The growing demand for lightweight materials in vehicles and increasing application of polyamides in electronics industry are the main growth factors for the global polyamide market.The global polyamide market was valued at USD 31.2 billion in 2018 and is expected to reach USD 49.4 billion in 2026, growing at a CAGR of 5.8% during the forecast period.
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Polyamide is mostly used to replace metals in automotive air intake manifolds. Increasingly, automotive manufacturers use polyamide to minimize system costs and incorporate components to improve vehicle fuel efficiency. Other major automotive polyamide applications include engine covers and containers for airbags. For modern vehicles, particularly passenger cars, strict safety rules have made airbags a compulsory feature. Increasing passenger car sales are expected to further boost the demand for polyamide in automotive applications in the global market. Despite lead-free soldering prevailing in the manufacture of electronics, due to its high-temperature resistance polyamide is expected to gain popularity. It is widely used as a shielding material in conveyor systems and trays. Further, because of their high durability and strength, synthetic polyamides are commonly used in textiles, automotive applications, carpets, and sportswear.
Bio-based and specialty polyamide research and development for various applications is expected to provide stakeholders with enormous opportunities during the forecast period. Polyamide is expected to provide huge opportunities for players in the global market by its application in food contact & domestic products and specialty polyamides in automotive by replacing metals. Due to eco-friendly properties, bio-based polyamides are expected to drive the global polyamide market during the forecast period. Moreover, strict government rules and regulations and increased health awareness are expected to fuel the bio-based polyamide market.
However, the stringent government rules and regulations for the standardization of polyamide are expected to hamper the growth of the market during the forecast period.