Polyphthalamide Market Size Forecast to Reach $1.55 Billion by 2025

Polyphthalamide (PPA) Market size is forecast to reach $1.55 billion by 2025, after growing at a CAGR of 6.50% during 2020-2025. PPA resin is a semi-crystalline aromatic polyamide, with key building blocks as dicarboxylic acid, isophthalic acid-based amides, terephthalic acid, or combination. The aromatic content in the polymer chain helps in increasing heat stability, melting point, rigidity, chemical resistance, and moisture absorption characteristics. These resins are widely used to replace metal in numerous applications including automotive, electrical, Aerospace and others.

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Polyphthalamide (PPA) Market Segment Analysis - By Type

Glass Fiber Reinforced segment held a significant share in polyphthalamide (PPA) market in 2019. The polyphthalamide resins are categorized into glass fiber reinforced, unreinforced plain, mineral-filled, carbon fiber reinforced and hybrid on the basis of product. Glass fiber reinforced products captured majority of polyphthalamide resin market share owing to the relatively easier availability of fiberglass and a wide range of applications in automotive, electronics, personal care, machinery, etc. These resins improve the strength & physical characteristics and help to maintain structural integrity thereby making them suitable for various automotive applications. Polyphthalamide (PPA) has a high heat deflection temperature, high flexural modulus and high tensile strength. Excellent creep resistance and low moisture absorption are also characteristic of this resin.

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Polyphthalamide (PPA) Market Segment Analysis - By Application

Automotive segment held a significant share in polyphthalamide (PPA) market in 2019 growing at a CAGR of 6.72% during the forecast period. In the automotive industry, polyphthalamide-based materials are widely used for manufacturing various structural parts, fuel system components (such as fuel rails, flanges, fuel line connectors), cooling and heating system components (such as oil filter housings, thermostat housings, turbocharger air coolers), and others. In electronics industry, the product is widely used in SMT electronic components, switches, LEDs, circuit breakers, connectors & sockets, enclosures, capacitor & chip carriers, sensors, etc. PPA resin’s excellent dimensional suitability, surface mount capability and excellent processing ability makes it an ideal choice for various electrical & electronics applications. Favorable trends associated with consumer electronics owing to rising population, increasing spending propensity of people and technological progressions will spur the polyphthalamide resin industry growth during the forecast period.

The impact of the coronavirus pandemic on the chemicals sector could be far reaching, depending on the extent of pandemic reach, the period of plants shutdown in various countries and restrictions on shipments/logistics.

Polyphthalamide (PPA) Market Segment Analysis - Geography

Asia Pacific dominated the polyphthalamide (PPA) market with a share of more than 39%, followed by North America and Europe. Asia-Pacific is also projected to register the highest growth during the forecast period, driven by increasing automotive production and sales from different countries, such as India, Malaysia Thailand, and Indonesia. China is the world’s largest automotive producer. However, the country witnessed about 4.16% decline in the production of vehicles in the year 2018. This trend is likely to remain similar in China, due to the declining demand for diesel and petrol cars in the country. However, rising sales of electric cars are likely to help the automotive market to avoid another slump. Increasing R&D activities in the automotive industry is expected to provide an impetus for the polyphthalamide market in Asia Pacific and North America regions. North America is witnessing a huge demand for lightweight automobiles, driven by the growing consumer preference for high-quality fuel-efficient automobiles. Therefore, the utilization of polyphthalamide in automobile production is rapidly increasing in the region.

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Polyphthalamide (PPA) Market Drivers

Environmental Awareness

The awareness regarding vehicle CO2 emissions and associated harmful environmental impacts is increasing all over the world. Various countries are formulating policies and regulatory guidelines to curb these emissions. For instance, European Union has specified guidelines and set targets for automotive manufacturers to control CO2 emissions of passenger cars and light commercial vehicles by 2030. Hefty fines will be assigned to the manufacturers who will fail to comply with these regulations. Such trends will compel automotive manufacturers to use the polyphthalamide resins in automotive manufacturing thereby triggering the polyphthalamide resin market trends over the next few years.

Polyphthalamide (PPA) Market Challenges

Availability of substitutes

Polymer industry is characterized by research & development and various products are being introduced from time to time. These products have improved operation capability over its predecessors and overcome the functional deficiencies of existing variants. Polyphthalamides face similar level of threat due to availability of substitute materials. These substitutes have better temperature adaptability, superior toughness and improve moisture absorption characteristics. This will in turn negatively influence the polyphthalamide resin market growth.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the polyphthalamide (PPA) market. Major players in the polyphthalamide (PPA) market are Solvay S.A., Evonik Industries, BASF SE, Arkema Group, EMS-CHEMIE HOLDING AG, E. I. du Pont de Nemours and Company, SABIC, Nagase America Corporation, PlastiComp Inc. and Techmer Engineered Solutions, LLC. among others.

Acquisition/ Product Launch

In August 2015, Evonik introduced new glass-fiber reinforced PPA molding compound VESTAMID® HTplus M1035 P1 for automotive applications.

Key Takeaways

Glass fiber reinforced PPA resin exhibits high strength and stiffness, high heat resistance over a broad temperature range, good chemical and electrical properties, and low moisture absorption, due to which it is highly accepted in end-user industries.

Increasing usage of bio-based PPA is likely to act as an opportunity for the market in the future.

Asia-Pacific dominated the polyphthalamide (PPA) market across the world with the largest consumption from countries, such as China and India.

Related Reports :

A. Polyolefins Market
https://www.industryarc.com/Report/16489/polyolefins-market.html

B. Glass Fiber Reinforced Plastics (GFRP) Composites Market
https://www.industryarc.com/Report/15070/glass-fiber-reinforced-plastics-gfrp-composites-market.html

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