Polyamide 12 market

Polyamide 12 Market: Surging Demand in Automotive Sector Drives Growth

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A) Market Overview:
The global Polyamide 12 Market is estimated to be valued at US$ 13.9 billion in 2021 and is expected to exhibit a CAGR of 5.9% over the forecast period of 2022-2030, as highlighted in a new report published by Coherent Market Insights. This growth is primarily attributed to the increasing demand for polyamide 12 in the automotive sector, driven by its superior properties such as high strength, durability, heat resistance, and chemical resistance.

Despite facing challenges such as volatile raw material prices and environmental concerns regarding the production process, the market is witnessing significant growth due to the rising adoption of polyamide 12 in various end-use industries. These include automotive, electrical and electronics, consumer goods, industrial coatings, and others.

B) Market Key Trends:
One of the key trends in the Global Polyamide 12 Market is the growing use of the material in the automotive sector. With an increasing focus on lightweight and fuel-efficient vehicles, automakers are turning to polyamide 12 for its excellent mechanical properties and low weight. This material is extensively used in components such as fuel lines, brake tubes, air ducts, cable sheathing, and connector systems. For instance, BMW’s i3 electric vehicle uses polyamide 12 in its energy storage module.

C) Segment Analysis:
The polyamide 12 market is segmented based on its applications in various industries. Among these segments, the automotive industry holds a significant share due to the increasing demand for lightweight materials to improve fuel efficiency and reduce emissions. Within this segment, the dominating sub-segment is expected to be automotive components.

The use of polyamide 12 in automotive components offers advantages such as high mechanical strength, excellent chemical resistance, and low moisture absorption compared to metal or other plastic materials. Furthermore, its high impact resistance and ability to withstand extreme temperatures make it suitable for demanding automotive applications.

D) Key Takeaways:
The global polyamide 12 market is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period. This growth is primarily driven by the increasing demand for lightweight materials in the automotive industry. The rising adoption of polyamide 12 in automotive components for its superior properties is fueling market growth.

In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region. The region holds a significant share in the automotive industry and is witnessing robust growth in the manufacturing sector. The increasing investments in automotive production, especially in countries like China and India, are driving the demand for polyamide 12 in the region.

Key players operating in the global polyamide 12 market include Arkema Group, DowDuPont Inc., Ensinger GmbH, Evonik Industries AG, UBE Industries Inc., Techmer PM LLC., Invista, EMS-Chemie Holding AG, RTP Company Inc., Toray Industries Inc., Formulated Polymers Limited, and Merck KGaA. These companies are focusing on product innovations, strategic alliances, and mergers and acquisitions to sustain their market position and meet the growing demand for polyamide 12.

In conclusion, the global polyamide 12 market is witnessing significant growth driven by its increasing adoption in the automotive sector. This durable and lightweight material offers several advantages, making it an ideal choice for various applications in automotive components. With innovation and strategic collaborations, key players in the market are poised to leverage this growing demand and drive further market expansion.