New York, July 15, 2019 (GLOBE NEWSWIRE) -- Growing demand for polyamides from the automotive industry is the most significant factor estimated to stimulate market demand.
The global polyamide market is expected to reach USD 38.30 Billion by 2026, according to a new report by Reports and Data. Polyamide is a kind of polymer that contains recurring amide groups as an integral part of the main polymer chain and is one of the most widely used engineering thermoplastic materials.
Growing demand for polyamides from the automotive industry is the most significant factor estimated to drive the market demand in the forecast period. Application of polyamides in an automotive range from structural and decorative components of the vehicle to the electronic components as these materials are used as a substitute for metals to reduce system costs and incorporate lighter components to increase fuel efficiency with reduced emissions. According to research, a 10% reduction in the weight of an automobile can result in a 6%-8% improvement in fuel efficiency.
Polyamides also find application in power tool housings, valves for various machines and pumps and several electrical and electronic parts comprising switches, plugs, sockets, and antenna-mounting devices. Several properties of these materials including electrical resistance, corrosion resistance, and tensile strength make them widely used in high load parts in electrical applications as insulators, universal cable ties, and switch housings.
Additionally, there has been an increasing demand for polyamines from the construction and coatings industry owing to its chemical and abrasion resistance, high resistance to extreme temperatures, and high impact resistance.
Sophisticated production process coupled with certain limitations of these materials such as higher moisture absorption affecting electrical and mechanical features may hamper the growth of the market in the forecast period.
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Further key findings from the report suggest
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global polyamide market on the basis of product type, applications, end-user, and region:
Product Type Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
Applications Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
End User Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
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Regional Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
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