Market expansion for polyamide 12 is fueled by rising consumer demand for lightweight cars. It is projected that rising passenger car sales, particularly in developing nations, will increase demand for polyamides in automotive applications. The market for autos is expanding due to rising investments in the industry. For instance, the automobile industry attracted cumulative equity Foreign Direct Investment inflows of around US$30.78 billion between April 2000 and September 2021, according to a research from the Indian Brand Equity Foundation published in February 2022. In addition, the Indian government anticipates that by 2023, the vehicle sector will draw investments worth US$ 8–10 billion from both domestic and foreign sources. The market for polyimide 12 would expand with a growing auto sector.
Global Polyamide 12 Market was valued at US$ 313.9 Billion in 2021 in terms of revenue, exhibiting a CAGR of 5.9% during the forecast period (2022 to 2030).
Prominent Companies Polyamide 12 Industry:
1. Evonik Industries AG
Evonik is one of the world leaders in specialty chemicals. The company is active in more than 100 countries. The company was founded in 1873 and is headquartered in Essen, Germany. In December, 2022 Evonik launched a non-animal-derived squalene suitable for vaccines and other pharmaceutical applications.
2. Toray Industries Inc.
Toray Industry Inc. was founded in 1926 and has development of new fields and materials as a basic materials manufacturer. It has headquarters situated in Tokyo, Japan. In December, 2022 Toray Industries, Inc., announced that it has developed a polyethylene terephthalate (PET) film that combines excellent applicability and adhesion for water-based and solvent-free coatings and can eliminate solvent-derived carbon-dioxide emissions.