The Global Polyamide 12 Market is estimated to be valued at USD 1,419.2 Million by 2023 and record a CAGR of 5.23% during the forecast period. The growing use of carbon fibers and glass fiber reinforced polyamide 12 in the automotive industry is contributing to the growth of the global polyamide 12 market.
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According to MRFR analysis, the global polyamide 12 market has been segregated based on type, applications, and region.
Based on type, the global market has been classified into general grade, reinforced, plasticized, and others. Among these, the reinforced segment held the largest market share in 2018 due to the large-scale use of carbon fiber or fiberglass reinforced polyamide 12 in the aerospace & defense, and automotive industries. The segment is expected to grow at a CAGR of over 5% during the review period.
By application, the global polyamide 12 market has been classified into automotive, consumer goods, oil & gas, industrial coatings, electricals & electronics, and others. Among these, the automotive segment accounted for the largest market share in 2018 and was valued at USD 392.6 million in 2018. The high use of polyamide 12 based automotive components on account of its superior properties in the automotive industry was the factor supported the segment’s growth in 2018.
Geographically, the global polyamide 12 market has been segmented into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. As per MRFR analysis, the Asia-Pacific market was the dominant regional market, accounting for the largest share of around 38% in 2018 and is expected to register a CAGR of around 6% during the forecast period. Europe is followed by Asia-Pacific, which accounted for the second-largest share of the global polyamide 12 market in 2018. The North American market is expected to register a second largest CAGR of over 5% during the forecast period. The Latin American and the Middle East & African markets are also likely to witness considerable growth during the forecast period, 2019–2024.
Market Research Future (MRFR) recognizes the following companies as the key players in the global polyamide 12 market: Evonik Industries AG (Germany), EMS-Chemie Holding AG (Switzerland), RTP Company (US), Merck KGaA (Germany), DowDuPont (US), Arkema SA (France), Toray Industries, Inc (Japan), and Ube Industries, Ltd. (Japan), Ensinger (Germany), and Formulated Polymers Limited (India)
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Key Findings of the Study:
- The global polyamide 12 market was valued at 1,065.1 million in 2018 and is expected to register a CAGR of 5.23% to reach around USD 1,419.2 million by the end of 2023.
- Based on type, the reinforced segment held the largest share in 2018 and is expected to register a CAGR of over 5% during the forecast period.
- By application, the automotive segment is estimated to be the largest segment of the global polyamide 12 market, which accounted for around 37% value share in 2018.
- Asia-Pacific market accounted for the largest share of around 38% by value in 2018.