What does the growth in electric vehicle sales mean for the bio-polyamide market?
Fact.MR’s elaborate analysis of the global bio-polyamide market provides readers with a 360-degree view for the forecast period from 2022 to 2032. Additionally, the study uncovers important insights into the latest trends, future growth drivers, opportunities and restraints across various segments including product type, end-use and region.
NEW YORK, June 10, 2022 /PRNewswire/ — The global bio-polyamide (PA-6) market size is expected to reach US$208.3 million by the end of 2022. The increasing use of PA-6 in the automotive industry owing to its fracture toughness, compressive strength, and robust mechanical hardness is expected to increase the market.
According to the report, the demand for bio-polyamide is expected to be estimated at US$800.7 million in 2032 and grows at a CAGR of 14.5% over the forecast period (2022-2032). Rising concerns over sustainability and growing consumer shift towards environmentally friendly materials are likely to drive the growth of the market.
Moreover, the rapid expansion of the electrical and electronics industry across the globe is expected to propel the growth of the market. High consumer disposable income and growing awareness of the use of bio-polyamides in low voltage applications are expected to drive growth.
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Apart from this, the growing government initiatives to encourage companies to use sustainable products is expected to boost the sales of premium bio-polyamide in the coming years. Continuous expansion of the textile industry with growing demand in emerging economies is another crucial factor that should bode well for the market.
Also, growing need for lightweight automotive components is a major factor expected to increase the market. On top of that, the growing demand for electric vehicles around the world is expected to reinforce the need for a robust charging infrastructurewhich would promote growth.
In addition, growing awareness of energy conservation in developing countries is expected to accelerate growth. The growing acceptance of bio-based fibers in many high-performance applications in the electronics, marine and automotive sectors is another vital factor likely to drive growth.
Key points to remember:
- The US bio-polyamide market is expected to grow at a CAGR of 15% during the forecast period from 2022 to 2032.
- In Asia Pacific, China The Bio-Polyamide Market is Expected to Create an Absolute Dollar Opportunity by Reaching US$128.8 million in 2032.
- Based on product, sales of the PA-6 category are expected to account for approximately 48.1% of the global bio-polyamide market share.
- In terms of end use, the textile segment is expected to witness considerable growth by increasing at a CAGR of 16.7% during the forecast period.
- By region, Europe The bio-polyamide market is expected to generate an astonishing share of 24.4% from 2022 to 2032.
- Growing use of bio-polyamide in applications such as powder coatings, pneumatic air brake tubing, and flexible oil and gas lines is expected to drive growth.
- Increasing adoption of bio-polyamide in manufacturing processes requiring high temperature, especially in the consumer goods sector should stimulate growth.
- The ready availability of substitutes, such as polycaprolactone (PCL), glass, plastic additives, and PHA polyesters can hinder growth.
- Strict government standards controlling the use of certain chemicals in end-use industries can hinder growth.
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Major manufacturers of bio-polyamides are increasingly focusing on expanding their distribution networks in emerging economies. Therefore, they invest huge sums in expanding their manufacturing capabilities.
Meanwhile, a few other key players are aiming to enhance their existing portfolios by introducing cutting-edge products to the market through mergers and acquisitions, as well as partnerships.
- In November 2021Arkema, a specialty chemicals company based in Franceannounced the construction of its new polyamide 11 powder plant in China. Construction of the plant is expected to be completed in the first quarter of 2023. The company aims to meet the strong demand for advanced bio-circular materials with the new plant in Asia.
- In June 2021, Solvaya multinational chemical company headquartered in Belgium, has launched its first partially biosourced polyamide textile yarn named Bio Amni. It is manufactured in the company’s industrial textile unit located in Brazil.
Top Companies Featured by Fact.MR
- Asahi Kasei
- Domo Chemicals
- Evonik Industries
More Valuable Insights into the Bio-Polyamide Market
In the latest study, Fact.MR offers a detailed study on the global Bio-Polyamide market for the forecast period 2022 to 2032. This study also highlights the key drivers driving the Bio-Polyamide sales through segmentation detailed as follows:
- Special polyamides
By end use:
- Films and coatings
- Electrical and Electronic
- Other end uses
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Answered in the Bio-Polyamide Market Report
- What is the projected value of the bio-polyamide market in 2022?
- At what rate will the global bio-polyamide market grow until 2032?
- What are the factors hindering the growth of the bio-polyamide market?
- Which region is expected to lead the global bio-polyamide market in 2022-2032?
- What are the factors driving the bio-polyamide market during the forecast period?
- What is the expected market value of the Bio-Polyamide market during the forecast period?
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Market for polyamides 11 and 12: The ability of Polyamides 11 and 12 to provide rapid prototyping in 3D printing is one of the major factors that would propel the market. Additionally, the excellent chemical and heat resistance is expected to drive the sales of Polyamide 11 and 12 in the coming years.
Polyamide Antimicrobial Textile Market: The urgent need to prevent nosocomial infections across the world is expected to drive the demand for polyamide antimicrobial textiles in the future. In addition to this, the implementation of strict standards by the governments of various countries to reduce the risk of infections is expected to fuel the growth.
bio-based acetic acid market: According to Fact.MR, the global bio-based acetic acid market is expected to grow 1.6x from 2021 to 2031 at a CAGR of 5%. This growth is attributable to the growing demand for environmentally friendly building materials such as bio-based polymer binders around the world.
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Oleochemicals Market: The application of oleochemicals in a range of industries such as cosmetics, food & beverage, and pharmaceuticals is the key factor facilitating the growth of the market. This chemical is widely used as an emulsifier in food products such as cakes, pastries and others, which is driving the demand in the market.
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Polyamide in the electric mobility market: The Polyamide in e-Mobility Market report provides in-depth information on the growth prospects of Polyamide in e-Mobility market, which includes in-depth insights into micro and macroeconomic factors triggering or hindering the demand for polyamide in the e-mobility market.
Polyamines Market Overview: The global polyamines market is quite consolidated in nature. Kemira Oyj, SNF Floegler and BASF SE are among the Tier 1 players. Together they are expected to account for over 85% of the global market share in 2020
Polyamide Antimicrobial Textile Market: The sales of antimicrobial fabrics from medical and household applications remained with exclusive thrust even in the next decade. The market is expected to show growth with a solid CAGR of 6.5% from valuation.
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