Polyamide Resins Market - Forecasts from 2024 to 2029

Polyamide Resins Market - Forecasts from 2024 to 2029

The polyamide resins market is evaluated at US$4.460 billion for the year 2022 and is projected to grow at a CAGR of 5.47% to reach a market size of US$6.569 billion by the year 2029.

Polyamide resins are high molecular weight polymers with excellent strength and heat tolerance and are widely used in various end-user industries, ranging from oil and gas to automotive. Also, polyamide resins are used as casting agents to cast all types of machinery and electronic components, which are widely adopted in cohesion and coating, among others. However, the availability of substitutes coupled with the high cost associated with them compared to other groups of plastics is expected to restrain the growth of the market in the coming years.

MARKET TRENDS:

The polyamide resins market is influenced by several important variables that affect demand and growth. For instance, the market demand for polyamide resins is mostly driven by their adaptability and a broad variety of applications. These resins' superior mechanical qualities, thermal stability, chemical resistance, and durability make them widely used in a variety of sectors, including construction, electronics, automotive, packaging, and textiles.

Additionally, polyamide resins are gaining popularity because of the growing need for high-performance, lightweight materials in sectors like aerospace and automotive. They are a desirable option for producers looking to cut emissions and increase fuel efficiency since they can replace conventional materials like metal and glass in structural components while still providing equivalent strength and decreased weight.

MARKET DRIVERS:

Growing demand in the automotive industry is anticipated to drive the market’s growth.

The polyamide resins market is expected to increase significantly due to increasing demand in the automobile industry. Nylon, or polyamide resins, are used more and more in automobile applications because of their remarkable mechanical qualities, portability, and low weight. The automobile sector is undergoing a fast transition propelled by evolving customer tastes, environmental restrictions, and technology breakthroughs. This is leading to an increased need for high-performance materials such as polyamide resins.

Additionally, the use of cutting-edge materials like polyamide resins in automotive applications is also being fueled by strict laws intended to lower emissions and raise safety requirements. The need for materials with better performance, durability, and sustainability is rising as automakers work to comply with these regulations, which is supporting the market expansion for polyamide resins.
Expanding construction industry is predicted to positively impact polyamide resins market growth.

The polyamide resins market is expected to increase significantly as a result of the construction industry's expansion. Polyamide resins, sometimes referred to as nylon, are indispensable in a wide range of building applications because of their remarkable mechanical qualities, resilience, and adaptability. As the construction industry experiences rapid growth driven by urbanization, infrastructure development, and increasing demand for sustainable building materials, the demand for polyamide resins is expected to rise.

Additionally, polyamide resins are appealing materials for creative building solutions due to their versatility and simplicity of processing. They allow for the creation of lightweight, highly functional building components and give design freedom due to their ability to be molded into a wide range of forms and sizes. The need for polyamide resins is anticipated to increase as long as designers, engineers, and builders keep looking for cutting-edge materials to satisfy the changing requirements of contemporary building projects.

MARKET RESTRAINTS:

The polyamide resins market has significant growth potential, but several obstacles might prevent it from growing further. The price volatility of raw materials, especially those sourced from petrochemicals, is a major concern. Price fluctuations for crude oil have a direct effect on the cost of manufacturing polyamide resins, which can influence manufacturers' profit margins and ultimately result in increased pricing for end users.

Furthermore, the manufacturing and disposal of polyamide resins raise environmental issues that limit market expansion. While attempts are being made to create recyclable and bio-based alternatives, there is still a long way to go before these sustainable solutions are widely adopted. The polyamide resins market is also challenged by competition from substitute materials like polyethylene and polypropylene. These materials are appealing substitutes because they are less expensive and have comparable qualities.

The Asia Pacific is holding a significant share of the market

By geography, the global polyamide resins market has been segmented as follows: North America, South America, Europe, the Middle East, Africa, and the Asia-Pacific regions. The Asia-Pacific region is projected to grow substantially throughout the forecast period. This growth is attributed to the strong presence of key players in the region and the establishment of the automotive and electronics industries. The region is showing significant growth opportunities owing to the expanding oil and gas industry in the region and favorable government policies for the development of the manufacturing sector in countries like India and Vietnam. Besides that, with the expansion of the aerospace industry and increasing investment in the industrial sector, the demand for polyamide resins is growing in the coming years.

Moreover, in North America, due to the expanding aerospace industry and the presence of major commercial aircraft, the polyamide resins or nylon market is growing at a substantial rate. Also, according to the International Trade Administration (ITA), the United States is the world’s second-largest market for both vehicle production and consumption. Further, the recent replacement of NAFTA (North American Free Trade Agreement) by the USMCA (United States-Mexico-Canada Agreement) will significantly impact the region's automotive industry, which, in turn, will bolster the demand for polyamide resins in the region.

Key Developments:

In December 2023, in recognition of its LEONATM Polyamide (PA or Nylon) resin as a sustainable product, Asahi Kasei obtained the globally recognized ISCC PLUS accreditation at its processing facility in Japan.
In April 2023, Asahi Kasei and Microwave Chemical jointly initiated a demonstration project aimed at commercializing a microwave-based chemical recycling method for polyamide 661 (PA66, commonly known as nylon 66). It is anticipated that the method, which uses microwaves to depolymerize2 PA66, would produce the monomers adipic acid (ADA) and hexamethylenediamine (HMD) with a high yield and little energy usage.
In January 2023, the development of recycled nylon 66 derived from silicone-coated airbag fabric scrap cuts was revealed by Toray Industries, Inc. The mechanical and flow characteristics of this material are identical to those of injection molding grades made with virgin nylon 66.

Segmentation:

By Type
Nylon
Polyamide 6
Polyamide 12
Polyamide 66
Others
Non Nylon
Dimer acid–based
Polyamide epichlorohydrin
By Application
Moisture-absorbent
Temperature resistant
Chemical resistant
Others
By End User Industry
Automotive
Aerospace and defense
Electrical & Electronics
Packaging
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
China
Japan
India
South Korea
Taiwan
Thailand
Indonesia
Others