Polyamide 12 Market Is Estimated To Witness High Growth Owing To Growing Automotive Industry

Polyamide 12 Market


Polyamide 12 Market is estimated to be valued at US$ 352.03 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Polyamide 12, also known as nylon 12, is a semi-crystalline polyamide with good mechanical, chemical, and thermal resistance properties. It is used in applications that requires high strength, rigidity and toughness even at elevated temperatures. Key application areas of polyamide 12 include automotive, consumer goods, electrical & electronics, industrial applications and others. It is majorly used in under-hood applications, air intake manifolds, oil pans, alternator brackets and housings in the automotive industry.

Market Dynamics:
Polyamide 12 market is primarily driven by growing automotive industry globally. Rapid urbanization and rising disposable income in developing countries has increased passenger vehicle production. According to International Organization of Motor Vehicle Manufacturers, global car production has grown at a CAGR of 2.5% from 2014 to 2019. This growth in automotive industry has significantly increased the demand for engineering plastics like polyamide 12.

Another key driver has been increasing penetration of polyamide 12 in electrical & electronics applications. Properties like high heat and chemical resistance makes polyamide 12 suitable for electrical components, connectors and housings used in diverse range of electronic goods. Rapid pace of technological advancements and proliferation of consumer electronic goods have augmented the consumption of polyamide 12 in this industry.

SWOT Analysis
Strength: Polyamide 12 offers high mechanical strength which helps it withstand high pressure and impact loads. It exhibits excellent chemical resistance to oil, greases, solvents and most household chemicals. It also have good abrasion resistance and low moisture absorption properties.
Weakness: Polyamide 12 has low melting point of around 178 degrees celsius which limits its use in applications requiring high temperature resistance. It also has high production cost compared to other engineering thermoplastics like polypropylene and polyethylene.
Opportunity: Rising demand for low weight and high performance automotive parts especially in electric vehicles provides huge growth opportunity for polyamide 12. Increasing usage of 3D printing technologies also offers new application areas for polyamide 12 filaments.
Threats: Volatility in crude oil prices which is the raw material for polyamide 12 poses major threat. Development of new alternative materials with better properties also increases competition.


Key Takeaways

The Global Polyamide 12 Market is expected to witness high growth, exhibiting CAGR of 3.5% over the forecast period, due to increasing usage in automotive and 3D printing applications. Demand for lightweight and fuel efficient vehicles is a major driver for polyamide 12 consumption in automotive industry.

Regional analysis Asia Pacific dominates the global polyamide 12 market and is expected to grow at highest CAGR during the forecast period. Countries like China, India, Japan and South Korea are major automotive hubs driving the demand. North America and Europe are also significant markets for polyamide 12 due to well established automotive and electronics industries.

Key players operating in the Polyamide 12 are 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. Arkema Group and DowDuPont Inc. have the largest market share due to their strong manufacturing base and partnerships with major automotive OEMs.

Read More - https://www.dailyprbulletin.com/membrane-segment-is-the-largest-segment-driving-the-growth-of-polyvinylidene-fluoride-market/   

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