Global Bio-Polyamide Market 2017-2021
Bio-polyamide (bio-PA) is an amide polymer, which is manufactured from renewable or bio-based raw materials. Bio-PAs are mainly derived from sebacic acids, commonly found in castor oil. The emphasis of the modern polymer science is on the production of polymers from renewable resources. Of the biopolymers presently known to the chemical industry, bio-polyamides (bio-PAs) are known as one of the most sophisticated biopolymers derived from renewable plant sources. The use of sustainable products is on the rise. It has impacted the consumer behavior in terms of opting for eco-friendly products. Thus, several players in the market are opting for sustainable, eco-friendly bio-PA production processes. Most of these bio-based PAs are made from sebacic acid, which is derived from castor oils.
Technavio’s analysts forecast the global bio-polyamide (BIO-PA) market to grow at a CAGR of 11.52% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global bio-polyamide (BIO-PA) market for 2017-2021. To calculate the market size, the report considers the sales of bio-PA products used in automotive, electrical and electronics, and packaging sectors.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Bio-Polyamide Market 2017-2021
Technavio recognizes the following companies as the key players in the global bio-polyamide (BIO-PA) market: Arkema, Asahi Kasei, BASF, DSM, and Evonik Industries.
Other Prominent Vendors in the market are: Domo Chemicals, LANXESS, SABIC, Solvay, and Simona.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing spending on R&D. In recent years, the spending on the R&D activities has increased significantly. The major players in the market are investing extensively in finding out an alternative for the present production process that is cost-effective and technologically updated. The key players also invest in the R&D activities to diversify their product portfolio to gain the top spot and device high performance products for niche applications toward.”
According to the report, one of the major drivers for this market is Increased demand from automotive sector. The growth in the automotive industry is expected to foster the bio-PA market. The use of bio-PA in the automotive sector has contributed to reduced carbon emission 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.
Further, the report states that one of the major factors hindering the growth of this market is Lack of raw material suppliers. Bio-PA is largely produced using castor oil as the raw material. Globally, polymer producers and consumers have been voluntarily shifting toward sustainable and eco-friendly processes. This has increased the demand for bio-PA in multifold. Sebacic acid, which is a derivative of castor oil is a key raw material used in the manufacturing process. Castor oil is a non-edible crop, and only a few regions cater to the global demand. Among the few castor oil exporters present, India is one of the largest. The smooth running of supply chain requires security of supply of renewable feedstock. Thus, the presence of a reliable and competitive source is one of the key challenges for the procurement of raw material used in bio-PA production.
Arkema, Asahi Kasei, BASF, DSM, and Evonik Industries, Domo Chemicals, LANXESS, SABIC, Solvay, and Simona.