Specialty Polyamides Market: Snapshot
Specialty polyamides are fabricated materials that provide comparable amounts of durability and mechanical strength as conventional materials while weighing significantly less. Specialty polyamides are also notable due to the lower carbon footprint their production generates, which has emerged as a key driver for the specialty polyamides market due to the vast environmental consequences of the production of conventional materials such as plastics.
The automotive industry is the leading consumer in the global specialty polymers market and is likely to retain a dominant share in the coming years due to the rising acknowledgment of the benefits of lighter cars in terms of minimizing their environmental impact. Using lighter materials in car construction leads to lower fuel consumption, as the same amount of power is distributed over a smaller mass, helping enhance the environmental footprint of the automobile. Lighter cars also provide better handling, since the momentum of the vehicle is reduced. This has also been a key factor in leading to lighter materials, including specialty polyamides, becoming popular in the automotive sector.
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Several government bodies, including the U.S. EPA, have also come out in support of the use of lighter materials in car construction due to their significant cumulative potential to reduce man’s impact on climate change. The specialty polyamides market has benefited significantly from such initiatives and is likely to rely on government support in the coming years, particularly due to the higher prices of specialty polyamides in comparison to conventional automotive construction materials. Government support will also help the global specialty polyamides market overcome one of its key restraint: lack of awareness in developing countries. The booming automotive industry in developing countries such as China, Japan, and India is thus likely to have a significant impact on the global specialty polyamides market in the coming years.
Global Specialty Polyamides Market: Overview
Specialty polyamide manufacturers are preferring eco-friendly and high-quality alternatives as raw materials to conventional petroleum. These polyamides, which are manufactured using renewable raw materials, have a lower CO2 and other greenhouse gasses footprint and support sustainable development. Continuous research and development activities are paving way for advanced polyamides that provide excellent thermal and mechanical characteristics and enhanced humidity resistance. Governments and organizations worldwide are taking efforts to promote the use of these polyamides across key end-user industries. Thus, the global market for specialty polyamides is anticipated to experience tremendous growth in the foreseeable future. These polyamides are used across various end-user industries such as automotive and transportation, energy, electrical and electronics, industrial coatings, and consumer goods and retail.
The research report presents a concise account of the various critical parameters of the global specialty polyamides market. It includes a detailed overview of the trends and opportunities impacting the global market. It offers valuable insights into the competitive landscape of the market. It provides an in-depth analysis of business strategies, latest developments, market shares, and cost and revenue structures of key players in the market and profiles them. It covers SWOT analysis that forecasts the growth trajectory of each prominent player in the market. It segments the market on the basis of several criteria including end users and geography and provides statistics in terms of both value and volume.
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Global Specialty Polyamides Market: Drivers and Restraints
The surge in the demand for emission control and fuel economy improvement is prompting automobile companies to develop alternative solutions for manufacturing lighter vehicles through design modification and material substitution. This is, thereby, fuelling the global demand for specialty polyamides. Moreover, stringent measures taken by government bodies such as EPA to reduce greenhouse gasses emissions are augmenting the market.
On the other hand, volatile economic conditions in several parts of the world are hampering the growth of the market. However, the rising awareness regarding environment conservation is anticipated to promote the adoption of specialty polyamides across different end-user industries over the coming years.
Global Specialty Polyamides Market: Region-wise Segmentation
The key segments meticulously studied in the research report are Asia Pacific, Europe, North America, and Rest of the World. Asia Pacific will be a prominent market throughout the forecast period. The robust growth of the end-user industries such as automotive, electronics and semiconductors, and consumer goods is driving the demand for specialty polyamides in the region. The improving economic conditions in emerging countries is also fuelling the growth of the region.
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Countries such as Korea, Japan, China, and Taiwan are likely to be the major contributors to the growth of the region. Owing to the aforementioned factors, the region is expected to register a healthy growth during the same span. In Rest of the World region, countries including Argentina, Colombia, and Brazil will be sights of high growth rate during the review period.
Global Specialty Polyamides Market: Competitive Landscape
Key players in the global specialty polyamides market are allocating sizeable funds in the research and development of superior products with high quality and extended durability in order to expand their presence in the market. Manufacturers are focusing towards developing innovative and customized products that are in line with customer requirements. Some of the prominent companies operating in the market are Solvay S.A., Radici Group, Koninklijke DSM N.V., E. I. du Pont de Nemours and Company, and INVISTA.