Polyamide use in global composites industry to register CAGR of 5.4% by 2021

05-Dec-16

The polyamide resin market in the global composites industry is expected to reach an estimated US$6.4 bln by 2021 and it is forecast to grow at a CAGR of 5.4% from 2016 to 2021, as per Research and Markets. The major drivers for the growth of this market are growing demand for thermoplastics with high thermal stability in under-hood applications and increasing focus of automotive OEMs to reduce weight without compromising vehicle performance. Emerging trends which have a direct impact on the dynamics of the industry include the increasing use of post-consumer recycled polyamide resins, increasing use of bio based resins for various applications, and growing inter-material competition.

The author forecasts that the transportation segment is expected to show above average growth during the forecast period of 2016 to 2021. Within the polyamide resin in the global composites industry, the transportation segment is expected to remain the largest application by value and volume. Expected increase in global automotive production and increasing demand for high temperature thermoplastics in under-hood applications are the major driving forces that spur growth for this segment over the forecast period.