MARKET OVERVIEW - NA POLYAMIDE 6/10 MARKET
The Asia Pacific has emerged as the largest region in Polyamide 6/10 market. The increasing emerging economies and demand for lightweight vehicles in the automotive industry, and growth in electrical & electronics applications will boost the growth of the Asia Pacific Polyamide 6/10 market over the forecast period. The Asia Pacific growth is also led by rapidly growing electrical & electronics and consumer appliances industries in the countries such as China and Japan. The rising disposable incomes of the population in China and India and technological advancements have resulted in the growth of the textiles industries, this has led to the Asia Pacific growth in the polyamide market over the forecast period.
MARKET DRIVERS
The rising disposable income of the population in Asian Countries. In addition, the increasing demand from the automotive industry for weight reduction in vehicles and under-the-hood applications will drive the demand for Polyamide 6/10 market. Moreover, the growth in consumer demand from the textiles industries has led to market growth. The increasing demand for electrical & electronic goods and other consumer appliances with properties such as high quality, longevity, and abrasion resistance will boost the demand for Polyamide 6/10 market.
MARKET OPPORTUNITIES
The diverse geographical presence and emerging economies are providing promising future opportunities in the Polyamide 6/10 market. Many operating industry players in Europe and North America will be invested in the Asia Pacific region. The growing R&D initiative in the Polyamide 6/10 market is expected to offer immense opportunities for the market players. In addition, the consumer trend in the shifting toward bio-based polyamide will also offer many opportunities in the forecast period.
MARKET RESTRAINTS
The global economic slowdown in the polyamide market has resulted in the decline of the Polyamide market. The Properties such as moisture absorption high shrinkage in molding sections, and their sudden reaction with strong acids and bases make a sluggish impact on the Polyamide 6/10 market.
MARKET GROWTH CHALLENGES
The reliability, profitability, and sustainability of the environment remain the main challenges in the coming future. The polyamide 6/10 market has been facing persistent challenges such as constantly volatile prices of raw materials. for example, the prices of raw materials such as caprolactam and crude oil and petroleum affect the prices of Polyamide 6/10.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the Asia Pacific Polyamide 6/10 market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. The increasing demand for various Polyamide 6/10 in various applications has led to the increasing demand for the market and is expected to witness growth at a CAGR at specific CAGR from 2021-2028.
POLYAMIDE 6/10 MARKET SEGMENTAL OVERVIEW
The Asia Pacific Polyamide 6/10 market comprises different market segments like type, applications and country.
POLYAMIDE 6/10 MARKET BY TYPE
By type, Polyamide 6/10 includes key segments of:
- Polyamide-6 Fiber
- Polyamide-6 Resin
Asia Pacific polyamide 6/10 is divided into polyamide-6 fiber and polyamide-6 resin. The demand for the polyamide-6 resin is estimated to rise in the forecast period owing to the use of Polyamide-6 resin in engineering thermoplastics with excellent chemical resistance. Polyamide 6/10 is a semi-crystalline engineering thermoplastic that can be easily processed and easily colored and can be used in both extrusion and injection molding applications. Polyamide-6 resin is relatively cheaper as compared to other polyamides. Besides, this polyamide-6 being more ductile and impact-resistant is usually used in filament form for 3D printing. Thus, due to the cost-effectiveness and beneficial properties of polyamide-6 resins, polyamide-6 resins are estimated to hold the major market share in the forecast period.
POLYAMIDE 6/10 MARKET BY APPLICATION
The Polyamide 6/10 market has major applications like
- Automotive
- Commercial Fiber Applications
- Industrial Application
- Packaging
- Consumer Goods & Electronics
By application, the global polyamide 6/10 market is segmented into automotive, commercial fiber applications, industrial applications, packaging, consumer goods & electronics. Among these, the automotive sector is estimated to hold the major market share among others owing to the prominent use of polyamide 6/10 in the automotive sector. Polyamide 6/10 composites are used to make automotive parts more environmentally sustainable and to reduce the weight of automotive components. This factor is attributed to the growth of the automotive segment. Polyamide 6/10 is used in the manufacturing of headlamp bezels, hydraulic clutch lines, auto cooling systems, airbag containers, and air intake manifolds. It is also used in external parts such as wheel coverings, fuel caps, tailgate handles, doors, front-end grills, and exterior mirrors. Besides, factors such as wear resistance, excellent mechanical properties, low cost, and the increasing need for lightweight vehicles to improve fuel efficiency are driving the market demand further. According to the International Trade Administration, the US is considered one of the world's biggest automotive markets. All these factors are contributing to the demand for polyamide-6 in the automotive sector, which is expected to grow in the forecast period.
POLYAMIDE 6/10 MARKET BY COUNTRY
The Asia Pacific Polyamide 6/10 market is studied for the following countries.
- China
- India
- Japan
- Rest of APAC (Malaysia, Thailand, Vietnam, Australia, South Korea, Singapore, etc.)
Asia-Pacific is considered to be the dominating region, since this is the region is major producer of textile, glass and ceramic, etc. The market for screen-printing mesh in this region has been driven by the China, which is known to be the largest producer of the textiles and this country is also considered to be one of the major producers and exporters of the consumer electronics. Along with that, as the economic developments are taking place in India, the industries like textile and consumer electronics are growing rapidly here. Moreover, increase rate of urbanization and increased domestic income is likely to support the ceramic and glass industry, advertisement industry, etc. are ultimately creating an opportunity for the screen-printing mesh market to grow.
ASIA PACIFIC POLYAMIDE 6/10 MARKET COVID-19 IMPACT ANALYSIS ON THE
Axiom MRC analyses a 360-degree analysis of micro and macro-economic factors in the global Polyamide 6/10 market subjected to COVID-19. In addition, a study conducted by the researcher completes analysis of changes in the global Polyamide 6/10 market expenditure and economic and international policies on the supply and demand side. The report also studies the impact of pandemics on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. The global demand for Polyamide 6/10 has come to halt due to the shutdown of the petrochemical and plastics industries. The shutdown of the automotive industry resulted in lowering Polyamide polymer demand, particularly PA 66 demand, and the automotive sector came under immense pressure as companies throughout the value chain saw a large proportion of customers cancel orders and a decline in demand. In China, the shutdown of plants led to supply chain disruption and impact the production of other companies that rely on raw materials. The demand for polyamide 66 intermediates such as adipic acid, acrylonitrile, adiponitrile, AH salt, and hexamethylene diamine (HMDA) has been sharply reduced since the first quarter of 2020. The prices of raw materials have risen due to the high prices of crude oil and this also impacts Polyamide production during COVID 19. The manufacturers of Polyamide 6/10 have faced drastically reduced margins and have seen the demand blow expectations during the pandemic.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the Polyamide 6/10 market is majorly focused on expanding the growth of Asia Pacific Polyamide 6/10 with new product innovation, business expansion, and the increasing presence of manufacturers operating in Polyamide 6/10 has led to the growing demand for the Polyamide 6/10 market. Besides, the market offers a range of products in different applications to fulfill the requirements of consumers, which is further contributing to healthy growth in the market.
The key players studied in the market are
- DuPont
- EMS-Chemie Holding AG
- Evonik Industries AG
- Solvay S.A
- BASF SE
- Sabic
- Formosa Chemicals & Fibre Corp
- Mitsubishi Chemical Holdings
- LANXESS
- DOMO Chemicals
- UBE Corporation
- Radici Group
RECENT DEVELOPMENT:
August 2020: BASF has announced the acquisition of the Solvay polyamide business. With this acquisition of the Solvay polyamide business Company have had plans to enhance its R&D capabilities in Asia Pacific with new technologies. The company is planning to integrate the R&D centres from Solvay into its R&D existing facilities in Shanghai, China, and Seoul, Korea. This transaction will manifest the BASF’s position as a solution provider to provide advanced material to the operating industries.
