Polyamide 12 Market Is Estimated To Witness High Growth Owing To Increasing Automotive Production And Growing Electrical & Electronics Industry
The polyamide 12 market is estimated to be valued at US$ 313.9 Billion 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, commonly known as Nylon 12, is a semi-crystalline thermoplastic polymer. It exhibits properties such as high tensile strength, resilience and resistance to moisture, gases and solvents. These properties make it suitable for use in automotive, electrical & electronics and industrial applications.
Market Dynamics:
The growing automotive production across the globe is expected to drive the demand for polyamide 12 over the forecast period. Polyamide 12 finds wide application in manufacturing under-the-hood components, fuel & brake lines and electrical components owing to its heat resistance and dimensional stability properties. Moreover, the expanding electrical & electronics industry is also projected to boost the market growth. Polyamide 12 is used to produce wire & cable insulation materials, connectors and various plastic components due to its resistance to temperatures up to 150°C. The increasing demand for lightweight and durable materials from industries like automotive and electrical & electronics is poised to offer lucrative opportunities to polyamide 12 manufacturers over the coming years.
SWOT Analysis
Strength: Polyamide 12 resin has good chemical resistance and mechanical strength which makes it suitable for variety of applications. It has high thermal and heat resistance property which makes it suitable for applications where heat resistance is key requirement. PA12 also exhibits good insulating properties and impact strength.
Weakness: PA12 requires high energy consumption during manufacturing process which increases its production costs. The raw materials required for PA12 production are non-renewable and depleting which can limit its long term supply.
Opportunity: Increasing demand for bio-based and sustainable polymers from automotive and electrical industry provides growth opportunity for bio-based PA12 as it can be produced from renewable castor oil. Growing demand for lightweight and high performance materials from automotive industry especially for electric vehicles is another growth opportunity area for PA12.
Threats:Availability of alternative polymers like PEEK and PET which has better heat and chemical resistance properties than PA12 poses competitive threat. Volatility in raw material prices can impact the cost economics of PA12 production.
Key Takeaways
Content for Key Takeaways cover three paragraph:
The global Polyamide 12 Market Demand is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand from automotive industry. PA12 finds increasing usage in manufacturing of lightweight components, electric vehicle powertrains and battery packs where requirements of high heat and chemical resistance are present.
Regional analysis The Asia Pacific region currently dominates the global polyamide 12 market with China, India, Japan and South Korea being the major markets. This is attributed to presence of vast automotive production base as well as growing manufacturing industry in the region. Europe is another major consumer of polyamide 12 owing to large automotive production and presence of major PA12 producers 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. The market is fragmented in nature with top 4-5 players accounting for over 50% of global production capacity. Companies are focusing on expanding their production capacities as well as development of bio-based and specialty grades of PA12 to enhance market presence.
Read more @ https://creativeedge16.blogspot.com/2023/11/engineering-plastics-segment-expected.html
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