Polyphthalamide Resin Market will surge at 6.6% to surpass $1.8bn by 2024

Polyphthalamide resin Market will exceed USD 1,852 million by 2024. The pioneering suppliers of high-performance and specialty polymers have been remarkably expanding their stance in polyphthalamide resin market lately, with an aim to fulfill the growing requirement of plastic products for numerous end-use domains such as automotive, consumer, and electronics. For instance, in 2017, one of the renowned giants in Polyphthalamide resin Market, DowDuPont, expanded its new polyamide production plant at Belgium to meet the increasing demand for specialty chemicals such as PPA.Polyphthalamide resin is majorly used to manufacture different automotive components such as hoses, filters, tubes among others.

Polyphthalamide resin Market is obtained from combination of bio-based & oil based materials such as terephthalic and dicamethylendiamine acid. PPA offers higher strength and stiffness at soaring temperature. Further, its properties are improved by adding carbon fiber, glass fiber and mixture of other materials for obtaining better quality PPA resin which finds wide range of application in automotive parts, electronic devices, domestic applications and plastic substances.

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Various regional government have implemented several regulations for increasing energy efficiency and car shelf life. To enhance car efficiency several R&D activities are performed to discover engineering plastic which can replace metal and enhance car performance. PPA is majorly used in place of metals in automotive industry owing to its features which help them to function at high temperature up to 220o Celsius. Moreover, PPA resin can be processed with various method such as blow molding, injection or extrusion making it easy to manufacture. This resin has ability to substitute some grades of polyamide because of its lower cost & improved capabilities.

Polyphthalamide resin market application in electrical and electronic components is deemed to gain profitable market share because of rise in applications including capacitor, chip carriers, LEDs, SMT electronics machineries, etc. The miniaturization trend in the electronic market is favoring the polyphthalamide resin Market as this is chiefly used where high-density material is required such as sub miniature. Its features like electrical insulation, strength, good flow and dimensional stability are instrumental in influencing application for Polyphthalamide resin Market.

Speaking about the business strategies adopted by leading biggies in polyphthalamide resin market, it would be prudent to mention that they indeed have a pivotal role to play in the expansion of this business space. For instance, in 2016, the Korean automaker, Hyundai Motor Company, collaborated with one of the leading chemical behemoths, BASF, to develop a new lightweight sports car.

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Market growth is hindered by less commercialization of polyphthalamide resin Market in developing countries such as India, Thailand, Malaysia and Vietnam where car production is high. These companies are still relying on conventional plastics which are low in cost but increase the Volatile Organic Emissions (VOC) during production. Also, there are some substitute materials which can be used at higher temperatures than Polyphthalamide resin Market which can further restrain the market from growing.

Glass fiber reinforced market is importantly growing in various end-user industry. The usage of glass fiber in resin varies in between 5-60% which change in accordance to its application. Carbon fiber reinforcement consist of light density, creep resistance and high toughness qualities making it ideal fit for electronics and automotive industry.

Automotive is fastest approaching segment of this market which will continue to dominate market in coming years. Automotive is expected to grow around 3-4% yearly, countries like U.S., China and India will be the governing regions. Electronic is second largest segment owing to its largest application as LED’s reflectors which is used by many companies one of them is Philips. Polyphthalamide resin market in bulbs prevents reflectors turning yellow for longer period thus improving the light quality.

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Prominent market player operating across the globe are Evonik, DSM, Dow-DuPont, Arkema, Solvay and Akro Plastics. The key players of the global Polyphthalamide resin Market are following different strategies to gain significant market share.