The polyamide composite market is projected to reach USD XX million by 2027, at a CAGR of XX% from USD XX million in 2022. One of the major factors contributing to the growth of the polyamide composite market is the increased demand for lightweight automobiles. Also, the rise in electrical and electronics industry is driving the polyamide composite market.
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Driver: Increasing demand from the transportation industry to drive polyamide composites demand
Polyamide composites are used in the production of a variety of automotive components, rail coaches, and heavy vehicles. These materials are lightweight and contribute to vehicle weight reduction, which reduces CO2 emissions and improves fuel efficiency, allowing automotive manufacturers to meet CAFÉ emission standards (54.5 mpg by 2025) and other fuel norms mandated by environmental agencies. One of the driving factors driving the thermoplastic composites market in the transportation industry is the increased use of polyamide composites materials in racing and high-performance vehicle components such as the instrument panel, front end module, door modules, roof components, appearance grade components, and under-hood components.
Challenges: Development of low-cost manufacturing technology
Polyamide composites have a variety of applications. However, due to their high cost, the use of these composites in many applications is not commercially viable. The production of low-cost polyamide composites has the potential to increase their consumption in a variety of end-use applications. Low-cost technology development is critical for all research organizations and resin manufacturers. However, investing in R&D to develop new technology for producing polyamide composites is a significant challenge for market participants. Nonetheless, companies are heavily investing in research and development to reduce the overall cost of polyamide composites and the end product manufactured. Some companies sell polyamide composites made from recycled polyamide compounds. Celanese Corporation (US), for example, provides ECOMID POLYAMIDE COMPOUNDS, which are made from recycled PA66 compounds. This product line provides cost-effective solutions to the automotive, consumer goods, and building industries.
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“Automotive was the largest application for polyamide composite market in 2021, in terms of value”
Polyamide Composite are used in the automotive industry to make a variety of under-the-hood components such as hoses and gear shift modules. Polyamide composites are lightweight and have excellent thermal and chemical resistance, as well as dimensional stability and chemical resistance. The automotive industry requires a high strength-to-weight ratio because it determines the performance of the vehicle. This is why the industry relies on advanced materials like polyamide composites to replace metals without compromising the vehicle's strength and safety.
“Asia Pacific was the largest market for polyamide composite in 2021, in terms of value.”
Due to high demand from China, Japan, India, and other countries, Asia Pacific is the largest consumer of composite. Automotive, consumer goods, and electronics are among the major end-use industries for polyamide composites in the Asia Pacific market. Technology advancements, regulatory policies, and government norms are some of the major factors driving the Asia Pacific polyamide composite market.
The key players in this market BASF SE (Germany), DuPont de Nemours, Inc. (US), LANXESS AG (Germany), Royal DSM N.V. (Netherlands), and Solvay S.A. (Belgium). Continuous developments in the market—including new product launches, mergers & acquisitions, agreements, and expansions—are expected to help the market grow. Leading manufacturers of polyamide composite market have opted for new product launches to sustain their market position.
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