Specialty polyamide Market–Market Overview:
The global Specialty Polyamide Market Demand has been estimated to register a significant growth on account of increasing demand from the transportation sector on the backdrop of expanding global trade and consumer goods. The primary factors driving growth of the market are the rising use of the light weight vehicles, growing demand for light weight, heat resistant and durable coating material in numerous industrial applications. The global automotive market is estimated to grow at higher CAGR to reach over USD 90 billion revenue in 2017. The production and use of light weight cars and other automotive, as projected by Morgan Stanley analysts, is set to rise to 2.9 percent of 99 million new vehicles in 2020 and to 9.4 percent of 102 million new vehicles in 2025, from 1.1 percent of 86.5 million this year. This is projected to boost demand for the specialty polyamide in manufacturing light yet durable parts for an automotive. Additionally, there is growing demand for the demand for organic materials which is expected to rise globally due to the rising prices of petrochemical-based raw materials. Bio-based polyamides are a high-quality alternative to substitute petro-based materials. They can be used in automotive, electronics, and consumer goods applications. As a result, it has been projected that in future the demand of specialty polyamide may surge manifolds. Moreover, surging demand for and use of consumer goods and electronic devices is expected to further boost growth of the market.
Specialty polyamide Market- Competitive Landscape:
The global Specialty Polyamide is a mature market demand with significant number of major players operating into the market. The market is driven by flourishing construction, automotive and sports equipment industry. The market is greatly concentrated by the presence of number large players yet, Evonik Industries AG, BASF SE, Arekma SA, and Solvay S.A are the key manufacturers in this market. Almost all of these market participants are primarily adopting the expansion and product launch tactics to strengthen their market position. Growing automotive industries, and continuous rising demand for sports goods and equipment, along with the collaborations and agreements between manufacturers, distributers, and marketing firms are key market forces operating in the market for the growth of the demand for specialty polyamide. Taking all these trends under consideration, the global specialty polyamide market is likely to witness considerable competition over the forecast period of 2017-2023.
Industry/ Innovation/ Related News:
September 19, 2017- Germany based chemical giant BASF SE and Belgium based chemical major Solvay S.A. has entered into a binding agreement for a USD 1.9 billion. Under the agreement BASF SE acquired the polyamide business of Solvay SA. This will complement BASF’s engineering plastics portfolio as the will be integrated into the performance materials and monomers division of BASF SE.
October 11, 2017– BASF SE, the Germany based chemical giant, has developed new semi-transparent product portfolio of polyamide 6 and 66 grade product range called Ultramid. It is the plastics are resistant to heat aging up to 220°C and show excellent burst pressure and weld strength.
February 11, 2016- Evonik Industries, the Germany based speciality chemicals, announced its plans to build a new production line for special polyamide 12 powder (PA12), named VESTOSINT, in Marl (Germany), under the Resource Efficiency Segment. This helped the company to increase the existing annual capacity for polyamide 12 powders by 50 per cent. Due to their mechanical properties and chemical resistance as well as the high melting point of finished products, PA12 powders are particularly suitable for use in powder-based 3D printing processes such as selective laser sintering (SLS), high-speed sintering (HSS), and fibre composite materials represent another growth field.
October 6, 2017- The France based specialty chemicals and advanced materials manufacturing company Arkema announced a price increase for its specialty polyamide resins. This move is taken by the company on the backdrop of a combination of increasing raw material costs, increasing compliance costs and an ambitious investment plan required to sustain company’s ability to supply rapidly growing global markets.
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