The Global 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 to 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 excellent mechanical, thermal, and chemical resistance properties. It has low moisture absorption and is used as an engineering plastic in various end-use industries due to its strength, durability, and resistance to abrasion.
Market key trends:
Polyamide 12 is increasingly used as a substitute for metal components in the automotive industry due to its lightweight and corrosion resistance properties. Replacing metal components with polyamide 12 helps automakers reduce vehicle weight and improve fuel efficiency. Growing stringent regulations regarding vehicular emissions are expected to drive the demand for lightweight materials like polyamide 12 in the automotive industry during the forecast period.
Segment Analysis
The polyamide 12 market has been witnessing rising demand from the automotive industry. Polyamide 12 provides high mechanical strength, rigidity, and heat resistance which makes it suitable for manufacturing auto components that require high performance such as engine covers and air intake manifolds. Additionally, bio-based polyamide 12 derived from castor oil is gaining traction as it helps reduce reliance on fossil fuels and provides sustainability benefits.
SWOT Analysis:
Strengths: Polyamide 12 offers excellent mechanical, chemical and abrasion resistance properties. It provides design flexibility and machinability.
Weaknesses: Polyamide 12 has low glass transition temperature which limits its usage in high temperature applications. It also has a higher cost as compared to other commodity polymers.
Opportunities: Growing electric vehicle market provides opportunities for polyamide 12 as it can be used to manufacture lightweight components. Increased focus on bio-based and sustainable polymers also presents an avenue for growth.
Threats: Volatility in crude oil prices impacts the raw material costs. Stringent environmental regulations related to polymer waste disposal and recycling poses challenges.
Key Takeaways
The Global Polyamide 12 Market size was valued at US$ 352.03 Bn in 2023 and is expected to witness high growth, exhibiting a CAGR of 3.5% over the forecast period. Rapid expansion of the automotive industry especially in Asia Pacific drives the demand for polyamide 12 as automakers focus on developing lighter vehicles with improved efficiency.
The Asia Pacific region dominated the global market in 2023 with a share of over 35%, led by countries such as China, India, and Japan. This is attributed to presence of a robust automotive manufacturing base and rapidly growing construction industry in the region.
Some of the key players operating in the polyamide 12 market 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it