Industry Boosted by the Increasing Demand for Polyphthalamide in Major Applications
The global polyphthalamide market size is expected to grow by USD 306 million during 2020-2024, progressing at a CAGR of over 6% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of the Market Impact of COVID-19.
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Technavio has announced its latest market research report titled Global Polyphthalamide Market 2020-2024 (Graphic: Business Wire)
The increasing demand for polyphthalamide in several applications is a major factor behind the growth of the polyphthalamide market. The increasing adoption of polyphthalamide in automotive, electrical and electronics, and wires and cables applications will lead to market growth. The use of polyphthalamide as a replacement for metal components reduces overall vehicular weight and enhances mechanical strength. Polyphthalamides are also used in various applications in the electrical and electronics sector due to properties such as high temperature and creep resistance, high melting point, and superior strength. Polyphthalamide is also used in wires and cables to improve insulation capacity and longevity.
Report Highlights
- The major polyphthalamide market share came from the carbon-fiber filled polyphthalamides segment in 2019, and it is expected to witness the fastest growth during the next five years. This is because carbon-fiber filled polyphthalamides exhibit properties such as high strength, stiffness, excellent chemical resistance, lightweight, and high wear and tear resistance.
- APAC was the largest polyphthalamide market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to the significant replacement of metal with polyphthalamide in the automotive industry to improve fuel efficiency and reduce vehicle weight
- The global polyphthalamide market is fragmented. Arkema SA, BASF SE, Celanese Corp., DuPont de Nemours Inc., EMS-CHEMIE HOLDING AG, Evonik Industries AG, Koninklijke DSM NV, Nagase Co. Ltd., Saudi Basic Industries Corp., and Solvay SA. are some of the major market participants. To help clients improve their market position, this polyphthalamide market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the Global Polyphthalamide Market 2020-2024 is expected to have neutral at par growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: www.technavio.com/report/polyphthalamide-market-industry-analysis?
Growing Popularity of Bio-Based Polyphthalamide will be a Key Market Trend
The growing popularity of bio-based polyphthalamide among end-user industries is expected to be one of the key polyphthalamide market trends during the forecast period. Companies such as Arkema have produced polyphthalamide from bio-based products or renewable non-food crop vegetable feedstock. Rilsan HT is one such product offered by Arkema that reduces CO2 emissions. It is used as a metal component substitute in automotive, wires and cables, and electrical and electronics applications. Similarly, Solvay has introduced a bio-based polyphthalamide that is cost effective and can provide high impact performance.
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Polyphthalamide Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist polyphthalamide market growth during the next five years
- Estimation of the polyphthalamide market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the polyphthalamide market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of polyphthalamide market vendors
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View source version on businesswire.com: https://www.businesswire.com/news/home/20200819005327/en/
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