The market of metal, mining and chemicals has grown in the recent trend more significantly with the effective development in the technologies of chemical making. Whereas, the high performance polyamides are engineered thermoplastic materials that demonstrate excellent strength, high chemical resistance and high dielectric strength. The raw materials used for generating of high performance polyamide are adipic acid and caprolactam. They can be either bio-based or petroleum based, provisional on the source used to manufacture. Rising inclination towards automotive light weighting, increasing demand from consumer goods industry and rising utilization electronics and electrical industry are the major key drivers of this market across the globe more significantly in the near future. Moreover, the key players are attaining the effective opportunities likewise the growing applications in numerous end-use industries for leading the market growth in the forecasted period which has become more dominating in the highest market share around the globe.
Besides the opportunities and growth drivers, the market is having restraints which hinder the market growth more effectively such as stringent regulations in prominent markets for the key end-use market. According to the report analysis, ‘Global High Performance Polyamide Market Research Report – Forecast to 2023’ states that some of the major companies which are currently functioning in this market more significantly for attaining the handsome amount of share around the globe by abolishing the restraints of the market more actively which further beneficial for the effective market across the globe includes Arkema S.A. (France), BASF SE (Germany), Dupont (U.S.), Evonik Industries AG (Germany), DSM (Netherlands), Solvay (Belgium), Toray Industries Inc. (Japan), Laxness (Japan), Radici Group SpA (Italy), EMS Chemie Holding AG (Switzerland), Ascend (Texas), Investa (Kansas), NILIT (Israel), DOMO (Italy), UBE Industries (Japan), Asahi Kasei (Japan), Kolon Plastic Inc. (South Korea), Shenma Industrial Co. Ltd. (China), and Hyundai EP Co. Ltd. (South Korea). In addition, the growing demand for these products can be attributed to the changing lifestyle trend coupled with the high per capita disposable income.
On the basis of region, the market of high performance polyamide is spread across the globe more significantly which includes Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Meanwhile, in 2016 the Asia Pacific appeared as the leading high performance polyamide market and registered for 34% of the market share, mainly driven by the growing demand for the efficient and lightweight automobiles. India, China, Japan and Southeast ASEAN regions are the some of the main contributors to this market due to the high production and supply of the automotive and consumer goods. For instance, in 2016 the Europe registered for around 27% of the overall market share and was worth at USD 672.0 million and is anticipated to reach USD 942.2 million with the growth rate of 5.1% in the reviewed period. In addition, on the basis of application the market is split differently which includes consumer goods, transportation, industrial coatings, electrical and electronics, oil and gas and several others. It is expected that in the coming years, the market of the high performance polyamide will grow more actively over the decades across the globe.
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Ankur Gupta, Head Marketing & Communications