Global Polyphthalamide Market Will Amass 240.2 Kilotons by 2024

(Newswire.net — June 27, 2017) New York City, New York — Increasing production of automobile parts such as air cooler housings, charge air hoses, resonators and air induction systems has revved up demand for polyphthalamide globally. Attributed to excellent dimensional stability, high deflection temperatures and low moisture absorption, polyphthalamide witnesses surge in demand among manufacturers operating in the automotive industry. A recently compiled report by Persistence Market Research reveals that the global market for polyphthalamide will witness a CAGR growth of 5.6% during the projected period, 2016-2024.

Factor Fuelling Growth of the Global Market

Imposition of government regulations has compelled manufacturers to adopt techniques of soldering, which does not require application of led and has created encouraging environment for the producers of PPA. Manufacturers are compelled to present vehicles that are fuel efficient due to imposition of government regulations. Due to such impositions of government regulations, manufacturers operating in the automotive industry mainly focus on fuel efficient automotive that with reduced emissions. Moreover, the total car weight reduction and engine downsizing has emerged is a major trend followed among automotive manufacturers in order to boost the economy of the vehicles. Polyphthalamide witnesses surge in demand in the automotive industry as its application boosts the lifetime of components that find application in induction of high-temperature air.

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Polyphthalamide offers good flame retardant properties, due to which it witnesses an upsurge in demand for automotive industry. It further finds application in electrical and electronic components including micro-sensors, assembling circuit boards with the adoption of surface mount techniques, micro-switches and connectors. Such factors are likely to contribute towards growth of the global market for polyphthalamide during the coming years. Furthermore, imposition of government regulations regarding the application of plastic grades that help in slowing down the halogenated flame in the electronic and electrical industry will add to the list of growth propelling factors.

Automotive and Transportation Industry Represents a Leading Segment

Carbon fiber filled products among others represented a market share of 13.9% in 2016. Due to surge in demand for carbon fiber supplemented with PPA resin, the carbon fiber filled segment will gain 140 BPS in the global market share during the predicted years. Glass fiber filled segment will register a growth of 5.7% CAGR, and will account for a revenue share of 72.9% in the global market for polyphthalamide by the end of 2024. Moreover, electronics and electrical industry will witness an increasing need for weight savings, miniaturization and high performance in small and compact assembly. Due to this, the electronics industry will witness a surge in demand for resins that are PPA-based in terms of application. Registering slow growth, the electrical and electronics industry is predicted to witness a dip of 100 BPS during the predicted years. Transportation and automotive segment represented a dominant segment in 2015, and will account for a revenue share of 48.3% by 2024-end.

Asia Pacific to Witness Highest Growth

The polyphthalamide market in Europe accounted for a revenue share of 31.8% by 2016-end, and will witness a growth of 5.5% CAGR in terms of revenue during the predicted years. By the end of 2024, the polyphthalamide market in North America will reflect a growth of 4.6% CARG. This region is likely to account for US$ 456.2 million during the predicted period. Asia Pacific market for polyphthalamide will witness relatively high growth as the overall average growth during the predicted years.

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Market Players

Major market players operating in the global market for polyphthalamide include Evonik Industries, Solvay S.A., Arkema Group, Nagase America Corporation, BASF SE, E. I. du Pont de Nemours and Company, EMS-CHEMIE HOLDING AG, SABIC, PlastiComp Inc. and Techmer Engineered Solutions, LLC.