Polyamide Prices are Surging Due to Research and Development Investments in USA
- 21-Jun-2022 5:30 PM
- Journalist: Jacob Kutchner
Polyamide prices have been surging in the US market during June, with prices hovering around USD 4827/ton-USD 5159/ton Polyamide 6,6 DEL US Gulf and a weekly escalation of 0.3% as per Chem Analyst pricing data recorded on June 10. Increasing demand for lightweight vehicles has resulted in a significant increase in the demand for Polyamides in the automotive industry, which is expected to be a significant market driver during the month.
The demand for specialty Polyamides is increasing as Research and Development investments increase. The use of Polyamide plastics and Polyamide resins across various industries are also expected to grow. The establishment of new industries and the increasing industrial activity in the USA is driving Polyamide consumption in the region. The automotive industries are influencing the demand for Polyamides in North America heavily.
Polyamides are a popular option among automobile makers because of their excellent durability and wear resistance, which are desirable features for vehicle building. Increasing demand in the automotive industry is expected to fuel sales of Polyamide resins, speciality Polyamides, and Polyamide plastics throughout the month. The Polyamide market in North America now maintains a leading market share of 32.9% in the worldwide business landscape and is projected to continue this position in the future. Furthermore, the low production cost in this location is likely to increase production of the existing low-priced Polyamides. Government measures are also expected to support Polyamide market expansion.
As per Chem Analyst the Polyamide market is also expected to grow due to increased Polyamide use in coatings and electronics manufacturing during the coming years. Growing demand for plastic components with improved mechanical properties is likely to drive growth in this market in the coming years. Polyamide suppliers are estimated to escalate their production capacity to fulfill rising consumption from various commercial verticals.