Polyamide Market to Witness Rise in Revenues By 2030

The global polyamide market was valued at USD 26.7 billion in 2020 and is projected to reach USD 40.6 billion by 2027, growing at a CAGR of 5.4% from 2021 to 2027. Polyamide is a versatile polymer with strong demand in various end-user industries, including textiles, electronics, equipment, packaging, coatings, and automotive. Polyamides can be found in nature in the form of wool and silk, among other things, and can also be manufactured artificially. The artificially manufactured polyamides include nylon, polyamide 6, and aramid. Wear resistance, strong mechanical qualities, low gas permeability, and chemical resistance are the characteristics of artificial polyamides. Bio-based polyamides are gaining popularity due to their environmentally benign character. Polyamide 6 is the most popular revenue and usage attributed to its low cost-to-performance ratio.

The polyamide market is expected to be driven by the growing automotive industry in developed and developing countries. Automobile makers prefer polyamides because of their high performance and low cost. Due to the current surge in raw material prices in the automotive sector, manufacturers are shifting to polyamides for various applications such as coatings and films. The market's growth is fueled by rising consumer disposable income and increased transportation activities worldwide. A surge in demand in the electronics and coatings sectors is expected to boost the market. Increased building activity and population growth are driving the electronics and coatings sector. Polyamide is an excellent choice for electrical and electronic applications because of its low cost of production and great performance parameters such as chemical resistance and insulation.

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Strict government laws and regulations, on the other hand, prevent market expansion. However, a rise in investment and new research and development in bio-