New York, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Long-chain Polyamide Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Long-chain Polyamide Market Research Report, by Type, End-use Industry by Application, Electrical & Electronics and - Forecast till 2027” the market is projected to be valued at USD 3.1 Billion by the end of 2027, registering a CAGR of around 5.38% during the forecast period.
The outbreak of the CoVID-19 pandemic has adversely affected the global demand and supply of long-chain polyamides. Disruption of global shipping and logistics networks caused acute shortage of key raw materials in the market and thereby driving up the raw material price. Moreover, key suppliers of raw materials, including Evonik Industries, Solvay, Ashland, PetroChina Company Limited, and Sumitomo Chemical Co., Ltd had to shut down their factories as per government guidelines. For instance, Evonik Industries closed its manufacturing plants temporarily in March 2020. The closing of raw material production capacities created a demand-supply imbalance in the market.
The adverse economic environment led to major job losses and pay cuts across the world and thereby affecting the demand for consumer electronics and automotive vehicles. Thus, the major long-chain polyamide manufacturers had to cut down their production outputs due to a drastic decline in demand from key end-use industries, including automotive and industrial goods.
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List of the Key Companies Profiled in the Long-chain Polyamide Market Research Report are:
Nylon Corporation of America, Inc. (NYCOA) (US) and
Radici Group Spa (Italy)., among others.
Some of the prominent players in this market are DuPont, Evonik Industries AG, BASF SE, Arkema, DSM, and EMS-CHEMIE HOLDING AG. They have a strong global presence with a wide distribution network, as well as large production capabilities. They are focusing on strengthening their global footprint by undertaking various initiative strategies. For instance, in February 2019, Evonik Industries launched a new polyamide powder for 3D printing applications in a higher temperature range. This product features high mechanical strength as well as excellent chemical and temperature resistance for use in the fast-growing 3D printing market.
The automotive, electrical & electronics, and industrial sectors are the key consumers of long-chain polyamide. The automotive industry accounts for a major share of the global polyamide market due to the high demand for polyamides to replace metals in automotive bodies and micro-electronics in specialized automotive applications such as transmission control units and sensors safety-related applications such as airbags and anti-lock systems.
Browse In-depth Market Research Report (370 pages) on Long-chain Polyamide
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The global long-chain polyamide market is segmented based on type, end-use industry by application, and region.
The global long-chain polyamide market based on type has been categorized into PA11, PA12, PA610, PA612, and Others. Each by type segment is further divided into endues industries, namely industrial, electrical & electronics, and automotive. Widespread adoption in various types of automotive components led the PA12 long-chain polyamide to emerge as the largest type segment in the global long-chain polyamide market in 2019. Moreover, PA12 is synthesized from bio-based raw materials such as castor oil. Thus, the growing trend toward the adoption of environmentally sustainable products is expected to provide a major boost to the segment growth over the forecast period.
Based on the end-use industry, the global long-chain polyamide market has been divided into automotive, electrical & electronics, industrial, and others. The automotive segment is further categorized into brake tubes, fuel lines, cluster tubes, electrical systems, and others. The electrical & electronics segment is subdivided into plug-in connectors, switchboards & housing, connection boxes, cable ducts, and others. The industrial segment is further fragmented into rollers, pulleys, conveyor systems, hoses & tubes, hoses & tubes connectors, filaments, and others. The automotive segment accounted for nearly 37.10% of the overall market revenue in 2020. Wide range adoption of long-chain polyamides in the production of various automotive components such as fuel lines and transmission oil & clutch fluid ducts was the main factor responsible for segment growth.
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Key Findings of the Study:
The global long-chain polyamidemarket was valued at USD 2,070.39 in 2019 and is expected to reach USD 2,969.34millionby 2027,with a CAGR of around 5.38%during the forecast period from 2020 to 2027.
The Asia-Pacific region led the global long-chain polyamide market in 2019 and is expected to register a CAGR of 6.04% over the forecast period. Burgeoning demand for passenger cars and light commercial vehicles is anticipated to provide a major boost to regional product demand.
Numerous research activities are being conducted to explore the widescale production of long-chain polyamides from bio-based raw materials. Castor oil is one of the prominent examples of bio-based raw materialsfor the production oflong-chain polyamides. However, lower yields and labor-intensive production processes are major factors limiting the widescale adoptionof castor oil in the long-chain polyamides production process.
Major companies aremaking significant investments in improving the functional properties of long-chain polyamides and developing newer application areas. For instance, in February 2019, Evonik Industries launched a new polyamide powder for 3D printing applications in a higher temperature range. This product features high mechanical strength as well as excellent chemical and temperature resistance for use in the fast-growing 3D printing market.
In November 2020, Sculpteo, a fully owned subsidiary of BASF SE announced the lauch of four new bio-sourced 3D printing materials based on Nylon PA11.The new materials, namely Ultrasint PA11, Ultrasint PA11 ESD, Ultrasint PA11 CF, and PA11 MJF are derived from renewable castor oil and exhibit high chemical resistance, elongation, and durability properties.
Segmentation of Market covered in the research:
Global Long-chain Polyamide Market Research Report: Information by Type(PA11, PA12, PA610, PA612, and Others), End-use Industry by Application (Automotive (Brake Tubes, Fuel Liners, Cluster Tubes, Electrical Systems, Others), Electrical & Electronics (Plug-in Connectors, Switchboards & Housing, Connection Box, Cable Ducts, Others), (Industrial (Rollers, Pulleys, Conveyor Systems, Hoses & Tubes, Hoses & Tubes Connectors, Filaments, Others)), and Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)—Forecast till 2027
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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