Engineering Plastics Segment Expected To Dominate The Global Polyamide 12 Market
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| Polyamide 12 Market |
The global Polyamide 12 Market is estimated to be valued at US$ 381.8 Bn in 2022 and is expected to exhibit a CAGR of 5.9% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Polyamide 12 is an engineering plastic known for its high melting point, low density and strong engineering properties. It finds extensive usage in precision parts, flexible tubing, oil pans, gears and bearings due to its high heat and wear resistance along with toughness. The material also offers advantages like chemical resistance, durability and ease of processing.
Market key trends:
The engineering plastics segment is expected to dominate the global polyamide 12 market over the forecast period. Polyamide 12 possesses properties which makes it an ideal material for engineering applications. Its high strength to weight ratio and melting point make it suitable for usage under extreme conditions. Also, polyamide 12 offers better toughness and flexibility as compared to metals and other plastics. This has resulted in its increasing preference for manufacturing precision parts, flexible tubing and gears among others.
Segment Analysis:
The global polyamide 12 market is segmented based on application and region. By application, the polyamide 12 market is dominated by the automotive segment. This is mainly attributed to the high usage of polyamide 12 in automotive under-the-hood applications such as engine covers, air intake manifolds, and oil pans owing to its properties of high temperature and chemical resistance.
Key Takeaways:
The global Polyamide 12 Market Demand was valued at US$ 313.9 Billion in 2021 and is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period of 2022-2030, owing to rising demand from the automotive and electrical & electronics industries.
Regional Analysis:
Asia Pacific dominated the global polyamide 12 market in 2021 owing to high presence of automotive and electrical & electronics manufacturing base in countries such as China, India, Japan, and South Korea. The North America polyamide 12 market is expected to witness the fastest growth during the forecast period owing to increasing adoption of electric vehicles in the region.
Key Players:
Key players operating in the polyamide 12 market are Arkema Group, DowDuPont Inc., Ensinger GmbH, Evonik Industries AG, UBE Industries Inc., Techmer PM LLC., Invista, EMS-Chemie Holding AG, RTP Company Inc., Toray Industries Inc., Formulated Polymers Limited, and Merck KGaA. Arkema Group is currently the global market leader in polyamide 12 owing to its wide product portfolio and strong geographical presence across major markets.
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