Market Scope
Polyamide 12 Market Growth is projected to be worth USD 498.3 Million by 2030, registering a CAGR of 6.7% during the forecast period (2021 - 2030).
Market Boosters and Barriers
Polyamide 12, a thermoplastic polymer, is developed from either ω-aminolauric acid or laurolactam. It has a number of applications in different end-use sectors including packaging, electric and electronic, automotive and consumer goods like leisure and sports equipment. It also finds use in exterior and interior designing, permanent antistatic components like conveyor belts and electrical housing. Considering the extensive application scope of the polymer, it is quite possible that the market demand should shoot up in the years ahead.
Surge in the number of government initiatives can present lucrative opportunities to the players active in the global market in the ensuing years. In 2017, negotiations between the US government and the North American Free Trade Agreement worked in favor of the former, which ended up in the lifting up of the ban on Mexican-made cars to be sold in the country. Polyamide 12’s extensive use in skin care as well as nail care products like skin fresheners, nail paints and hand creams, also enhances the market size.
Vendors are increasingly emphasizing on technical integration throughout the value chain, which has raised the competition level in the global market. Rising use of modern technologies like drones, robotics, Internet of Things (IOT), artificial intelligence, cloud computing, and blockchain has transformed numerous aspects of the manufacturing process. These technologies have not only bolstered the safety level during manufacturing but also fostered efficiency and reliability, while facilitating accurate monitoring across the supply chain.
Segmental Analysis
The market for polyamide 12 has been considered with respect to type and applications.
Different types of polyamide 12 are plasticized, reinforced, general grade, and others. Out of these, the biggest share has been seized by the reinforced segment in the global industry, as fiberglass reinforced polyamide 12 finds numerous applications in the automotive and aerospace & defense industries. As a result, the segment could capture a CAGR of more than 5% between 2020 and 2027.
The key applications of polyamide imide listed in the MRFR study are electricals & electronics, consumer goods, automotive, industrial coatings, oil & gas, and others. Among these, the leading spot has been secured by the automotive segment, which acquired the largest share and touched USD 392.6 million in 2018. The automotive industry extensively uses polyamide 12, with several components made of the polymer in view of its impressive properties. Apart from this, mounting preference for light weight vehicles in the automotive sector to cut down the emission levels has also raised the demand for polyamide 12.
Regional Outlook
The polyamide 12 industry can be regionally segregated into Europe, Latin America, Asia Pacific (APAC), the Middle East & Africa (MEA), as well as North America.
Asia Pacific in 2018, captured the highest share of close to 38% and was therefore, identified as the top performer in the global market. Apart from this, the APAC market could continue to thrive at a rate of 6% between 2020 and 2027, with China emerging as the leading contributor to the growth. China houses the biggest automotive manufacturing sector in the world and the fact that the automotive industry makes extensive use of polyamides should benefit the regional market in the following years. The Chinese aviation industry, on the other hand, has been performing significantly well and is project to gather close to 6,000 new airplanes by 2035. The soaring number of passengers is compelling the government to spend considerably on the production of new flights, which can mean robust demand for polyamide 12 and other types.
Europe will retain its second position in the global market throughout the evaluation timeline, thanks to the rapidly growing consumer goods sector in line with the high-income levels as well as low inflation rate. Additionally, most of the firms in the region are pursuing competitive strategies to leverage the business opportunities, creating alliances, or acquiring other companies to widen their customer bases while further establishing their presence.
Eminent Companies
DowDuPont (US), Ensinger (Germany), Arkema SA (France), RTP Company (US), Toray Industries, Inc (Japan), Ube Industries, Ltd. (Japan), Formulated Polymers Limited (India), Merck KGaA (Germany), EMS-Chemie Holding AG (Switzerland), Evonik Industries AG (Germany), are the important contenders in the market for polyamide 12.
These companies mostly focus on launching new products and enter deals that include mergers and acquisitions, make strategic investments and foster production capacity to capitalize on the industry opportunities.
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