The global polyamide market size was US$ 27.7 billion in 2021. The global polyamide market is forecast to grow to US$ 41.6 billion by 2030 by registering a compound annual growth rate (CAGR) of 5.4% during the forecast period from 2022 to 2030.
Polyamide is a polymer having a wide range of applications in textiles, electronics, equipment, packaging, coatings, and the automotive industry. Polyamides can be obtained from wool and silk and can be synthesized artificially.
Factors Influencing the Market
The wide applications of polyamide across electronics, packaging, coatings, and the automotive industry will fuel the growth of the global polyamide market. Furthermore, the steeply growing electronics and automotive industry are expected to offer lucrative growth opportunities for the global polyamide market during the forecast period.
The benefits of using polyamides, such as high performance and low cost, will surge its demand from the end-users. Further, rising consumer disposable income and a growing range of transportation activities will benefit the global polyamide market during the study period.
The market may witness ample growth opportunities due to upscaling demand for electronics and coatings. On the contrary, strict government laws and regulations may act as a significant challenge for the global polyamide market during the forecast period.
The growing number of investments and ongoing research and development in bio-based products will potentially strengthen the scope of the global polyamide market during the study period.
COVID-19 Impact Analysis
The COVID-19 pandemic negatively affected the global polyamide market. Imposed lockdowns and several problems have been major drawbacks for this industry. In addition to that, the market witnessed various challenges associated with the disrupted supply chains, logistical difficulties, and workforce. The COVID-19 epidemic halted the activities of large end-use polyamide industries. Furthermore, adverse effects of the COVID-19 virus on human health are expected to impede market growth in the coming years as polyamide demand has been fluctuating since the wake of the COVID-19 pandemic.
Regional Analysis
By region, the polyamide market is forecast to witness rapid growth in Asia-Pacific. The automotive industry in India, Japan, South Korea, and China is growing rapidly. Furthermore, the polyamide market will observe strong economic growth in emerging countries like China, Indonesia, etc., due to growing disposable income and rising employment rates. Furthermore, the increased use of polyamide in automotive and food packaging has spurred Asia-Pacific to become a major regional polyamide market. Large-scale investments in the automotive sector have increased the growth prospects for the market.
Competitors in the Market
Market Segmentation
The global polyamide market segmentation focuses on Type, Application, End-Users, and Region.
By Type Outlook
By Application Outlook
By End-Users Outlook
By Regional Outlook
