The latest report by IMARC Group, titled “Bio-Polyamide Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the global bio-polyamide market reached a value of US$ 134.5 Million in 2018. Bio-polyamide refers to a versatile bioplastic that is synthesized using renewable or bio-based raw materials like natural fats and oils. These polyamides exhibit high mechanical strength and thermal performance. They also are light weight, inexpensive, environment-friendly and recyclable. Excellent mechanical and thermal performance, low moisture absorption and strong chemical resistance are some of the other key characteristics of bio-polyamides. As a result, they are widely utilized across diverse industries including marine, textile, automotive and electronics in applications like powder coatings, sporting goods, automotive fuel lines, electrical cable jacketing, and flexible oil and gas pipes.
As bio-polyamides are widely employed in the automotive industry, the escalating sales of automobiles, especially across the developing economies, has bolstered the growth of the market in these regions. Additionally, automobile companies are now focusing on the development of lightweight vehicles on account of stringent governmental regulations. They also have low-friction property which has led to their utilization in the production of gears, bushings and plastic bearings. Furthermore, owing to their non-abrasive nature, they are employed for manufacturing consumer goods such as toys and electronic products. Apart from this, an increasing trend of using natural and bio-based products is contributing to the sales of these polyamides. On account of the aforementioned factors, the global bio-polyamide market size is projected to reach US$ 266.9 Million by 2024, expanding at a CAGR of 12.1% during 2019-2024.
- On the basis of the product type, the market has been divided into PA-6, PA-66 and others. Amongst these, PA-6 represents the most popular product type.
- Based on the application, the market has been bifurcated into industrial plastics and fibers. Currently, industrial plastics account for the majority of the market share.
- On the basis of the end use, the market has been categorized into automotive; textiles and sports; industrial goods; films and coatings; electrical and electronics; and others. The automotive sector currently holds the dominant market share.
- On the geographical front, Asia Pacific holds the leading position in the market. Other major regions include North America, Middle East and Africa, Europe, and Latin America.
- The competitive landscape of the market has also been analyzed with some of the key players operating in the market being Arkema, Asahi Kasei, BASF, DSM, Evonik Industries, Domo Chemicals, Lanxess, SABIC, Solvay and Simona.
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