Polyphthalamide Resin Market to Cross USD 1.8bn by 2024
The polyphthalamide resin market will be primarily driven by the rise in regulations globally by respective governments to produce fuel-efficient lightweight vehicles, pressure on OEMs to reduce the engine size and weight along with the global expansion of the automotive industry. PPA is a bio-based sustainable plastic resin, which is being widely used as a metal replacement option in automotive under-the-hood applications. The application ranges from connectors, brake boosters, tubing systems, brake systems, brake booster parts, and hoses. It also finds wide applications in the electronics industry as LED packaging materials, reflectors, cell phones, plastic sockets, as connectors for computers, printers, etc. In the personal care industry, it finds applications in hair dryer bristles and styling brushes. In machinery industry, PPA is used for manufacturing small-to-medium parts.
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Companies in the PPA business are constantly developing innovative products, which will cater to different industries other than the above-mentioned oil & gas, drinking water, medical device materials, and food contact materials industries. The backward integration strategy is expected to increase over the years to achieve cost efficiencies. Arkema has already acquired Ihsedu Agrochem, a subsidiary of Jayant Agro, which is a leading producer of castor oil, a raw material in the production of PPA. Companies are looking for long-term reliable sources of castor oil globally owing to the rise in demand for bio polyamides.
Increasing R&D activities for improved composite materials, the high cost of PPA resins, and the use of traditional oil-based plastics in developing nations will show some adverse impacts on the PPA market, restraining its full growth to some extent over the projected years.
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Automotive remains the largest end-user of PPA compounds as it has exceptional strength, stiffness, and heat & creep resistance. Moreover, the properties of compounds are modified by adjusting the percentage of glass fiber, carbon fiber, and minerals in it. The PPA industry is becoming highly competitive in nature and companies are constantly innovating new products. Recently, DSM introduced ForTii, a PPA product line suitable for prolonged elevated temperatures in carburetor housing units. Solvay supplies a wide range of PPA resin products for a wide range of applications, such as electric motors, in fuel cell vehicles among other applications. Evonik has a comprehensive range of PPA, which finds applications in automotive, drinking water grade pipes, and electronics.
In electronics, LED’s reflectors are the single largest application of PPA, which is already being used by Philips in its product line. The use of PPA prevents reflectors from turning yellow over a period due to heat. Flame-retardant PPA also finds applications as connectors for printers and memory card bases. PPA also finds applications in the replacement of traditional brass molded components in drinking water applications.
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Vital operating players in the global polyphthalamide market are DSM, Evonik, Dow-DuPont, Akro Plastics GmbH, Arkema, and Solvay.
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