The bio-polyamide market across the globe was anticipated at about USD 29, 455 million in 2012. It is predicted to increase at about 5.5 percent CAGR during 2014 to 2019. The market is projected to cross around USD 41, 769 million by the end of 2019.
The said phase marks the forecast period. Growing demand for bio-polyamides in the sectors of electricals and electronics, packaging, client goods and applications, and automotives is expected to expand the worldwide bio-polyamide market further.
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The market has been experiencing augmented demand. This is due to the growing applications of bio-polyamides in automotives, fabrics, client goods and electricals and electronics. Moreover, upward trends in the automotives sector of Asia Pacific are also estimated to positively affect the bio-polyamide market.
Stern ecological policies in relation to bio-polyamides and rising concentration on bio and eco-friendly products in the world are also estimated to steer the bio-polyamide market ahead. Growing tendency towards decreasing reliability on synthetic polyamides (due to rising ecological concerns) is also expected to drive the market forward.
Apart from the factors which drive the market, there are others which restrict the same. These are low awareness levels about bio-polyamides and high costs of the same as against synthetic counterparts. Rising demand for bio-polyamides in the sectors of sports and leisure, films and coatings and industrial is also projected to steer further demand for the bio-polyamide market during the forecast period.
Expansion in the industries of packaging and electronics, automotives and electricals in Latin America and Asia Pacific is also anticipated to drive the market in the future.
The worldwide bio-polyamide pmarket is sliced into four categories. These are applications, products, consumers and geographies. The applications market consists of engineering plastics and fibers.
Increased usage of bio-polyamides across these applications is anticipated to drive the bio-polyamide market further. The market, on account of products, is segmented further into PA-66, PA-6 and specialty polyamides.
The consumers market has been mentioned above. The geographies bio-polyamide market is sliced into Asia Pacific, Europe, North America and rest of the world.
The applications market was dominated by engineering plastics in 2014. The latter made up for around 61 percent of the total bio-polyamide market. Engineering plastics are also estimated to experience the highest expansion from 2015 to 2022. Escalating demand for high performance and lightweight materials in automotives and aerospace is predicted to drive this sector through the forecast period. PA-6 was the dominating product of the bio-polyamide market in 2014.
It captured nearly 47 percent of the overall market. The consumers market was leaded by automotives in 2014. Automotives made up for around one-third of the market income. As far as geographies are concerned, Europe dominated the bio-polyamide market in 2014. It occupied nearly 35 percent of the total market. North America is projected to exceed USD 50 million by 2022.
Supportive regulatory circumstances in North America and Europe are likely to positively impact the bio-polyamide market. Also, intense environmental consciousness operations and endorsement of bio-friendly products are anticipated to drive the market ahead.
Information Source: Grand View Research