Specialty Polyamide Market Size was valued at USD 3.5 billion in 2022. The Specialty Polyamide industry is projected to grow from USD 3.71 Billion in 2023 to USD 6.03 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.25% during the forecast period (2023 - 2032). Increased consumption of lightweight automobiles and durable coating materials are the key market drivers responsible for market expansion.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The growing automotive industry and vehicle demand drive the market CAGR for Specialty Polyamide. One of the major drivers of the specialized polyamide market is the rising need for lightweight components with abrasion resistance. Additionally, it is projected that the substantial need for green solutions and the growing concerns over automotive fuel efficiency would increase the consumption of specialty polyamides. The key characteristics of specialty polyamides are excellent lubricity and high thermal stability. The rising demand from various end-use industries, including automotive, consumer goods, and other sectors, drive the market for specialized polyamides.
Display technologies, portable electronics, and other gadgets also use polyamides. Additionally, specialty polyamides have applications in producing numerous other goods, including elastomers, conveyor belts, and antistatic adhesives. The higher price of specialty polyamide components has constrained the worldwide specialty polyamide market. In contrast, it is anticipated that throughout the projection period, the specialty polyamide industry will be driven by these materials' capacity to be recycled and their environmentally friendly production. Over the past years, noticeable growth can be seen in the conversation about sustainability and the environment is predicted to continue in the years to come. To prevent future environmental degradation, governments worldwide are putting tight restrictions to protect the environment and lessen adverse repercussions.Â
Specialty polyamides market growth and demand declined during the Covid-19 pandemic due to numerous economic and regulatory constraints by numerous nations worldwide. The market for specialized polyamides was significantly impacted by the contraction of the automotive, electrical, electronics, construction, and automotive industries in 2020. As a result, the demand for specialized polyamides was also impacted by the slowing expansion of certain end-use industries, such as construction, automotive, electrical, and electronics. Post-pandemic, the specialty polyamides market is anticipated to improve.
For instance, world oil consumption is predicted to rise by 5.4 Mn barrels per day in 2021, according to the IEA oil market analysis. This increases the need for an item that can serve as an effective sealing frame, helping to preserve the items. In the shape of polycaprolactam and polyphthalamides, this is the expected use of specialized polyamides. As a result, it is anticipated that demand for it will increase throughout the projection period due to the rising obesity rate. Thus, driving the Specialty Polyamide market revenue.
The Specialty Polyamide market segmentation, based on Product, includes Long Chain specialty polyamide, High-Temperature Specialty Polyamide, and MXD6. The High-Temperature Specialty Polyamide dominated the market, accounting for 49.9% of the market share (USD 1.7 billion) in 2022. Its cost-effective nature and durability are two major reasons driving demand for High-Temperature Specialty Polyamide.
Figure 1: Â Specialty Polyamide Market, by Product, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Specialty Polyamide market segmentation, based on Application, includes Transportation, Energy, Consumer goods, Industrial Coatings, electronics, and others. The transportation category dominated the market share, accounting for about 45% of the market share (USD 1.6 billion) in 2022. Due to their ability to meet the demands of automobile components, specialty polyamides are often used in the automobile industry. Good blend of oil resistance, durability, adaptability to design, and thermal stability, it finds significant Application in these domains. According to projections, demand for specialty polyamide items will increase most in the energy sector.
By Region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific area will dominate this market, contributing 45.8% of the market share in 2022. In addition, increased consumption of vehicles and the availability of inexpensive raw materials are major drivers for this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Â Specialty Polyamide Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The North America Specialty Polyamide market accounts for the second-largest market share due to increasing awareness about the benefits of eco-friendly products requiring specialty polyamide.
The Europe Specialty Polyamide Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rising incomes per person in developing nations, a growing middle class, a rising standard of living, and a boom in the Region's auto manufacturing industry. Further, the German Specialty Polyamide and UK Specialty Polyamide markets were the fastest-growing markets in the European Region.
Moreover, China’s Specialty Polyamide market held the largest market share, and Japan’s Specialty Polyamide market was the fastest-growing market in the Asia-Pacific region.
For instance, the total worldwide output by IT sectors is predicted to expand by only two percent year over year in 2020 to reach $2,972.7 billion, based on Japan Electronics and Information Technology Sectors Association (JEITA) Report 2020. This will increase the market's need for specialty polyamides in the area.
Leading market players are investing heavily in research and development to expand their production capacity, which will help the Specialty Polyamide market grow quickly. Market participants are undergoing various strategic approaches, whether organic or inorganic, to expand their footprints ly, with important market developments including expanding production capacity, agreements, mergers and acquisitions, capital expenditure, and strategic alliances with other organizations. The Specialty Polyamide industry must offer affordable solutions as well as increase its production capacity to meet the demands in this highly competitive market.
Manufacturing locally to reduce costs is one of the key business tactics manufacturers use in the Specialty Polyamide industry to benefit customers and expand market share. The Specialty Polyamide industry has offered some of the most significant technological advantages in recent years. Major players in the Specialty Polyamide market, including Evonik Industries AG, BASF SE, Arekma SA, Asahi Kasei Corporation, Koninklijke DSM N.V, I. du Pont de Nemours and Company, LG Chem Ltd., Solvay S.A., INVISTA S.Ă r.l., and Radici Group., are attempting to increase their production capacity to fulfill rising demand by investing in research and development to offer affordable products.
BASF SE headquarters is in Ludwigshafen am Rhein, Germany, and it was established on April 6, 1865, as a chemical products provider. It functions through the following divisions: Chemicals, Materials, Agricultural Solutions, Commercial Solutions, Surfaces Technologies, Nutritional and Treatment, and Others. The Chemicals section provides petrochemicals and intermediates. Specialty inorganic goods for the plastics and plastics processing sectors are part of the Materials category. In February 2020, the operations of Solvay were purchased by BASF, and the whole deal cost about $1.436 billion. The business portfolio will grow during the anticipated term due to the acquisition. Therefore, with this acquisition, there are currently innovative goods in the market. The company provides better plastic solutions for engineering, which will improve the market's profitability.
Chemical goods are produced and distributed by CVC Specialty Chemicals, Inc. The company provides leather, plastics, rubber, coatings, composite materials, petrochemicals, adhesives, perfumes, and varnishes. CVC Specialty Chemicals serve international clients. The business runs two manufacturing sites in the US and sells to customers in North America, Asia, and Europe. After acquiring the business in 2008, Emerald Performance Materials (EPM) quickly integrated CVC with its specialty polymers segment and started using its current name. In May 2020, CVC Specialties was acquired by Huntsman Corporation. This purchase aids in the production of various adhesives. It is anticipated that this breakthrough will increase the market's overall portfolio. There is going to be a larger supply of adhesives and composite materials. The deal cost was overall $300 million for the entire acquisition.
May 2020: CVC Specialties is being acquired by Huntsman Corporation. This purchase aids in the production of various adhesives. It is anticipated that this breakthrough will increase the market's overall portfolio. There is going to be a larger supply of adhesives and composite materials. The deal cost was overall $300 million for the entire acquisition.
February 2020:Â The operations of Solvay are being purchased by BASF, and the whole deal costs about $1.436 billion. The business portfolio will grow during the anticipated term due to the acquisition. Therefore, with this acquisition, there are currently innovative goods in the market. The company provides better plastic solutions for engineering, which will improve the market's profitability.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 3.5 billion |
| Market Size 2023 | USD 3.71 billion |
| Market Size 2032 | USD 6.03 billion |
| Compound Annual Growth Rate (CAGR) | 6.25% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â Evonik Industries AG, BASF SE, Arekma SA, Asahi Kasei Corporation, Koninklijke DSM N.V, I. du Pont de Nemours and Company, LG Chem Ltd., Solvay S.A., INVISTA S.Ă r.l., and Radici Group. |
| Key Market Opportunities | Strategic alliances, new product launches, and contractual agreements. |
| Key Market Dynamics | Growing Automotive industry leading to increased consumption of lightweight Automobiles. Growing demand for durable coating material. |
Specialty Polyamide Market Highlights:
Frequently Asked Questions (FAQ) :
The Specialty Polyamide market size was valued at USD 3.5 Billion in 2022.
The Specialty Polyamide market is anticipated to grow at a CAGR of 6.25% during the projected period of 2023-2032.
Asia-Pacific region holds the largest share of the Specialty Polyamide market.
The key participants in the specialty Polyamide market are Evonik Industries AG, BASF SE, Arekma SA, Asahi Kasei Corporation, Koninklijke DSM N.V, I. du Pont de Nemours, LG Chem Ltd., Solvay S.A., INVISTA S.à r.l., and Radici Group.
The High-temperature Chain, Specialty Polyamide category, dominated the Specialty Polyamide market in 2022.
Transportation had the largest share of the specialty Polyamide market.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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