LONDON--(BUSINESS WIRE)--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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