Albany, NY -- (SBWIRE) -- 01/15/2020 -- Polyphthalamide Market: Key Highlights
In terms of revenue, the global polyphthalamide market is anticipated to expand at a CAGR of ~ 8% from 2019 to 2027. The semi-crystalline nature of polyphthalamide plays a vital role in high temperature applications. Polyphthalamide provides excellent heat resistance, high chemical resistance, and superior mechanical properties. These properties are essential in the manufacture of electrical components and automotive end-use products.
The automotive segment accounted for a major share of the polyphthalamide market in 2018, owing to the rising trend of production of electric vehicles, sports utility vehicles, and hybrid vehicles. Technological advancements in several devices, components, and ancillaries in the automotive industry are expected to offer lucrative opportunities to the polyphthalamide market.
Electrical & electronics is expected to be a highly attractive end-use segment of the polyphthalamide market during the forecast period. Increasing penetration of the Internet due to the emergence of 5G technology around the world is boosting the demand for smartphones, smart electronic gadgets, and consumer devices.
Electronic manufacturers require highly reliable, heat-resistant, and moisture-resistant components to achieve a competitive advantage over their competitors.
High Demand for Lightweight Components to Propel Polyphthalamide Market
The implementation of stringent government regulations to control the emission of carbon from automotive vehicles is driving the demand for lightweight polymers and their components.Rise in the demand for lightweight parts to achieve fuel efficiency and low carbon emission of commercial and passenger vehicles are projected to boost the demand for polyphthalamide in the near future.Increase in the demand for ecofriendly vehicles, such as battery electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles, is likely to propel the polyphthalamide market in the next few years.
According to the International Energy Agency (IEA), the global stock of electric cars crossed the 3 million units mark in 2017. Increase in government initiatives to adopt electric vehicles over conventional fuel vehicles is a key factor projected to propel the demand for polyphthalamide during the forecast period.
Volatility in Raw Material Prices to Pose Key Challenge
Raw materials such as terephthalic acid (TPA) and isophthalic acid (ISA) are primarily used in the commercial synthesis of polyphthalamide in the polymer industry. Therefore, fluctuation in the prices of raw materials on a global level is projected to restrain the polyphthalamide market in the next few years.
The implementation of stringent government regulations on the polymer industry due to the high carbon emissions during the manufacturing process is likely to hamper the polyphthalamide market during the forecast period.
Asia Pacific Expected to be a Highly Lucrative Region of the Polyphthalamide Market
In terms of value, Asia Pacific accounted for more than 50% share of the global polyphthalamide market in 2018. The region is anticipated to maintain its leading position from 2019 to 2027. Rapid development of semiconductor and electronics industries in India, South Korea, Taiwan, and Japan is estimated to provide lucrative opportunities for the polyphthalamide market in the region.
According to International Energy Agency, China constituted a major share of around 40% of the global electric vehicles market in 2018. Expansion of the electric vehicles market in China is projected to boost the demand for auto parts and components in the region. This, in turn, is likely to propel the polyphthalamide market in the region.
China has a strong presence of end-user industries such as consumer electronics, automotive, cosmetics, and personal care. Increase in the demand for electronic devices is likely to propel the demand for polyphthalamide in the near future. After China, the polyphthalamide market in India is anticipated to expand at a rapid pace, owing to the high demand for electronic devices such as tablets, smartphones, computers, and laptops in the country.
After Asia Pacific, Europe is likely to be a major region of the global polyphthalamide market, due to the strong presence of automotive manufacturing companies that have been adopting lightweight components.
The demand for thermoset polymer resins such as polyphthalamide in Latin America and the Middle East & Africa has been sluggish, owing to the limited presence of technology and manufacturers in these regions.
Global Polyphthalamide Market – Key Developments
On May 13, 2019, BASF Corporation expanded its portfolio by introducing the new PPA Ultramid Advanced T2000 in Guangzhou, China. The product was developed to cater to the rise in the demand for flame-retardant connectors in the electrical & electronics industry. The new product was combined from PA 6T/66 and polyphthalamide (PPA) polymer to enhance mechanical and dielectric properties at high temperature application.
On November 19, 2018, EMS-Grivory introduced a new product, Grivory HT6, under the product portfolio of Grivory HT. The newly launched product offers higher temperature resistance than polyphthalamide (PPA)-based nylon compound. The company aims to expand the product portfolio under the polyphthalamide (PPA)-based polymer brand to cater to the rise in the demand for polyphthalamide in various industries across the globe.
On October 11, 2018, Celanese Corporation announced that it had acquired India-based Next Polymers Ltd, a leading engineering thermoplastic compound manufacturer. Next Polymers Ltd specializes in the manufacture of polymer compounds across the country. The acquisition aims to strengthen Celanese Corporation's market position in Asia Pacific.
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Global Polyphthalamide Market: Competition Landscape
A large numbers of organized and unorganized players operate in the global polyphthalamide market. Prominent players operating in the global polyphthalamide market include BASF Corporation, DowDuPont Inc., Koninklijke DSM N.V., Arkema, and Celanese Corporation.
Other vendors functioning in the market include EMS-GRIVORY, Evonik Industries AG, Solvay S.A., RTP Company, and SABIC. These companies are focusing on developing new global strategies, including strategic acquisitions & collaborations, to expand their production capacity in order to cater to the rising demand for polyphthalamide across the globe.