Newark, July 11, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global bio polyamide market is expected to grow from USD 39 billion in 2021 to USD 67 billion by 2030, at a CAGR of 6.2% during the forecast period 2022-2030.
Bio-polyamide is manufactured using monomers that are extracted from castor oil. India accounts for 80% of the castor seed production globally, followed by China and Brazil. Bio polyamide has some unique features such as recyclability, inexpensive nature, renewability, lightweight, and non-abrasiveness, which increases the consumption of natural PA fibers in various applications in multiple sectors such as automotive, marine, and electronic. Favorable government regulations, especially in the U.S. and Europe, and consumer inclination toward environment-friendly products, also increase the demand for bio polyamide. E. I. du Pont de Nemours and Company, Domo Chemicals, and Royal DSM are companies that primarily use bio polyamide for manufacturing aerospace & defense, automotive, and building & construction industry related products and parts.
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Competitive Strategy
To enhance their market position in the global bio polyamide market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In July 2017, Arkema announced investing approximately 300 million euros to significantly increase its production capacities in Asia in its bio-sourced polyamide 11 chains.
Market Growth & Trends
The bio polyamide market has grown due to the increasing preference for sustainable and eco-friendly solutions. The rapidly evolving electrical & electronics, automobile, and textile sectors are expected to boost the market growth during the forecast period. Bio-polyamides exhibit high thermal performance, mechanical strength, and excellent process-ability, which adds impetus to the market growth. However, the unavailability of raw materials such as castor oil, the primary raw material used in manufacturing bio-polyamides consisting of primary components like sebacic acid and undecanoic acid, is expected to restrain the production of the bio polyamide market. The strict government regulations regarding reducing carbon emissions for a pollution-free environment are expected to provide an excellent opportunity for the growth of the bio polyamide market during the forecast period. Furthermore, various investments are being made to expand the bio polyamide industry and its applications which is also expected to provide impetus to the market growth during the forecast period.
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Key Findings
● In 2021, the PA 6 segment dominated the market with the largest market share of 46% and market revenue of 17.9 billion.
The product type segment comprises PA 6, PA 66, and specialty polyamide. In 2021, the PA 6 segment dominated the market with the largest market share of 46% and market revenue of 17.9 billion. PA 6 exhibits good chemical resistance, excellent thermoplasticity, and durability, which drives the segment's growth. Furthermore, PA 6 is available at a lower price when compared to PA-66, thereby complementing its increasing demand in the industry.
● In 2021, the automotive segment accounted for the largest share of the market, with 22% and market revenue of 8.5 billion.
The end-user segment is divided into automotive, textile, coating, industrial, sports, and electronics. In 2021, the automotive segment accounted for the largest share of the market, with 22% and a market revenue of 8.5 billion. The rising demand for reducing vehicles' weight and improving fuel efficiency is a primary driver for the increasing application of bio-polyamides in the automotive sector. Furthermore, increasing investments in the automotive industry for product innovation and the growing acceptance of bio-based products are anticipated to drive the market during the forecast period.
Regional Segment Analysis of the Bio Polyamide Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Asia Pacific emerged as the largest market for the global bio polyamide market, with a market share of around 39% and 15.2 billion of the market revenue in 2021. The Asia Pacific region's bio polyamide market has been rapidly growing due to the region's increasing household income and rising awareness about energy conservation in the developing countries of this region, such as India, China, and Japan. The presence of stringent emission norms in the region also propels the growth of the market in the region. Furthermore, the development in the electrical & electronics industry, automotive, electrical & electronics, and textile industry coupled with price deflation adds impetus to the market growth.
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Key players operating in the global bio polyamide market are:
● Arkema
● Asahi Kasei
● BASF
● DSM
● Evonik Industries
● Domo Chemicals
● Lanxess
● SABIC
● Solvay
● Simona
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global bio polyamide market based on the below-mentioned segments:
Global Bio Polyamide Market by Product Type:
● Automotive
● Textile
● Coating
● Industrial
● Sports
● Electronics
Global Bio Polyamide Market by End-User:
● PA 6
● PA 66
● Specialty Polyamide
About the report:
The global bio polyamide market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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