July 12, 2024
Polyamide 12 Market

Polyamide 12 Market Is Estimated To Witness High Growth Owing To Its Increasing Adoption In Automotive Industry

The Polyamide 12 market is estimated to be valued at US$ 331.5 Bn in 2022 and is expected to exhibit a CAGR of 5.9% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Polyamide 12, commercially known as nylon 12, is a semi-crystalline thermoplastic polymer that possesses superior properties such as dimensional stability, chemical resistance, low moisture absorption and high strength-to-weight ratio. These properties make polyamide 12 suitable for various applications such as automotive, electrical & electronics, consumer goods and industrial machinery. In automotive industry, polyamide 12 finds usage in under-the-hood applications such as air intake manifolds, charge-air ducts and surge tanks where it helps in reducing weight and improves fuel efficiency. In electrical & electronics sector, it is used for making casings, housings and cable ties owing to its heat resistance and dielectric properties.

Market Dynamics:

Drivers:
The primary driver propelling the growth of polyamide 12 market is its increasing adoption in automotive industry. Automakers are focusing on reducing vehicle weight to comply with stringent fuel efficiency norms. Polyamide 12 aids in weight reduction compared to other materials like aluminum and helps automakers to meet Corporate Average Fuel Economy standards. According to Coherent Market Insights analysis, the global production of light vehicles was around 90 million units in 2021 and is expected to exhibit steady growth over the forecast period, thereby driving the demand for engineering plastics like polyamide 12.

The second major factor augmenting the market growth is extensive usage of polyamide 12 in various consumer goods and electrical applications. Its resistant to chemicals, moisture, impact and temperature makes it ideal for manufacturing housings, casings and components used in consumer electronics, home appliances, power tools and healthcare devices. Rising disposable incomes in developing nations is propelling sales of consumer goods which in turn is bolstering polyamide 12 consumption.
Segment Analysis

Polyamide 12 market is dominated by the industrial segment which holds around 45% market share. This is because polyamide 12 is extensively used in industrial applications such as 3D printing due to its high durability, strength and temperature resistance. Within industrial segment, automotive sub-segment dominates due to usage of polyamide 12 in under-bonnet components, oil & fluid management and electrical components.

PEST Analysis

Political: Stable political environment across major economies favor market growth.

Economic: Rising disposable income and growing automotive sales in developing countries to drive demand.

Social: Increasing health awareness and demand for lightweight and sustainable materials present new opportunities.

Technological: Advances in 3D printing techniques have increased polyamide 12 usage in prototyping and customized components manufacturing.

Key Takeaways

The global Polyamide 12 Market Demand is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing use of lightweight and durable materials in automotive and industrial applications.

The North America region is expected to dominate the market throughout the forecast period owing to strong automotive manufacturing base and focus on lightweight vehicles. The growing industrial sector along with presence of major players in the US and Canada support market growth in the region.

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. Merck KGaA and Arkema Group hold significant share due to their diversified product portfolio and global footprint.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it