Global Polyphthalamides Market - Segmented by Product Type, Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global polyphthalamide market has been estimated at USD 815.66 million in 2017 and is projected to reach USD 1167.22 million by 2023. Polyphthalamide (PPA) is a semi-crystalline, aromatic polyamide. It is a high-performance polyamide. It is stronger, stiffer, more heat-resistant and less sensitive to moisture as compared to conventional polyamide. It also possesses significant chemical, fatigue, and creep resistance. Moreover, it is known to resist infrared soldering environments, unlike many other resins. Owing to its excellent physical, thermal, and electrical properties, PPA finds wide range of applications in different end-user Industries. Some common applications include, automotive motor bobbin parts, fuel line connectors, and coolant pumps, as well as bushings and bearing pads in aircraft engines. PPA is also used for pump wear rings in the oil & gas and energy industries.
On the basis of end-user industry, the market is segmented into automotive, electrical & electronics, industrial, oil & gas, healthcare, personal care, etc. In terms of consumption, the automotive sector is currently the major consumer of polyphthalamide resins, followed by the electrical & electronics sector.
Increasing Demand from Automotive Industry
In the automotive industry, PPA finds applications in automotive components, such as motor bobbin parts, fuel and coolant lines, fuel cut-off valves, coolant pumps, and air coolers, amongst others. In the electrical & electronics industry it is commonly used in connectors, switches, and for electrical insulation in cables and wires. Expansion in the automotive sector, along with introduction of lightweight vehicles is the key driving force popularity of polyphthalamide resins. The market is also driven by its growing demand in the electrical & electronics industry. In addition, for rising growing substitution of metal with polyphthalamide in various applications is also expected to boost the growth of the market. Furthermore, the increasing usage of bio-based PPA and escalating demand for fuel-efficient and lightweight vehicles across the world will offer numerous opportunities for the growth of the global polyphthalamide market.
Asia-Pacific to Dominate the Market Growth
The market has also been geographically segmented into Asia-Pacific, North America, Europe, South America, and Middle East & Africa. In terms of consumption in 2017, APAC led the market with a share of more than 35%. Asia-Pacific is also expected to witness the fastest growth due to high concentration of electronics manufacturers, where companies are focusing toward using plastic construction materials to reduce the vehicle weight, as well as system costs. Due to rising population and improvement in the financial status of consumers, the purchasing power of the middle-class consumers has increased, which, in turn, is increasing the demand for automobiles in the Asia-Pacific region. This is making the region an area of immense potential and opportunities. However, the volatility in raw material prices in the region has considerably hindered the growth of this market.
Major Players: DowDuPont, DSM, Arkema, Evonik, Sabic Innovative Plastics, and Solvay S.A., amongst others.
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