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 fibres such as silk and wool. Nylon-6 is another name for this material. Polymerization of caprolacta can be used to make polyamide 6 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 is offering holistic information and absolute accuracy on the report titled “Global Polyamide 6 Market”.
Key Market Drivers and Restraints
Factors that have high impact on the market growth of industrial electric vehicles will be covered her. Also, covers factors that may challenge or act as opportunity for market will be discussed in order 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 done for a variety of reasons, including lower fuel consumption and therefore lowers the carbon oxide emissions. Injection molding polyamide 6 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. 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 6 industry.
Asia-Pacific to Dominate the global market
On geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research is providing in-depth insight on prominent regions of 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 of global market. In 2020, Polyamide-6(PA6) Resin accounted for the largest share in 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 continue to dominate the global market in terms of Application
Automotive, Aerospace and Defense and Extrusion, Electrical and Electronics, Packaging and Storage, Textile are some various applications of this market. Automotive has dominated 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 among these applications. The global polyamide 6 market is divided into three commercial grades: fibre grade, extrusion grade, and injection molding grade. The fibre grade category continues to dominate the market among these grades. During the forecast period, extrusion grade polyamide 6 is expected to become the next dominant segment.
Frequently asked questions about global industry
Which are the different Product Types of Polyamide 6? Ans: Polyamide-6 (PA6) Fiber and Polyamide-6 (PA6) Resin are the different Product Types available in the market
Who are the key players in the global industry? Ans: Arkema SA H, BASF SE, Asahi Kasei Corporation, Evonik Industries AG, Huntsman Corporation, Honeywell International, Inc., Royal DSM N.V., Invista S.A.R.L. and Ube Industries Limited are the key players operating in this market
Which is the fastest growing Application segment for global industry? Ans: Automotive Application offers tremendous opportunities to players
Which is the leading regional market for global industry? Ans: Asia-Pacific has the largest share owing to various developments happening in this space
What will be the CAGR (2021 - 2027) of in global industry? Ans: The market is anticipated to grow at a CAGR of 6.5% throughout the forecast period
