The global bio-polyamide market is expected to reach US$220.6m by 2022, according to a new report by Grand View Research.
The market is predicted to register a compound annual growth rate (CAGR) of 12.2 percent between 2015 and 2022 due to growing demand for environmentally friendly, sustainable plastics in the consumer goods and automotive markets.
Engineering plastics was the most dominant application in 2014, accounting for 60.7 percent of total market volume in 2014. It is also expected to witness the highest growth rate of 11.5 percent from 2015 to 2022.
Europe emerged as the leading regional market and accounted for 34.8 percent of total market volume in 2014.
Stringent environmental regulations regarding use of synthetic polyamide across textile and automotive industries coupled with growing demand for environment friendly products can attributed to the growth of regional market. In North American, the bio-polyamide market is expected to exceed US$50 million by 2022.
However, the high cost of bio-polyamide compared to its synthetic counterpart is expected to remain a key challenge for market participants.
Key companies operating in the global bio-polyamide market include Arkema, BASF, E. I. DuPont De Nemours&Company, Evonik Industries AG, Huntsman Corporation and Lanxess AG. Other industry participants include Formosa Plastics Corporation, Honeywell International Inc. and DOMO Group.