Bio-Polyamide Market is Propelled by Increasing Demand from Auto - Erie News Now | WICU & WSEE in Erie, PA

Bio-Polyamide Market is Propelled by Increasing Demand from Automotive as well as Textile Sector during 2017-2023

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"Bio Polyamide Market"
Bio-Polyamide Market Information-by Product (PA6, PA66, and Specialty Polyamide), by Material (Fiber and Plastics), by Application (Automotive, Textile, Sports, Consumer Goods, Electrical & Electronics, and Others), and by Region- Forecast till 2023

Market Highlights:

Bio-polyamide can be synthesized by polycondensation of diamines and dicarboxylic acids with the elimination of water. Example of bio-PA with biobased acid and petroleum based amine are PA610 and PA410. Bio-polyamide is mostly produced by castor oil which exhibits a unique chemical structure and properties. Bio-polyamide possess superior features such as recyclability, renewability, non-abrasiveness, light weight, and inexpensive nature which make them suitable for numerous application such as textile, sports, automotive, consumer goods, electrical & electronics, and others.

Key Players Profiles and Competitive Analysis:

The major players operating in the bio-polyamide market are Royal DSM (the Netherland), Evonik Industries (Germany), Huntsman International LLC. (U.S.), LANXESS (Germany), Arkema Group (France), BASF SE (Germany), INVISTA (U.S.), Asahi Kasei Corporation (Japan), Honeywell International Inc. (U.S.), TORAY INDUSTRIES, INC. (Japan), DuPont (U.S.), Solvay (Belgium), Radici Partecipazioni SpA (Italy), and others.

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Market Influencers:

Some of the prominent factors that positively influence the growth of bio-polyamide market are increasing urbanization, improving standard of living, and increasing consumption of bio-polyamide in consumer goods. Furthermore, rising automotive production & sales and shifting manufacturers focus towards manufacturing light weight and fuel efficient vehicles is predicted to fuel the growth of the market during the assessment period. Moreover, booming textile sector and increasing trend of sportswear & attractive clothing in developed and developing countries are expected to fuel the demand for bio-polyamide over the forecast period, 2017 to 2023.

Regional Analysis:

Europe is estimated to be the largest bio-polyamide market followed by Asia Pacific and North America on account of rising demand from automotive, electrical & electronics, and consumer goods. Germany and UK are estimated to capture the largest regional market share due to tremendous demand from prominent automobile manufacturers. In Asia Pacific, countries such as India, China, Malaysia, and South Korea are the fastest growing market for bio-polyamide, and is predicted to grow with the same pace over the forecast period. Numerous factors that are attributed to the growth of the market in Asia Pacific are increasing middle class population, rising number of working professionals, competitive manufacturing costs, and ease in availability of raw material. North America bio-polyamide market is predicted to witness a substantial growth since the U.S, Mexico, and Canada are the major contributors owing to improving health care sector and expansion of automotive sector. The Middle Eastern and African countries are expected to see significant regional market growth due to rising foreign investments and shifting of manufacturing base to these region.

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Market Segmentation:

The global bio-polyamide market is categorized on the basis of product, material, application, and region. On the basis of product, the market is segmented into PA6, PA66, and Specialty Polyamide. Specialty polyamide include PA 10, PA 11, PA 12, PA 46, PA6/12, and PA 6/10. Among these PA6 is predicted to be the dominated segment due to its high performance to cost ratio. However, PA 66 is expected to grow with the highest CAGR on account of its excellent properties as compared to other product segments. On the basis of material, the market is bifurcated into fiber and plastics. Fiber segment comprises of textile filament, staple fibers, carpet fibers, and industrial filament whereas plastics segment include appliances, film & coating, wires & cables, and others. On the basis of application, bio-polyamide market is classified into automotive, textile, sports, consumer goods, electrical & electronics, and others. Among the aforementioned segment, automotive accounted for the largest share in 2016 and is predicted to continue its dominance over the forecast period. A major driving factor associated with the market growth in automotive sector is increasing demand for light weight and cost effective vehicles. Additionally, the robust growth of electrical & electronics industry in developing economies are predicted to fuel the growth of the market.

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