Bio-Polyamide Market to Witness High Demand from the Automotive Sector | Technavio

October 5, 2017

LONDON–(BUSINESS WIRE)–#BioChemicals—Technavio
market research analysts forecast the global
bio-polyamide (PA) market to grow at a CAGR of close to 12% during
the forecast period, according to their latest report.

The market study covers the present scenario and growth prospects of the
global bio-polyamide market for 2017-2021. The report also lists
industrial plastics and fibers as the two major application segments, of
which the industrial plastics segment accounted for 61% of the market
share in 2016.

According to Hitesh Bhatia, a lead analyst at Technavio for bio-chemicals
and bio-materials research, “The expansion in the automobile
sector in APAC is accelerating the growth in the global bio-PA market in
this region. Also, favorable governmental regulations are paving the way
for the expansion of the global bio-PA market in this region. Also, the
demand for high performance products and bio-based products are
fostering the demand for bio-PA.”

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Technavio analysts highlight the following three market drivers that are
contributing to the growth of the global bio-polyamide
market:

Increased demand from automotive sector
Growing demand for environment-friendly, sustainable products
Superior properties and versatile nature of bio-PA

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Increased demand from automotive sector

The growth in the automotive industry is expected to foster growth in
the bio-PA market. The use of bio-PA in the automotive sector has
contributed to reduced carbon emissions and fuel saving. Automobile
structures made up of using bio-PA products facilitates higher fuel
saving. The automakers in the US are trying to achieve the set average
fleet fuel efficiency target of 35 to 36.6 miles per gallon by 2017 and
54.5 miles per gallon by 2025 as per the Corporate Average Fuel Economy
(CAFE) legislation. Advances in the field of plastic-metal hybrid and
composites technologies are further supporting these targets.

In APAC, the automobile sector is expanding in terms of profit
generation and higher adoption rate, which is also fostering the market
for bio-PA. This can be attributed to the change in lifestyle and rise
in disposable income. The automotive sector depends not only on
technological innovations but also on the price development of bio-PA.

Growing demand for environment-friendly, sustainable products

The growing demand for environment-friendly, sustainable products by
consumers is another driving factor for the bio-PA market. Consumers
have become more sensitive toward the goods they buy in terms of the
effect they have on the environment and on health. Also, in developed
regions, the regulations that check and monitor the impact of products
on the environment are driving the bio-PA market.

The corporate average fuel economy standards set by the US and the
European Union (EU) for CO2 emission limits are pressurizing the
automobile sector to reduce the weight of the vehicle to control the
emissions. This is not only facilitating better environment protection
but also fostering the demand for compounds like bio-PA.

Superior properties and versatile nature of bio-PA

Bio-PA is a polymer that is used for a wide range of applications that
require plastic materials with high melting temperature. Its properties
are diverse and adaptable to suit varied applications areas owing to the
availability of bio-PA variants. It is a highly flexible material that
can be combined with different materials.

“The low-friction property of bio-PA is useful for many large-volume
standard products in addition to gears, bushings, and plastic bearings.
Also, in applications where the chances of wear are high, bio-PA is
preferred over other engineering plastics and commodity plastics. Bio-PA
is widely used in consumer products such as toys, furniture points of
impact, and applications involving extreme temperatures,” says
Hitesh.

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