Market Trends of Polyamide Precursors Industry
This section covers the major market trends shaping the Polyamide Precursors Market according to our research experts:
Growing Demand from Automobile and Textile Industries
- Adipic Acid (ADA), Caprolactam (CPL), Hexamethylenediamine (HMDA) are a few types of polyamide precursors that are being used for many applications. Polyamide precursors are used for producing nylon derivatives such as nylon 6 and nylon 66 (Nylon is a synthetic polymer called a polyamide).
- A high amount of hexamethylenediamine is consumed for the manufacturing of nylon 66. The adoption of nylon 66 can be seen in the automotive, textiles, and packaging sectors.
- The main focus of automobiles in recent times is to reduce vehicle weight for greater fuel efficiency and lower emissions. This is likely to raise the demand for lightweight composite nylon resins in automotive applications for under-the-hood components and interior body parts.
- Nylon 6 fibers are wrinkle-proof and highly resistant to abrasion and chemicals, such as acids and alkalis. Few applications of these fibers include sportswear, swimwear, hosiery, and fashion wear. They have a great stretch fit properties when combined with spandex fibers.
- Recently, the outbreak of COVID-19 in all regions is expected to decrease the demand for polyamide precursors due to contraction in automotive and other end-user industries, in the short term.
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Asia-Pacific Region to Dominate the Market in the Coming Years
- Asia-Pacific is expected to dominate the global market owing to the highly developed automobile sector in China, Korea, Japan, and India, coupled with the continuous investments done in the region to advance the textile and electronics sectors through the years.
- Electronics Industry is one the consumer of polyamide precursors for various applications. ADA is being used in smartphones, OLED TVs, tablets, etc., and is projected to have the highest growth in the market due to the growing consumer electronics segment.
- Technical fibers are the fastest-growing segment in the Asia-Pacific region due to their applications. Sport, and Medical, sectors are witnessing high demand for these materials owing to the advancements in these sectors in Asia-Pacific.
- According to the National Bureau of Statistics of China, the export volumes of carpets from China increased from 457.25 million square meters to 635.28 million square meters from 2009-2018. However, the growth rate declined slightly in 2019, in turn impacting the demand for caprolactam in the country.
- Growth in the electrical and electronics and textile sectors in the Asia-Pacific region are expected to drive the market for polyamide precursors through the years to come.
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