Global polyphthalamide market will grow by USD 306 million during 2020-2024.
Amid the COVID-19 pandemic, the global polyphthalamide market registered a YOY growth of 1.3% in 2020 and the market is estimated to expand at a CAGR of over 4% during the forecast period. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. - Get Free Sample Report Delivered Instantly to Know More
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Technavio has announced its latest market research report titled Global Polyphthalamide Market 2020-2024 (Graphic: Business Wire)
Polyphthalamide Market: Increasing demand for polyphthalamide in major applications to drive growth
Polyphthalamide is extensively used in various end-user applications such as automotive, electrical and electronics, wires and cables, and others owing to its high-temperature resistance properties. In the automotive industry, polyphthalamide is used in applications such as fuel line connectors, fuel cutoff valves, pump wear rings, air coolers, LED headlights, motor bobbin parts, and other components. Similarly, in the electrical and electronics industry, it is used to manufacture semiconductors, capacitors, circuit breakers, switches, relays, sensors, connectors, circuit breakers, motors, and other components. Thus, the growing applications of polyphthalamide is expected to fuel the growth of the market during the forecast period.
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As per Technavio, innovations in polyphthalamide will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Polyphthalamide Market: Innovations in polyphthalamide
Vendors operating in the market are focusing on product innovation to remain competitive and increase revenue. For instance, in October 2018, BASF SE introduced a new polyphthalamide product under the registered name Ultramid Advanced T1000. The product has a partially aromatic chemical structure and offers high resistance to humidity. Similarly, in January 2018, Evonik Industries AG developed VESTAMID HTplus as a replacement for metal in classic metal applications such as highly filled molding compounds. The introduction of such innovative products by vendors is expected to positively influence the growth of the polyphthalamide market over the forecast period.
"Increasing demand for bio-based polyphthalamide and capacity expansion by key manufacturers will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Polyphthalamide Market: Major Vendors
The report covers details on the market’s competitive landscape and offers information on the products offered by various companies, including:
DuPont de Nemours Inc.
EMS-CHEMIE HOLDING AG
Polyphthalamide Market: Segmentation Analysis
This market research report segments the polyphthalamide market by type (carbon-fiber filled polyphthalamide, glass-fiber filled polyphthalamide, mineral-filled polyphthalamide, and unfilled polyphthalamide) and geography (APAC, Europe, North America, MEA, and South America).
The Europe region led the polyphthalamide market in 2020, followed by MEA, Europe, North America, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the increasing production and sales of automobiles in the region.
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Some of the key topics covered in the report include:
Market Share by Competitors
Market positioning of vendors
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