It is likely to post a 6% CAGR from 2018 to 2025. Surging demand for lightweight materials in the automotive and transportation industry is one of the key trends escalating market growth. In addition, growing concerns regarding automotive fuel efficiency and high demand for green solutions are poised to fuel the demand for the product over the forecast period.
In terms of revenue, the market in the US was valued at $414.43 million in 2017. It is projected to progress at a CAGR of 6.2% over the forecast period. It is slated to experience an upswing in the demand over the coming years owing to the flourishing automotive manufacturing sector in the country. The market in the US is further driven by robust growth in the consumer goods and electrical & electronics industries.
Specialty polyamides are increasingly finding application in other end-use industries, including consumer goods, industrial coatings, retail and energy. The product exhibits superior properties such as high strength, dimensional stability, and rigidity coupled with excellent thermal and chemical resistance.
The long-chain nylons segment dominated the market in 2017. It is anticipated to maintain its position until 2025, expanding at a CAGR of 6% over the forecast period. Long-chain segment includes PA12, PA11, PA610, PA612, PA410, PA1010, and PA1012. These are traditionally used to produce monofilaments, which are further used in a broad range of high chemical resistance and good dimensional stability applications.
The demand in the electrical & electronics segment was valued at $443.13 million in 2017. It is expected to witness the highest CAGR of 6.7% over the forecast period owing to increasing demand for thermally conductive plastics for display technologies, home electronics, mobile electronics, smart devices, electrical components, and household products.
Asia Pacific was the leading regional market in 2017 and commanded more than 40% of the overall revenue. Countries such as China, Japan, and India are sights of high growth rates in the region in terms of value as well as volume.