3D Printing is fastest growing segment fueling the growth of Polyamide 12 Market

The Polyamide 12 Market is estimated to be valued at US$ 352.03 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Polyamide 12 is a semicrystalline thermoplastic polymer showing good mechanical properties, dimensional stability, impact strength and chemical resistance. Due to its light weight and high strength, polyamide 12 finds wide application in automotive, electrical & electronics and consumer goods industries. It is majorly used in manufacturing of under-the-hood components, air intake manifolds, ignition coils and fuel rail assemblies in automotive.

Market key trends:
Polyamide 12 finds increasing demand from automotive industry for manufacturing lightweight components. Growing preference of OEMs and consumers towards lightweight vehicles to improve fuel efficiency and reduce carbon emissions is a major factor driving the growth of polyamide 12 market. Polyamide 12 provides 10-50% weight savings compared to other metals and engineering plastics. It also offers design flexibility for complex shapes and parts integration. Recent advancements in 3D printing technology have further widened the application scope of polyamide 12 for prototyping and low volume production across different industries.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the capital required for setting up a new production facility is high and R&D costs for developing new applications are also substantial. Bargaining power of buyers: The bargaining power of buyers is moderate as Polyamide 12 has applications in a number of industries. However, the presence of substitutes provides some bargaining power to buyers. Bargaining power of suppliers: The bargaining power of suppliers is low since there are a large number of suppliers for raw materials used in Polyamide 12 production. Threat of new substitutes: The threat of new substitutes is moderate as alternatives are available depending on specific applications. Competitive rivalry: High as the major players strive to gain market share through product innovation and expansion into new application areas.

SWOT Analysis
Strength: High tensile strength, resistance to abrasion, chemicals and fatigue makes Polyamide 12 suitable for automobile and industrial applications. Polyamide 12 has dimensional stability and impact resistance at low temperatures.
Weakness: Polyamide 12 has lower temperature resistance as compared to other nylons. Higher production costs than traditional materials.
Opportunity: Growing demand for high-performance plastics from end-use industries like automotive, electrical & electronics and industrial machinery. Increasing focus on lightweight and durable materials provides opportunities.
Threats: Stringent environmental regulations restricting the use of certain chemicals. Volatility in raw material prices impacts the overall production costs.

Key Takeaways
The Global Polyamide 12 Market is expected to witness high growth, exhibiting CAGR of 3.5% over the forecast period, due to increasing demand from the automotive industry. Polyamide 12 finds wide usage in manufacturing under-the-hood components like air intake manifolds, charge-air hoses, gears and hoses due its high heat resistance, strength and durability properties.

Regionally, Asia Pacific dominates the global Polyamide 12 market and is expected to maintain its lead over the forecast period. This is attributed to presence of major automotive manufacturing hubs and rapid infrastructural growth in economies like China and India. The automotive industry in the region is growing at a significant rate creating sustained demand for engineering plastics like Polyamide 12.

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. Major players are engaged in new product development and expansion of production capacities to strengthen market presence.

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