ALBANY, New York, Aug. 12, 2019 /PRNewswire/ -- Transparency Market Research (TMR) finds that the global polyphthalamide market represents a highly fragmented vendor landscape and is estimated to remain the same in coming years. However, the market is likely to be dominated by accounting 44% of share by four top players, namely Royal DSM, Dow DuPont, Arkema, and BASF SE. Some more leading players in the polyphthalamide market are Koninklijke DSM N.V., Celanese Corporation, and EMS-GRIVORY. Additionally, these players are investing heavily to improve the quality and properties of the products to make it suitable to be used in several applications. Additionally, the players such as Arkema are trying to offer a wide range of polyphthalamide products with upgraded properties.
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Wide Ranging Applications of Polyphthalamide Drives the Market Growth
Surge in the research and development activities, and increasing investments for the same has improved the stiffness and fatigue resistance of polyphthalamide. The emergence of resin production technology and manufacturing of a variety of polymers are marking them suitable for usage in the automotive manufacturing sector. This is estimated to benefit the polyphthalamide market growth.
Additionally, the properties of the polyphthalamide, such as excellent mechanical strength and stability, is expected to emerge as a key factors behind utilization in several applications, primarily for manufacturing high-temperature thermoplastics. This is another aspect contributing in the rising demand for global polyphthalamide market in the forthcoming years.
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However, polyphthalamide has extensive application in high temperature thermoplastics, which is likely to remain a key application with a consistently high demand during the forecast period. Further, a rapidly expanding automotive industry coupled with emergence of electric as well as hybrid vehicles are driving growth of the global polyphthalamide market. All-encompassing these factors, analysts at TMR anticipate that the polyphthalamide market is likely to be worth US$2.5 Bn by 2027, expanding at a steady CAGR of 8% during 2019 to 2027.
Asia Pacific to Witness Robust Growth Opportunities
Regionally, Asia Pacific is estimated to dominate the global polyphthalamide market by accounting for more than 50% shares in 2018 in terms of value. The factors such as emergence of electric vehicles along with the growth in semiconductors and electronics industry are benefiting the global polyphthalamide market. Among the countries in the region, China is estimated to hold a substantial share in the coming years. As the demand for the fuel pipe lines and other automotive parts such as motor bobbin parts and coolant pipes are growing due to emergence of industrial sector, the market is receiving numerous benefits. Thus, several key players are focusing to invest in the region to tap extensive opportunities for growth in coming years.
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For instance, in 2018, Celanese Corporation acquired Next Polymers Ltd to hold a strong foothold in the region. Further, innovations such as improvement in mechanical strength by adding composition of glass fibers is likely to play an important role in the growth of the market globally.
Moreover, initiatives such as the goal of zero carbon emissions by 2030 by several governments as well as companies is augmenting demand for electric and hybrid vehicles, drives growth of the global polyphthalamide market.
As per the International Energy Agency, China held a major share of around 40% in the electric vehicles market in 2018. Owing to this, the market in China is projected to witness robust demand for auto parts and components in the region. As a result, the market is likely to witness robust development opportunities for growth of the polyphthalamide market in coming years.
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This information is encompassed in the report by TMR, titled, "Polyphthalamide Market (Grade: Glass Fiber Reinforced, Carbon Fiber Reinforced, Mineral Filled, Unfilled/Unreinforced, and Hybrid; End Use: Automotive, Electrical & Electronics, Industrial Equipment & Apparatus, Personal Care, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027."
For the study, the polyphthalamide market has been segmented as follows:
- Glass Fiber Reinforced
- Carbon Fiber Reinforced
- Electrical & Electronics
- Industrial Equipment & Apparatus
- Personal Care
- Others (Medical and Sports)
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
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