Standard polyoxymethylene held a major share in polyoxymethylene market in 2016. This grade held the maximum share, in terms of both, volume and revenue and shall witness significant growth rate in the coming years.
Sellbyville, DE -- (SBWIRE) -- 11/09/2018 -- Polyphthalamide (PPA) resin Market will exceed USD 1,852 million by 2024; according to a new research report. Polyphthalamide Resin Market is majorly used to manufacture different automotive components such as hoses, filters, tubes among others. PPA resin is obtained from combination of bio-based & oil based materials such as terephthalic and dicamethylendiamine acid. PPA offers higher strength and stiffness at soaring temperature.
Further, its properties are improved by adding carbon fiber, glass fiber and mixture of other materials for obtaining better quality polyphthalamide resin market which finds wide range of application in automotive parts, electronic devices, domestic applications and plastic substances.
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Various regional government have implemented several regulations for increasing energy efficiency and car shelf life. To enhance car efficiency several R&D activities are performed to discover engineering plastic which can replace metal and enhance car performance. PPA is majorly used in place of metals in automotive industry owing to its features which help them to function at high temperature up to 220o Celsius. Moreover, polyphthalamide resin market can be processed with various method such as blow molding, injection or extrusion making it easy to manufacture. This resin has ability to substitute some grades of polyamide because of its lower cost & improved capabilities.
Polyphthalamide resin market application in electrical and electronic components is deemed to gain profitable market share because of rise in applications including capacitor, chip carriers, LEDs, SMT electronics machineries, etc. The miniaturization trend in the electronic market is favoring the polyphthalamide resin market as this is chiefly used where high-density material is required such as sub miniature. Its features like electrical insulation, strength, good flow and dimensional stability are instrumental in influencing application for polyphthalamide resin market.
Market growth is hindered by less commercialization of polyphthalamide resin market in developing countries such as India, Thailand, Malaysia and Vietnam where car production is high. These companies are still relying on conventional plastics which are low in cost but increase the Volatile Organic Emissions (VOC) during production. Also, there are some substitute materials which can be used at higher temperatures than polyphthalamide resin market which can further restrain the market from growing.
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Glass fiber reinforced market is importantly growing in various end-user industry. The usage of glass fiber in resin varies in between 5-60% which change in accordance to its application. Carbon fiber reinforcement consist of light density, creep resistance and high toughness qualities making it ideal fit for electronics and automotive industry.
Automotive is fastest approaching segment of this market which will continue to dominate market in coming years. Automotive is expected to grow around 3-4% yearly, countries like U.S., China and India will be the governing regions. Electronic is second largest segment owing to its largest application as LED's reflectors which is used by many companies one of them is Philips. Polyphthalamide resin market in bulbs prevents reflectors turning yellow for longer period thus improving the light quality.
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Prominent market player operating across the globe are Evonik, DSM, Dow-DuPont, Arkema, Solvay and Akro Plastics. The key players of the global polyphthalamide resin market are following different strategies to gain significant market share.