Bio Polyamides: Flourishing Automotive Industry projected to drive demand for Bio Polyamides
Market Research Future Published a Cooked Research Report on Global Bio Polyamides Market
Market Research Future (MRFR) announces the publication of its research report –Bio Polyamides Market 2017-2023
Market Research Future (MRFR) recognizes the following companies as the key players in the Global Bio Polyamides Market: Arkema Group, Evonik Industries, DowDuPont Inc., BASF SE, EMS-GRIVORY, Solvay S.A., Royal DSM NV, Domo Chemicals, Radici Group, and Toray Industries Inc.
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Market Highlights:
Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, the Global Bio Polyamides Market was valued at USD 171.01 million in 2016 and is predicted to grow at 3.51% CAGR to reach USD 216.22 million by the end of 2023. Bio-polyamides consumption has gained momentum due to its versatile nature and stringent regulations on excess consumption of synthetic polyamides.
Growing automotive industry, high adoption of Bio-Polyamides in end use industries, versatile nature along with superior properties associated with it drive the growth of the market. Growing use of bio polyamides in the consumer goods segment anticipated to complement market growth over the review period. Furthermore, due to fiber suitable application of Bio-Polyamides, the textile industry is expected to be the major contributor to the growth of the market over the forecast period. However, the global growth of this market is restrained by unstable prices of raw material.
Segment Analysis:
The Global Bio Polyamides Market is segmented into type, application, end use, and region. On the basis of type, the global market has been segmented into PA 6, PA 6, 6, and specialty polyamides. Among all, PA 6 (polyamide 6) was the dominant segment and accounted for 64.30% in 2016 due to various properties such as long term heat resistance, excellent surface quality, and UV resistance. Based on the application, the global market has been segmented into engineering plastic and fiber. Engineering plastic segment dominated the global market and accounted for overall market share of 58.25% as of 2016. The engineering plastic gained market attraction in various end use industries owing to their recyclability, electromechanical resistivity, ductility, and creep resistance. The automotive industry consume goods, industrial are the key consumers of the engineering plastic and accounted for majority revenue.
Market segmentation based on the end use includes automotive, textile, electronics & electrical, films & coatings, consumer goods, industrial, and others. The others segment comprises sports industry, and medical industry. The automotive industry emerged as the market leader with the highest consumption of 25.80 kilo tons bio polyamides at a healthy CAGR of 3.10% as of 2016. In this industry, Bio-Polyamides are used in various applications such as engine components, fuel lines, air break lines, multilayer tube lines, and others. The textile industry was the second largest consumer of Bio-Polyamides and has been growing at the highest CAGR over the last few years due to fiber suitable applications of Bio Polyamides. Nevertheless, the consumer goods segment is growing at 3.27% and emerged as highly potential end use segment by representing dynamic growth. This is due to the wider application area of consumer goods industry coupled with increasing usage of Bio-Polyamides in this industry.
Regional Analysis:
The Global Bio-Polyamides Market is segmented into five regions namely North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among all the regions, Asia Pacific was the largest market for Bio Polyamides followed by North America and Europe region. As of 2016, the region accounted for 44% of the global market share and it is likely to reach USD 96.39 million by 2023 growing at CAGR of 3.70%. North America is the second largest market closely followed by Europe, which is another growth attracting market. The region registered the second largest automotive production after China by complimenting regional growth. Whereas, European regulations pertaining to CO2 emission and green initiatives expected to offer lucrative growth prospects in the coming years.
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Market Dynamics:
4.1 Introduction 21
4.2 Drivers 22
4.2.1 Burgeoning Automotive Industry 22
4.2.2 Growing Acceptance Of Bio Based Polyamides In End Use Industries. 23
4.2.3 Superior Properties And Versatile Nature Of Bio-Polyamides 24
4.2.4 Stringent Environmental Regulations Pertaining To The Use Of Synthetic Polyamides Across Key End Use Industries (I.E. Textile And Automotive) 25
4.3 Restraints 26
4.3.1 Instability In The Prices Of Raw Material 26
4.4 Opportunities 27
4.4.1 Growing Consumer Goods Industry 27
4.4.2 Increasing Research And Development Activities 27
4.5 Trends 27
4.5.1 Consumers’ Shifting Trend Towards Bio-Based Products 27
Market Factor Analysis:
5.1 Supply Chain Analysis 28
5.1.1 Raw Material 28
5.1.2 Bio Polyamides Manufacturers 28
5.1.3 Distributors. 29
5.1.4 End Use 29
5.2 Porters 5 Forces Analysis 29
5.2.1 Competitive Rivalry (High) 30
5.2.2 Threat Of New Entrants (High) 30
5.2.3 Threat Of Substitute (Low) 30
5.2.4 Bargaining Power Of Supplier (Medium) 30
5.2.5 Bargaining Power Of Consumer (Low) 31
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