Understanding Impact of COVID-19 on Polyamide 6 Market
Transparency Market Research has published a new research report that gives meaningful insights about the global polyamide 6 market. According to the research report, the growing demand for competent synthetic polymers and other materials across a wide range of end-use application industries is driving the growth of the global polyamide 6 market. However, with the stringent regulations in place for the large scale production of the polyamide 6 still continue to be the restraining factor for the development of the market. The policies for environment protection continue to restrain the growth of the polyamide 6 market due to the concerns about the emissions of toxic gases and VOCs. Thus, in recent years, the global polyamide 6 market has been growing at a moderate pace.
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According to the research report by TMR, the global polyamide 6 is expected to showcase a CAGR of 3.5% over the course of the given forecast period of 2017 to 2026. The report expects the market to record sales of more than 7,690 metric tons by the fall of 2026. With the strict regulations on the industrial emissions, the challenges in the development of the global market will continue to raise concerns in terms of mass scale production.
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APEJ Segment to Showcase 3.7% CAGR
From a regional standpoint, the global polyamide 6 market is divided into Europe and APEJ segment. Of these two segments, the APEJ region is expected to lead the global polyamide 6 market with a growth CAGR of 3.7%. The growth of the APEJ region is primarily driven because of rapid establishment of production facilities along with the increasing requirement of high temperature resisting engineered plastics. Also, the growing demand for lightweight plastics in the region is also driving the growth of the APEJ segment.
Europe on the other hand is expected to witness a moderate growth in the coming years of the forecast period. The growth of the regional segment is primarily driven by the growing electronics and electrical industry in the region. In addition to this, the growing demand from the automotive industry is also driving the development of the polyamide 6 market in the Europe region.
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In terms of commercial grads of the polyamide 6 products, the segment of fiber grade polyamide 6 is expected to dominate the market in the coming years of the forecast period. According to the research report the fiber grade polyamide 6 segment will account for over 60% of the overall share of the global market in terms of volume. On the other hand, the extrusion grade polyamide 6 is expected to showcase a CAGR of 4.8%. It is the fastest growing segment of the global polyamide 6 market.
The overall demand for the polyamide 6 is projected to remain largely concentrated in the automotive industry. The uses of the polyamide 6-based products in the manufacturing of the automotive textiles are expected to contribute significantly in the growth of the global market. In 2017, over 2100 metric tons of polyamide 6 was estimated to be consumed by the automotive sector. The application segment of polyamide 6 in cables and wires is expected to showcase a CAGR of 5.3% during the given projection period of 2017 to 2026.
Some of the leading players in the global polyamide 6 market include names such as A. Schulman Inc., Lanxess AG, Ashai Kasei Corporation, Grupa Azoty, BASF SE, and Honeywell International Inc., among others.
This review is based on the research report published by Transparency Market Research titled, “
Polyamide 6 Market – (Product Type – Polyamide 6 Engineering Resin, BCF & Staple, High Ten Yarn, and Textile Filament; Commercial Grade – Fiber Grade, Injection Molding Grade, and Extrusion Grade; Applications – Automotive, Electrical & Electronics, Appliances, Films & Coatings, Wires & Cables, Consumer Goods, Industrial Machinery, and Others) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2026
Market Segmentation is as follows:
Product Type
- Polyamide 6 Engineering Resin
- BCF & Staple
- High Ten Yarn
- Textile Filament
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