New Collaborations and Expansion to Help Meet the Demand for Polyamide

The demand for polyamide has gained momentum over the last few years, due to its unique characteristics such as wear resistance, good mechanical properties, low gas permeability, and chemical resistance.

The global polyamide market has witnessed rapid growth owing to increased demand from various end-use industries such as textile, packaging, electronics, equipment, and coatings and rise in preference for polyamide over metals in the automotive sector. As per the report of Allied Market Research, the polyamide market is projected to reach $40.6 billion by 2028, growing at a CAGR of 5.4% from 2021 to 2028.

New deals and collaborations signed by the company:

The key players in the global polyamide market have made certain strategic deals to increase their market presence. For instance, Safilo Group, a leading global eyewear designer company launched new eyeglasses, Trogamid using polyamides with partnership of Evonik Industries, one of the world leaders in specialty chemicals. With the launch of Trogamid, the companies have introduced its new and innovative product in the market that uses a sustainable transparent polyamide and is designed exclusively for the optical industry. This product not only expands the Safilo Group’s broadband portfolio but also offers additional features such as long durability, comfort while wearing the glasses, and high safety to the customers as compared to available alternatives.

Apart from this, Ascend performance Material LLC, a leading player in the polyamide market announced expansion of its business to fulfill the growing demand for its product line. The company has increased its production capacity for HiDura long-chain polyamides in Greenwood, South Carolina to produce high quality and high-performance material to satisfy the consumer needs.

Similarly, EMS Grivory, a leading manufacturer of high-performance polyamides, has announced its expansion in Domat/EMS by investing 300 million Swiss francs. This investment is expected to achieve rapid expansion of company’s storage and distribution capacity. Moreover, the production capacity is expected to rise from 70% to 90%, which would help the company to export more products. Apart from it, this capacity expansion will not only provide jobs for around 13 logistic companies but also allow the company to continue its growth.

Furthermore, Invista Nylon Chemical Company, a subsidiary of Invista Company announced that it plans to establish its new innovation center at Shanghai in coming months along with the investment of more than $15 million. This center is expected to help the company to meet the growing demand of customer for the polyamide products. Moreover, according to Pete Brown, the company's vice president, China is predicted to become the world's largest consumer of polyamide in the coming years, and this investment will be certainly rewarding in the following years.

Challenges and future opportunities in the market:

The use of polyamides has been increasing in almost all the major industries across the globe, especially in developing economies. However, due to the outbreak of COVID-19, the global economy was severely affected. Moreover, the pandemic resulted in a complete lockdown in several countries. The COVID-19 pandemic has affected the demand for polyamide due to factory closures, supply chain disruption, and economic uncertainty across the globe. However, as the world recovers from the pandemic and countries life the lockdown regulations.

Emerging economies such as India and China have been boosting their investments in infrastructure development in chemical industry and automotive industry, which is projected to drive the expansion of the polyamide market in the automotive sector. Moreover, rise in usage of polyamide in the automobile and food packaging sectors and an increase in demand for processed food goods will boost the demand for polyamide. Furthermore, the demand for polyamide material has increased in the building and coating sectors due to its unique qualities such as chemical and abrasion resistance, great resilience to extreme temperatures, and high impact resistance, which is expected to increase market demand in the future.

Apart from it, due to the rise in environmental awareness and strict regulations by the government, technological advancements such as bio-based polyamide are projected to drive the market shortly. For instance, recently, some research suggest that bio-based polyamide is capable of solving the sustainability challenge in the electronics vehicles as it is made from renewable and feedstock materials. Such opportunities and rapid developments in automotive industry are likely to yield lucrative returns in the future.

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