Polyamide 12 Market

The global polyamide 12 market is poised to witness lucrative growth during the forecast period, 2019–2024. The market was valued at USD 1,065.1 million in 2018 and is projected to register a CAGR of 5.23% to reach USD 1,419.2 million by the end of 2024. In terms of volume, the global market was sized at 94.1 thousand tons in 2018 and is expected to exhibit a CAGR of 4.36% to reach 119.3 thousand tons by the end of 2024. The key factor driving the growth of the global polyamide 12 market is its increasing demand in the automotive industry. The growing adoption of polyamide 12 for manufacturing various consumer goods is also contributing to global market growth. Furthermore, the shift toward the use of bio-based products is expected to create lucrative growth opportunities for the players operating in the global polyamide 12 market during the forecast period. However, the availability of substitutes at low cost is expected to hamper the market growth during the review period. As of now, volatile crude oil prices is the challenging factor to the growth of the polyamide 12 market.

According to Wantstats analysis, the global polyamide 12 market has been segmented based on type, applications, and region. Based on type, the global market has been segregated into general grade, reinforced, plasticized, and others. The reinforced segment accounted for the largest share of 46.4% in 2018 due to its relatively large-scale consumption across various industry verticals and high cost. Furthermore, the growing use of carbon-fiber-reinforced polyamide 12 in the aerospace & defense, and automotive industries is expected to boost the segment’s growth during the forecast period. The segment was valued at USD 494.2 million in 2018; it is expected to register a CAGR of 5.52% to reach USD 669.5 million by the end of 2024. In terms of volume, the segment was sized at 41.3 thousand tons in 2018 and is projected to exhibit a CAGR of 4.40% to reach 52.5 thousand tons by the end of 2024.

By application, the global polyamide 12 market has been classified into automotive, consumer goods, oil & gas, industrial coatings, electricals & electronics, and others. The automotive segment dominated the polyamide 12 market with a market share of 36.9% by value in 2018 due to its pivotal role in the manufacturing of certain automobile components on account of its superior properties. The segment was valued at USD 392.6 million in 2018; it is expected to register a CAGR of 5.74% to reach USD 538.8 million by the end of 2024. In terms of volume, the segment was sized at 34.0 thousand tons in 2018 and is projected to exhibit a CAGR of 5.07% to reach 44.9 thousand tons by the end of 2024.

The Asia-Pacific market held the largest share of 37.7% in 2018 due to the rapid industrialization. The market was valued at USD 402.0 million in 2018 and is expected to exhibit a CAGR of 5.91% to reach USD 557.1 million by the end of 2024. In terms of volume, the regional market was sized at 39.1 thousand tons in 2018 and is projected to register a CAGR of 5.01% to reach 51.5 thousand tons by the end of 2024. The European market held the second-largest market share of 27.6% in 2018 due to the expanding automotive industry