According to ChemAnalyst report, “India Polyamide Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Type, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”. The demand for Polyamide in India is anticipated to achieve a CAGR of 6.41% on increasing export potential of the major consuming textile industry accompanied by large number of government relief packages and initiatives to stabilize the Indian textile and automotive industry after Coronavirus. Polyamide is a synthetic polymer having repetitive amide linkages. The product offers high strength and durability which makes it a preferred choice for fiber processing in textile industry, engineering plastic processing in automotive industry in addition to film processing in electrical and electronic industry. Moreover, rising utilization of heat conducting Polyamides in electronic industry is anticipated to appreciably contribute to pull up its demand in the forecast period.
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Union Budget 2020-21 having directives for promoting the foreign exports of textile in addition to the directives of 2018 Budget which increased the custom duty on imports by 20% from 10% in order to boost the indigenous production are anticipated to serve as major building blocks in the upliftment of Indian textile industry, thereby actively increasing the demand for synthetic artificial fabric like Polyamides in the next five years.
Demand for Polyamide has faced serious repercussions after the onset of Coronavirus in the final quarter of FY 20. The consumption of Polyamide has witnessed astonishing decline from its major consuming industries like textile and automotive on production cuts and turnaround implied in response to the lockdown measures imposed by the government to contain Coronavirus. Even after the ease in restriction of lockdown, certain companies continued with turnaround whereas majority of them operated their plants at a very low efficiency to restrain further decline in finances by excessive production in times of slacked demand. As textile industry consolidates huge revenue through exports, spread of the pandemic in major global economies has further slumped the demand for synthetic polymers such as nylon by over 80% in the quarter ended on April 20. To combat to this sudden downturn, Confederation of Indian textile industry has requested the government to grant immediate relief packages and cut the duties on the raw material required in manufacturing, to pull down the production cost thus improvising the profit margins. However, with increase in seasonal demand followed by the revival of the garment sector, the demand for major artificial Polyamides like Nylon 6 and Nylon 66 is expected to witness a gradual recovery from Q1 of FY 21. In addition, increasing utilization of heat conducting Polyamides in electrical and electronic industry is anticipated to be a potential segment in propelling the demand for the product in the forecast period. Moreover, the recent initiative of self-reliant India with an aim to make India a production hub has giving way to enhanced manufacturing activities in electrical and electronic industry, thus following an increase in the demand for Polyamide in the coming years.
According to ChemAnalyst report, “India Polyamide Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Type, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”. Major players operating in India Polyamide market include Gujarat State Fertilizers and Chemical Limited, Century Enka Limited, SRF Limited, Toray Industries India Limited, Li Peng Enterprise Corporation Limited, BASF SE, Arkema SA, Royal DSM, Kuraray Corporation Limited and DuPont. India holds sufficient capacity to produce Polyamides hence, majority of the domestic demand for the product is fulfilled by Indian market. However, cheap imports from Russia and other countries still pose a high threat towards the growth of Indian Polyamide market in the forecast period.
“Polyamides constitute an appreciable share in the artificial textile industry of India. Sudden outbreak of Coronavirus has led to an astonishing downturn in demand for Polyamides from textile industry on plummeting domestic as well as export demand for fabrics due to the lockdown and trade halt imposed to contain the virus. Moreover, demand for Polyamides to produce engineering plastics in automotive industry has also witnessed a tragic downfall at the back of falling sales affected by the decline in economy. The slumped demand for Polyamide in the textile industry is anticipated to bounce back by the end of Q1 of FY 21 on upliftment in seasonal demand for Nylon-6 and Nylom-66 accompanied by resumption in manufacturing activities in majority of the companies under hopes of betterment in the number of virus cases in the country. Relief packages and initiatives such as self-reliant India are also expected to positively trigger the manufacturing in various end-user industries thereby, increasing the demand for several products in the Indian market. The demand for heat conducting Polyamide in electrical and electronic industry due to its superior conducting properties is expected to be the major driver for the Indian Polyamide market in the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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Source : ChemAnalyst