The Polyphthalamide Resin Market to cross $1.9 billion by 2026, says Global Market Insights Inc.
The growth of the polyphthalamide (PPA) resin market is driven by advancements in the global automotive industry, rise in demand for metal substitute plastics, stringent emission regulations in Europe, soaring demand for personal care products, and rapid growth in the electronics manufacturing sector of Asia Pacific, says this report.
SELBYVILLE, Del., Jan. 28, 2020 /PRNewswire/ -- As per the report published by Global Market Insights Inc., the global Polyphthalamide Resin Market was valued at $1 billion in 2018 and is anticipated to hit $1.9 billion by 2026, registering a CAGR of 6.5% from 2019 to 2026. The report offers a comprehensive analysis of major investment pockets, market size & estimations, drivers & opportunities, top winning strategies, wavering market trends, and competitive business scenarios.
Growing demand for lightweight automotive spare parts over traditional metal components could drive the PPA resin market over the coming years. PPA resins are high-performance polyamides that are stronger, stiffer, have excellent thermal capacity and are less sensitive to moisture.
The product's numerous electrical and physical attributes make it a viable component for a variety of applications. Additional factors like rising emission norms and increasing metal prices may compel automobile manufacturers to use sturdy and lightweight auto parts in their vehicles, thereby aiding PPA resin market demand.
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In terms of product, the PPA resin market is segmented into glass fiber reinforced, unreinforced plain, carbon fiber reinforced, and hybrid and minerals filled PPA resins. The carbon fiber reinforced segment accounted for more than USD 185 million in 2018. It is mainly used in applications that involve static charge dissipation. Moreover, it provides minimum moisture absorption, outstanding dimensional stability and creep resistance.
Based on end-use, the polyphthalamide resin market is categorized into automotive, electrical & electronics, machinery, and personal care. Besides these, PPA resin is also used to produce drinking water pipes, medical grade plastics, and various sports equipment. In the automotive sector, the product has grown its presence over time due to its ability to offer cost-effective solutions for a wide range of automotive applications. The report suggests that the automotive sector is projected to record a 6% growth rate through 2026.
Key Reasons for Polyphthalamide Resin Market Growth:
- Rapid growth in global automotive industry
- Growing consumption of personal care products
- Stringent regulations pertaining to rising CO2 emissions in Europe
- Promising growth opportunities across APAC electronics industry
Europe is expected to offer lucrative growth opportunities to the polyphthalamide resin market over the predicted timeframe. Healthy growth in the automotive industries of France, Italy, and Germany could massively aid product penetration. Earlier in 2018, Europe had accounted for over 20% of global automotive production.
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Currently, Evonik Industries, Solvay, Arkema, DuPont, Akro Plastics, Royal DSM and EMS-Chemie are some of the eminent industry players operating in the polyphthalamide (PPA) resin industry.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Polyphthalamide (PPA) Resin Market to witness 6.5% CAGR by 2026
Polyphthalamide (PPA) Resin Market size is expected to surpass $1.9 billion by 2026, growing at a CAGR of 6.5%.
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SOURCE Global Market Insights, Inc.
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