The Polyamide 12 Market is primed for growth by the increasing demand for high-performance plastics5/10/2024 Polyamide 12, commonly known as nylon 12, is a semi-crystalline thermoplastic polyamide resin that provides unique advantages over other plastics including its light weight, mechanical strength, durability, and chemical resistance. Polyamide 12 finds use across diverse industries for applications involving repeated stress, high wear, and exposure to harsh environmental conditions. Some key uses include automotive under-the-hood applications, oil & gas equipment, electrical & electronics, consumer and industrial goods. The global polyamide 12 market is estimated to be valued at US$ 405.54 Mn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2031. Key Takeaways Key players operating in the Polyamide 12 Market Growth are Ultralife Corporation, EaglePicher Technologies LLC, EnerSys, Liberating Technologies, Inc., Panasonic Corporation, Tadiran Batteries Ltd., Saft Groupe S.A., Arotech Corporation, SHENZHEN KAYO BATTERY Co., Ltd, and Vitec Group plc. These players are focusing on capacity expansion activities and new product launches to capitalize on the growing demand for polyamide 12 in various industries. The demand for polyamide 12 is growing significantly owing to its increasing use in the automotive industry for applications such as engine covers, air intake manifolds, and oil pans. The material exhibits high heat resistance, low friction, and durability making it suitable for use under the harsh engine bay environments. The global automotive production is estimated to grow at a rate of 3-4% until 2024, thereby propelling the demand for polyamide 12. The polyamide 12 market is witnessing increasing growth in the Asia Pacific region owing to rising automotive production and presence of key consumer goods industries in countries such as China, India, and Southeast Asian markets. Leading players are investing in capacity expansion activities across the region to cater to the growing regional demand. For instance, in 2021, Evonik Industries inaugurated a new polyamide 12 plant in Singapore. Market key trends Electric vehicles offer significant opportunities for polyamide 12 as the material is lightweight and exhibits high thermal conductivity making it suitable for battery casings and electric connectors. Owing to stringent emission norms, electric vehicle sales are expected to grow at 25-30% annually until 2030, thus driving the demand for specialty engineering plastics like polyamide 12 in this application. Porter's Analysis Threat of new entrants: The polyamide 12 market requires large investment in R&D and machinery which acts as a barrier. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and differentiated products. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternatives and differentiated products. Threat of new substitutes: Threat of substitution is low as polyamide 12 has unique properties like high strength, toughness and chemical resistance. Competitive rivalry: The market is consolidating with focus on cost leadership and product differentiation by major players. Geographical regions North America region accounted for highest share in the global polyamide 12 market owing to presence of major end-use industries like automotive and transportation. Asia Pacific region is expected to witness fastest growth over forecast period due to rapid industrialization, growth of end-use industries and increasing per capita income in developing economies like India and China.
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