April 20, 2024
Polyamide 12 market

The global Polyamide 12 Market Is Estimated To Witness High Growth Owing To Increasing Demand From Automotive and Electrical & Electronics Industries

The global Polyamide 12 market is estimated to be valued at US$ 13.9 billion in 2021 and is expected to exhibit a CAGR of 5.9% over the forecast period of 2022-2030, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:

Polyamide 12 is a high-performance polymer that offers excellent mechanical properties, high thermal stability, and chemical resistance. It is widely used in various industries such as automotive, electrical & electronics, industrial, and consumer goods. In the automotive industry, polyamide 12 is used for manufacturing fuel lines, brake lines, and wire harnesses, among others. In the electrical & electronics industry, it is used in the production of connectors, switches, and cable insulation. The growing demand for lightweight and high-performance materials in these industries is driving the growth of the Polyamide 12 market.

B) Market Dynamics:

1. Driver: Increasing Demand from the Automotive Industry
The automotive industry is one of the key consumers of Polyamide 12. The lightweight and high-strength properties of polyamide 12 make it an ideal material for manufacturing various automotive components. This material helps in reducing the overall weight of vehicles, thereby improving fuel efficiency and reducing emissions. Furthermore, the increasing demand for electric vehicles is expected to drive the demand for polyamide 12-based battery components and electrical connectors.

2. Driver: Growing Usage in Electrical & Electronics Industry
The electrical & electronics industry is another major consumer of Global Polyamide 12 Market. The demand for high-performance plastics in this industry is increasing due to the miniaturization and integration of electronic components. Polyamide 12 offers excellent electrical insulation properties and is resistant to high temperatures, making it suitable for a wide range of applications such as connectors, switches, and cable insulation. The growing adoption of advanced electronic devices and the increasing demand for high-speed connectivity are driving the demand for polyamide 12 in this industry.

C) SWOT Analysis:

– Strength: Excellent Mechanical Properties
Polyamide 12 offers excellent mechanical properties, including high tensile strength, impact resistance, and dimensional stability. These properties make it suitable for various demanding applications in industries such as automotive and electrical & electronics.

– Strength: Chemical Resistance
Polyamide 12 exhibits excellent chemical resistance, making it resistant to a wide range of chemicals and solvents. This property extends the lifespan of the material and makes it suitable for applications in harsh environments.

– Weakness: High Cost
Polyamide 12 is relatively more expensive compared to other polymers such as polypropylene and polyethylene. The high cost can limit its adoption, especially in price-sensitive markets.

– Weakness: Limited Heat Resistance
Polyamide 12 has a lower heat resistance compared to some other high-performance polymers. It can start to melt at high temperatures, limiting its applicability in certain high-temperature applications.

– Opportunity: Growing Demand for Sustainable Materials
With increasing environmental concerns, there is a growing demand for sustainable materials in various industries. Polyamide 12 can be modified to be bio-based and biodegradable, presenting an opportunity for market growth.

– Opportunity: Technological Advancements in Additive Manufacturing
Additive manufacturing, or 3D printing, is gaining popularity in various industries. Polyamide 12 is a suitable material for 3D printing due to its excellent mechanical properties and compatibility with various printing techniques. The advancements in additive manufacturing technology present an opportunity for the growth of the polyamide 12 market.

– Threat: Intense Competition from Other Polymers
The polyamide 12 market faces intense competition from other polymers such as polypropylene, polyethylene, and polyamide 6. These polymers offer similar properties at a lower cost, making them attractive alternatives for certain applications.

– Threat: Volatility in Raw Material Prices
The prices of raw materials used in the production of polyamide 12, such as adipic acid and cyclic amines, are subject to volatility. Fluctuations in raw material prices can affect the profitability of manufacturers and pose a threat to the market.

D) Key Takeaways:

– The global Polyamide 12 market is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period, due to increasing demand from the automotive and electrical & electronics industries.

– In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the Polyamide 12 market. The growing automotive and electrical & electronics industries in countries like China, Japan, South Korea, and India are driving the demand for polyamide 12 in the region.

– Key players operating in the global Polyamide 12 market include 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. These companies are focusing on research and development activities to introduce innovative products and expand their market presence.