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Polyamide-6 Market Size Forecast to Reach $21.5 Billion by 2026

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Polyamide-6 Market Size Forecast to Reach $21.5 Billion by 2026

May 07
22:30 2021
Polyamide-6 Market Size Forecast to Reach $21.5 Billion by 2026

Polyamide-6 Market
Increasing Application Scope for Nylon 6 in Niche Applications Including Musical Instruments, Fishing Instruments, Surgical Sutures Is Also Likely to Boost the Market Growth of the Polyamide-6 Market.

Polyamide-6 Market is forecast to reach $21.5 billion by 2026, after growing at a CAGR of 6.5% during 2021-2026. Globally, the increasing demand for polyamide-6 from the automotive, electronics, and coating industries; increasing government initiatives; are set to drive the global polyamide-6 market growth. Also, polyamide-6 has a higher temperature tolerance property, which makes it a favored material in various applications requiring high temperatures. Furthermore, the rising usage of bio-based polyamide and increasing use of polyamide-6 in newer industrial verticals will create new opportunities for the global polyamide-6 industry to grow in the predicted era.

Polyamide-6 Market Segment Analysis – By Type

Polyamide-6 resin held the largest share in the polyamide-6 market in 2020 and is forecasted to grow at a CAGR of 6.3% during the forecast timeframe. Polyamide-6 resin is considered a semi-crystalline engineering thermoplastic that can be easily processed and easily colored which can be used in both extrusion and injection molding applications. Polyamide-6 resin is the most commonly used engineering thermoplastics with excellent chemical resistance. As compared to the other polyamide resins polyamide-6 resins are the cheapest. Besides, polyamide-6 being more ductile and impact resistant is usually used in filament form for 3D printing. Thus, due to the cost-effective and alluring properties of polyamide-6 resins, the market growth for polyamide-6 is estimated to rise in the forecast period.

Polyamide-6 Market Segment Analysis – By Application

The automotive sector held the largest share in the polyamide-6 market in 2020 and is projected to grow at a CAGR of 5.9% during the forecast period 2021-2026. Polyamide-6 composites are used to make automotive parts more environmentally sustainable and to reduce the weight of automotive components. This factor is expected to fuel the growth of the segment soon. Polyamide-6 composites are used to produce headlamp bezels, hydraulic clutch lines, auto cooling systems, airbag containers, and air intake manifolds. They are also used in external parts such as wheel coverings, fuel caps, tailgate handles, doors, front end grills, and exterior mirrors. Also, factors such as excellent mechanical properties, wear-resistance, and the growing need for lightweight vehicles to improve fuel efficiency are expected to drive the market demand further. According to the International Trade Administration, the US has one of the world’s biggest automotive markets. In 2018, the sales of U.S. light vehicles hit 17.2 million units, the fourth consecutive year with sales of 17 million or more. Therefore, with the growing demand for automotive, the demand for the polyamide-6 market is expected to grow in the forecast period.

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Polyamide-6 Market Segment Analysis – By Geography

Asia-Pacific held the largest share with 40.6% in the polyamide-6 market in 2020. Asia-Pacific is dominating the market due to the rapidly increasing population, rise in the automotive industry, favorable government policies, increasing electrical and electronics industries, and growing textile production in developing economies such as China, Japan, South Korea, and India in this region. Due to the increased use of polyamide-6 in automotive, the automotive industry has the highest market share on the global polyamide-6 market among all end-users. Factors such as growing automobile production and sales, developments in the manufacturing sector, low-cost labor availability, and raw materials, particularly in India and China, are expected to boost demand for polyamide-6 in the region. According to the International Trade Administration, China is the world’s largest vehicle market, with China expecting automobile production to reach 30 million units by 2020 and 35 million by 2025. India also became the fourth largest automotive market in 2018, according to the India Brand Equity Foundation, with sales rising to 3.99 million units from 8.3 percent year-on-year. Therefore, the market is expected to boost over the forecast period due to these properties.

Polyamide-6 Market Drivers

Growing demand for polyamide-6 in the electrical and electronics industry

Electrical & Electronics is a fast-growing segment. Polyamide-6 compounds find applications in many components of the E&E sector such as mobile phone connectors, computer motherboards, connectors, terminal blocks, circuit breakers, power tool housing, and others, due to the combination of excellent electrical & mechanical properties such as its toughness, good di-electrical strength, flame retardant characteristics, and insulation resistance. As polyamide-6 is a cost-effective condensing polymer, it attracts manufacturers of electrical protective devices to use PA 6 in their offerings. Besides, the use of nylon 6 in various electrical and electronic applications over the past few years has established its cost- and performance-based reliability, utility, and supportive economics. Thus, with the growing demand for electrical and electronic devices with emerging economies the market for polyamide-6 is anticipated to rise in the forecast period.

Increasing demand for electric vehicles

In electric vehicles, the strength per unit weight is important. The principle of reducing weight and optimizing the strength of the various body parts of vehicles is based on these vehicles. To reduce the overall vehicle weight, the metals used in these vehicles are being replaced by advanced materials and thermoplastics. The weight reduction is carried out for many reasons, including decreased fuel consumption, resulting in reduced CO2 emissions. An optimal solution for vehicle weight reduction is injection molding polyamide 6. In the electric vehicle, metal components are rapidly substituted so that it can be conveniently molded and mass-produced. In contrast to metals, polyamide 6 is also lower in unit cost, which makes it a cost-effective alternative. The rising demand for low weight vehicles is therefore seen as an advantage for the polyamide 6 market.

Polyamide-6 Market Challenges

Using alternatives and increasing effects of polyamide-6 will restrain the growth of the market

While polyamide-6 (PA6) is considered one of the ideal materials for its physical and chemical properties, certain properties, such as high shrinkage in molded sections, may hinder PA6 selection by reaction with strong acids and bases. Specifications, such as for safety reasons in the automotive industry, may drift towards alternative products such as reinforced polypropylene, thus restricting the growth of PA6. Specifications, for instance in the automotive industry for safety reasons, may drift towards alternative products such as reinforced polypropylene, thus limiting the growth of PA6.Strictness in the mass production of polyamide-6 has, however, become a key constraint for the development of the global polyamide-6 market. Environmental protection policies continue to hinder polyamide 6 production, which entails the release of VOCs and lethal gases. Hence, all these factors of polyamide-6 will further create hurdles for the polyamide-6 market in the forecast period.

Polyamide-6 Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in thepolyamide-6 market. Major players in the polyamide-6 market are BASF SE, Lanxess AG, Huntsman Corporation, AdvanSix Inc., INVISTA, DOMO Chemicals, Honeywell International Inc., DuPont, Royal DSM N.V., UBE INDUSTRIES, LTD., and Formosa Plastics Corporation among others.

Acquisitions/Technology Launches

In July 2020, Lanxess AG launched Durethan ECOBKV30H2.0, ECOBKV35H2.0, and ECOBKV60XF a new recycled glass fiber-based polyamide 6 compound products for automotive applications.

Key Takeaways

The Asia-Pacific region dominated the polyamide-6 (PA6) market due to the increase in adoption of polyamide-6 in the automotive applications owing to its good chemical resistance and abrasion resistance properties.

Owing to the unique properties of nylon 6 (PA 6) which is made up of caprolactam monomer, acts as a cost-effective substitute for materials, such as steel, bronze, brass, gunmetal, aluminum, plastics, and rubbers.

Increasing application scope for nylon 6 in niche applications including musical instruments, fishing instruments, surgical sutures is also likely to boost the market growth of thepolyamide-6market.

Furthermore, the rapidly rising demand for nylon 6 filament in travel accessories owing to its high abrasion resistance, better dimensional stability, higher impact strength, among other factors is expected to further fuel the growth.

Related Reports :

A. Polyamide-Imide Resins Market

https://www.industryarc.com/Report/15881/polyamide-imide-resins-market.html

B. Polyamide In Electronic Protection Device Market

https://www.industryarc.com/Research/Polyamide-In-Electronic-Protection-Device-Market-Research-503418

For more Chemicals and Materials Market reports, please click here

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