence in construction sector.
2027 forecasts show 'electrical & electronics' segment retaining its dominance:
With respect to end-user, the electrical & electronics segment is expected to grow at a steady pace through the analysis period owing to surging demand in developing nations. In 2020, polyamide demand in the electrical & electronics industry was valued at more than USD 8.5 billion and is slated to progress at about 5.5% CAGR to exceed a valuation of USD 12 billion by 2027. Several properties of bio-based & synthetic polyamides, such as heat and abrasion resistance, are likely to fuel product uptake in the electrical & electronics sector. Moreover, escalating sales of electrical & electronic products during the pandemic are also anticipated to support segmental growth in the coming years.
Meanwhile, the packaging end-user segment was valued at above USD 3 billion in 2020 and is estimated to reach a valuation of more than USD 4 billion by the end of 2027. The expanding packaging sector driven by high demand from the food & beverage industry, coupled with the booming e-commerce market, is slated to impel product uptake in the packaging sector in the future.
North America to maintain top status in terms of revenue:
On the regional spectrum, the North America bio-based & synthetic polyamide market is expected to be valued at more than USD 6 billion by 2027. Growing penetration of sustainable packaging solutions in varied end-user industries in North America is set to drive market growth. Additionally, escalating vehicle sales in the region are likely to further propel regional market growth through the forecast period.
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Impact of COVID-19 pandemic on bio-based & synthetic polyamide market:
The COVID-19 pandemic disrupted the global supply chain, bringing operations in essentially all industries to a halt. The bio-based & synthetic polyamide market was also adversely affected on account of raw materials and labor shortages. However, with widespread immunization drives, the industry is gradually regaining its pre-COVID momentum.
Meanwhile, the pandemic also boosted climate consciousness across the globe, which augmented consumer interest in sustainable products. To address this need, industry players have been investing in product innovation and development. For instance, in June 2021, chemicals giant Solvay introduced the first bio-based polyamide textile yarn dubbed the Bio Amni, to accommodate high consumer need for more sustainable textile products, particularly bio-based materials. As a result, increasing availability of innovative products has been favorable for industry expansion during the pandemic.
Leading market players:
Key companies operating in the global bio-based & synthetic polyamide industry include Evonik, Arkema, BASF SE, Koninklijke DSM N.V., Lanxess, RTP Company, UBE INDUSTRIES LTD., Asahi Kasei Corporation, Grupa Azoty, Dow Chemicals, AdvanSix Inc., EMS-CHEMIE, Invista, Toray, Teijin Aramid B.V., and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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SOURCE Global Market Insights Inc.
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