NEW YORK, Sept. 15, 2016 /PRNewswire/ -- The global polyamide-imide (PAI) market is expected to reach USD 668.9 million by 2024, according to a new report. Significant growth can be attributed to surging PAI demand in molding resin and wire enameling applications.
The global automotive industry has been witnessing significant growth on account of low-cost manufacturing and government support in the form of tax benefits and financial incentives particularly in emerging Asian countries such as China, Indonesia, India, and Thailand. With an ongoing trend towards metal replacement in the automotive and aerospace industry, polyamide-imide molding resins have immense potential for components in engine parts and drive transmission parts that form 50% of the automotive component industry.
PAI polymers in fiber application also offer ample opportunity for the meta-aramid clothing industry. This material has heat and flame resistant characteristics and is one of the superior products used in the protective clothing industry. Growing demand for thermal protection clothing in the military, defense, chemical, and oil & gas industries is expected to steer polyamide-imide fiber demand over the next eight years.
Fiber application segment is expected to witness moderate growth rate over the next eight years. In terms of revenue, the segment is anticipated to grow at a CAGR of 6.3% from 2016 to 2024. Surging demand for heat and flame resistant clothing in firefighting services, defense, and industrial sectors is expected to drive PAI-based fiber demand over the next eight years.
Further key findings from the report suggest:
The global polyamide-imide (PAI) market demand was 9.96 kilo tons in 2015 and is expected to reach 16.32 kilo tons by 2024, growing at a CAGR of 5.7% from 2016 to 2024
Molding resins were the leading application segment and is anticipated to grow at a CAGR of 5.8% over the forecast period. Significant demand for high performance polymers with enhanced heat and flame resilience in automotive components is expected to steer PAI demand for compounded materials.
Wire enamel application is anticipated to emerge as the fastest growing application segment by 2024. Polyamide-imide demand in the segment was 617.4 tons in 2015. Surging demand for insulated magnet wires with excellent heat and shock resistance than conventional materials such as polyester and polyurethane is expected to steer polyamide-imide demand in this segment.
Asia Pacific is expected to emerge as fastest growing regional market and witness a growth rate of 6.8% over the next eight years. China polyamide-imide market is expected to reach a net volume of 2,457.1 tons by 2024.
Key industry participants in the market include Kermel, Solvay, Toyobo, and Ensinger that are integrated across the value chain from raw material procurement to product manufacturing and supplying. Other players operating in the global PAI industry include Shanghai Songhan Plastics Technology Co., Ltd., Fujifilm, and Innotek.
Read the full report: http://www.reportlinker.com/p04144388-summary/view-report.html
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/polyamide-imide-market-to-reach-usd-6689-million-by-2024-300329074.html