Polyphthalamide Market Estimated to Accumulate at 5.6% CAGR
According to the latest report published by Persistence Market Research titled, “Global Market Study on Polyphthalamide: Carbon Fiber Filled Product Type Segment Forecast to Witness Relatively High Growth Rates Through 2024 ,” The global polyphthalamide market is expected to increase at a value CAGR of 5.6% over the forecast period 2016–2024. The global consumption of polyphthalamide was pegged at 164.8 kilotons in 2015 and is projected to increase at a CAGR of 4.3% over the forecast period, to reach 240.2 kilotons by the end of 2024.
Polyphthalamide (PPA) is a high engineering plastic that possesses high deflection temperature and exhibits excellent dimensional stability, low moisture absorption, and can operate efficiently when exposed to high temperatures for longer durations. All these properties make polyphthalamide a very good choice for the production of automobile body-parts such as air induction systems, air cooler housings, charge air hoses, resonators, etc.
Regulatory compliances mandating the use of lead-free soldering in electronic products create a favorable environment for PPA producers. Increasing government legislations to reduce vehicle emissions have forced manufacturers to introduce more fuel efficient vehicles. Engine downsizing and overall car weight reductions have been emerging as a key means to increase the vehicle fuel economy. Due to its superior characteristics, polyphthalamide can increase the working lifespan of components used in high-temperature air induction applications. This, in turn, is expected to boost the demand for polyphthalamide in the automotive industry.
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Use of polyphthalamide in the electrical and electronic component manufacturing industry enables the production of high-quality products that can withstand high temperatures without the use of lead in the soldering process. Such components include connectors, micro-sensors, micro-switches, and assembling of circuit boards using surface mount technology among others. Polyphthalamide also offers good flame retardant properties. Government regulations on the use of halogenated flame retardant plastic grades is another factor expected to propel the demand for polyphthalamide in the electrical and electronic industry.
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The carbon fiber filled segment by product type which is estimated to account for 13.9% market share by 2016 end, is expected to gain 140 BPS in overall market share by the end of the forecast period owing to increasing adoption of carbon fiber reinforced PPA resin used as lightweight replacement for metals in luxury and super luxury cars.
The electricals and electronics segment by end-use industry is expected to lose 140 BPS between the years 2016 and 2024, accounting 26.1% market share, to be valued at US$ 299.1 Mn by the end of 2016. Growing requirements such as miniaturization, weight savings and higher performance in smaller and more compact assemblies drive the demand for PPA based resins in electronics applications. The industry equipment segment is also expected to lose 100 BPS between the years 2016 and 2024, owing to a sluggish growth during the forecast period.
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Asia Pacific is expected to register the faster growth among all other regions of the global polyphthalamide market. The APAC region is anticipated to strengthen its market value share from 27.8% in 2016 to 29.7% by 2024 end, gaining 190 BPS. China is a major consumer of PPA resins. However, the polyphthalamide market in the country is mainly characterized by organic growth strategies adopted by international producers in order to strengthen their market foothold. North America is expected to witness significant growth and is estimated to expand at a CAGR of 4.6% during the forecast period, owing to the increasing consumption of PPA based resins in the automotive and transportation industry.
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