The global Polyamide 6 Market is expected to cross-market value of USD 22.30 billion in 2027 from USD 15.28 billion in 2020. It is expected to grow at a CAGR of over 6.5% during the forecast period.
Polyamide 6 can be described as semi-crystalline polyamide used in natural fibers such as silk and wool. Nylon-6 is another name for this material. Polymerization of caprolactam can be used to make polyamide six artificially. Because of its excellent mechanical properties, like strength, elasticity, and longevity, this polyamide is widely used in a variety of industries. Polyamide 6 also has a higher tensile strength. Polyamide 6 also has a higher temperature tolerance, making it a preferred material for a variety of high-temperature applications. Credence Research offers holistic information and absolute accuracy in the “Global Polyamide 6 Market” report.
Key Market Drivers and Restraints
Factors that greatly impact the market growth of industrial electric vehicles will be covered here. Also, covers factors that may challenge or act as an opportunity for the market will be discussed to identify the revenue generation.
Mounting Demand for Electric Vehicles
The power per unit of weight is crucial in EV. These vehicles are the foundation for the concept of reducing weight and improving the strength of various vehicle body parts. Types are being replaced in these vehicles with advanced thermoplastics and materials in order to minimize entire vehicle weight.
The weight loss is made for various reasons, including lower fuel consumption and lowering carbon oxide emissions. Injection molding polyamide six can be an excellent solution for reducing vehicle weight. Type parts are quickly substituted in electric vehicles so that they can be simply mass-produced and molded. Polyamide 6 also has a lower unit cost than metals, compared to metals.
Type parts are quickly substituted in electric vehicles so that they can be easily molded and mass-produced. In addition, polyamide 6 has a lower unit cost than metals, making it a more cost-effective option. As a result, the growing demand for light vehicles is seen as a positive for the polyamide six industry.
Asia-Pacific to Dominate the global market
On the geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research provides in-depth insight into prominent regions of the global market. Asia-Pacific dominated with over 38.7% share in 2020.
Global Market is led by the Polyamide-6 (PA6) Resin.
Polyamide-6 (PA6) Fiber and Polyamide-6 (PA6) Resin are the two Product Types in the global market. In 2020, Polyamide-6(PA6) Resin accounted for the largest share of the global market owing. Polyamide-6 resins are the least expensive of the polyamide resins. Polyamide-6 is also commonly used in filament form for 3D printing because it is more ductile and impact resistant. As a result of the cost-effective and appealing properties of polyamide-6 resins, the demand for polyamide-6 resins is expected to expand during the forecast period.
Automotive continues to dominate the global market in terms of Applications.
Automotive, Aerospace and Defense and Extrusion, Electrical and Electronics, Packaging and Storage, and Textile are some various applications of this market. Automotive dominate the market in 2020. Due to the rapid adoption of polyamide 6 in various automotive applications, the automotive segment is expected to see the most growth. The global polyamide six markets are divided into three commercial grades: fiber grade, extrusion grade, and injection molding grade. The fiber grade category continues to dominate the market among these grades. During the forecast period, extrusion grade polyamide six is expected to become the next dominant segment.
