The
polyamide composite market is projected to reach USD XX million by 2027, at a
CAGR of XX% from USD XX million in 2022. One of the major factors contributing
to the growth of the polyamide composite market is the increased demand for
lightweight automobiles. Also, the rise in electrical and electronics industry
is driving the polyamide composite market.
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Driver:
Increasing demand from the transportation industry to drive polyamide
composites demand
Polyamide composites are used in the production of a
variety of automotive components, rail coaches, and heavy vehicles. These
materials are lightweight and contribute to vehicle weight reduction, which
reduces CO2 emissions and improves fuel efficiency, allowing automotive
manufacturers to meet CAFÉ emission standards (54.5 mpg by 2025) and other fuel
norms mandated by environmental agencies. One of the driving factors driving
the thermoplastic composites market in the
transportation industry is the increased use of polyamide composites materials
in racing and high-performance vehicle components such as the instrument panel,
front end module, door modules, roof components, appearance grade components,
and under-hood components.
Challenges:
Development of low-cost manufacturing technology
Polyamide composites have a variety of applications.
However, due to their high cost, the use of these composites in many
applications is not commercially viable. The production of low-cost polyamide
composites has the potential to increase their consumption in a variety of
end-use applications. Low-cost technology development is critical for all
research organizations and resin manufacturers. However, investing in R&D
to develop new technology for producing polyamide composites is a significant
challenge for market participants. Nonetheless, companies are heavily investing
in research and development to reduce the overall cost of polyamide composites
and the end product manufactured. Some companies sell polyamide composites made
from recycled polyamide compounds. Celanese Corporation (US), for example,
provides ECOMID POLYAMIDE COMPOUNDS, which are made from recycled PA66
compounds. This product line provides cost-effective solutions to the
automotive, consumer goods, and building industries.
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“Automotive
was the largest application for polyamide composite market in 2021, in terms of
value”
Polyamide Composite are used in the automotive
industry to make a variety of under-the-hood components such as hoses and gear
shift modules. Polyamide composites are lightweight and have excellent thermal
and chemical resistance, as well as dimensional stability and chemical
resistance. The automotive industry requires a high strength-to-weight ratio
because it determines the performance of the vehicle. This is why the industry
relies on advanced materials like polyamide composites to replace metals
without compromising the vehicle's strength and safety.
“Asia
Pacific was the largest market for polyamide composite in 2021, in terms of
value.”
Due to high demand from China, Japan, India, and
other countries, Asia Pacific is the largest consumer of composite. Automotive,
consumer goods, and electronics are among the major end-use industries for
polyamide composites in the Asia Pacific market. Technology advancements,
regulatory policies, and government norms are some of the major factors driving
the Asia Pacific polyamide composite market.
The key
players in this market BASF SE (Germany), DuPont de Nemours,
Inc. (US), LANXESS AG (Germany), Royal DSM N.V. (Netherlands), and Solvay S.A. (Belgium). Continuous developments in the
market—including new product launches, mergers & acquisitions, agreements,
and expansions—are expected to help the market grow. Leading manufacturers of polyamide composite market have opted for
new product launches to sustain their market position.
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