The Global bio-polyamide market is expected
to reach USD 220.6 million by 2022, according to a new study by Grand View
Research, Inc. Growing demand for environmental friendly, sustainable products
across various end-use industries such as automotive and consumer goods is
expected to remain a key driving factor for global bio-polyamide market. In
addition, positive outlook on Asian automotive industry is also expected to
have a positive influence on the market growth. Favorable environmental
regulations along with increasing focus on recyclable and green products
particularly in the U.S. and Europe have also spurred demand growth. However,
high cost of bio-polyamide compared to its synthetic counterpart is expected to
remain a key challenge for market participants.
PA-6 was the
leading product segment and accounted for 47.4% of total market volume in 2014.
Growing demand for PA-6 particularly in automotive industry is expected to
remain a key driving factor for this segment. Global demand for specialty
bio-polyamides is expected to exceed 5 kilo tons by 2022.
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Further key findings from the study suggest:
- Global bio-polyamide market demand was 21,411.4 tons in 2014 and is expected to reach 50,465.3 tons by 2022, growing at a CAGR of 11.3% from 2015 to 2022.
- Engineering plastics was the most dominant application and accounted for 60.7% of total market volume in 2014. It is also expected to witness the highest growth rate of 11.5% from 2015 to 2022. Growing demand for light weight, high performance materials across aerospace and automotive industries is expected to remain a key driving factor for this segment over the forecast period.
- Automotive emerged as the leading end-use industry and accounted for one-third of total consumption in 2014. Increasing adoption of recyclable material in the global automotive industry is expected to remain a key driving factor for this segment over the forecast period. Automotive is also expected to witness the highest growth of 12.1% from 2015 to 2022.
- Europe emerged as the leading regional market and accounted for 34.8% of total market volume in 2014. Stringent environmental regulations regarding use of synthetic polyamide across textile and automotive industries coupled with growing demand for environment friendly products can attributed to the growth of regional market. North American bio-polyamide market is expected to exceed USD 50 million by 2022.
- Key companies operating in the global bio-polyamide market include Arkema, BASF, E. I. DuPont De Nemours & Company, Evonik Industries AG, Huntsman Corporation and Lanxess AG. Other industry participants include Formosa Plastics Corporation, Honeywell International Inc. and DOMO Group.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
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Email:
sales@grandviewresearch.com
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