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.
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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.
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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.
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