 |
| Polyamide 12 Market Growth |
The polyamide 12 market has witnessed significant growth over the past few years owing to its wide applications in automotive, electrical and electronics, and consumer goods industries. Polyamide 12 provides high strength, resistance to chemicals, and easy processing which has resulted in increasing preference among various end-use industries. It offers advantages like low density, high impact resistance, low moisture absorption, and flame retardant properties. The growing automotive industry around the world and increasing adoption of polyamide 12 for lightweight engineering applications in vehicles due to its high strength-to-weight ratio are driving the demand of the market.
The Global polyamide 12 market is estimated to be valued at US$ 405.54 Mn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Polyamide 12 Market Growth are Ultralife Corporation, EaglePicher Technologies LLC, EnerSys, Liberating Technologies, Inc., Panasonic Corporation, Tadiran Batteries Ltd., Saft Groupe S.A., Arotech Corporation, SHENZHEN KAYO BATTERY Co., Ltd, and Vitec Group plc. The key players are investing in expanding their production capacities and developing innovative products with improved properties to gain a competitive advantage in the market.
The major growth opportunities in the market include increasing use of polyamide 12 in 3D printing applications and development of bio-based and recycled polyamide 12 owing to rising sustainability concerns.
Major companies are focusing on geographic expansion strategies across Asia Pacific, North America, and Europe to tap the growth potential in developing nations and move closer to end-use industries. The easy availability of raw materials and skilled workforce along with growing automotive manufacturing are attracting investments in countries like China, India, Mexico, and Brazil.
Market Drivers
The major driver for the polyamide 12 market is the increasing automotive production. Polyamide 12 offers significant weight reduction compared to other materials which improves the fuel efficiency of vehicles. The stringent emission norms and rising demand for lightweight electric vehicles are propelling the demand of polyamide 12 from automotive OEMs and component manufacturers globally. Its high strength-to-weight ratio makes it a preferred material for under-the-hood applications and exterior components.
PEST Analysis
Political: Polyamide 12 market is regulated by environmental regulations
enforced by governments across regions regarding sustainable plastics use and
reduction of carbon footprint.
Economic: Stable global economic growth especially in Asia pacific and Americas
has been boosting demand from end use industries like automotive and electrical
and electronics which is positively impacting the polyamide 12 market.
Social: Increasing consumer awareness regarding green plastics and preference
for sustainable materials is generating demand for polyamide 12 which is
recyclable and has lower environmental impact compared to other plastics.
Technological: Advances in polymer engineering is helping manufacturers develop
polyamide 12 grades with improved physical and chemical properties to suit
diverse application requirements in industries like 3D printing, healthcare etc
fueling market expansion.
Geographical regions of concentration
The Asia Pacific region contributes the largest share in the global polyamide
12 market in terms of value. This is attributed to the presence of a robust
automotive sector and growing electrical and electronics industry in countries
like China, India, Japan and South Korea. North America and Western Europe are
other major polyamide 12 markets driven by extensive use of the polymer in
different end use industries across the regions.
Fastest growing region
The polyamide 12 market is projected to witness the highest growth in the Asia
Pacific region during the forecast period. This can be credited to rapid
industrialization and infrastructure development activities underway across developing
nations. Increasing automotive manufacturing and a surge in electronics
consumption are some of the key factors that will catalyze polyamide 12 demand
from the region in the coming years.
Get More Insights On This Topic: Polyamide
12 Market
Explore More Related Topic: Polyamide
12 Market