The market for high-performance polyamides is expected to grow at a CAGR of more than 6% globally during the forecast period.
– Increasing applications for high-performance polymers and growing demand from the automobile industry are driving the market growth.
– High cost, the threat from substitutes, and the impact of COVID-19 are expected to hinder the market growth.
Key Market Trends
Growing Demand from Automobile Sector
– High-Performance Polyamides (HPPA) are the type of synthetic thermoplastic resins from the polyamide family. HPP’s are majorly being used for automobiles, defense, medical, and consumer electronic goods.
– The use of engineering thermoplastics in automotive components has grown significantly over the last ten years with many new applications in powertrain, electrical components, chassis, trim components, fuel and coolant line, thermostat housing, air coolers, coolant pumps, and other vehicle areas.
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– The properties of HPPA include high melting point, flame resistance, dimensional stability, highly crystalline, high tensile strength, reduced absorption of moisture, good impact strength and chemical resistance, and many more.
– In recent years, temperatures in the engine compartment have been rising because of reduced space and more powerful engines. The temperature resistance of plastics parts has consequently become even more critical.
– Weight reduction also continues to be a vital parameter to help reduce fuel consumption. These factors are expected to lead to increased use of polymers with higher temperature performance such as PPAs.
– Recently, the outbreak of COVID-19 in all regions is expected to decrease the demand for HPPA from the automotive and other end-user industries in short term.
Asia-Pacific Region to Dominate the Market in the coming years
– Asia-Pacific is expected to dominate the global market owing to the highly developed automobile sector in China, Korea, Japan, and India, coupled with the continuous investments done in the region to advance the industrial and electronics sectors through the years.
– High-performance polymers are being used in electronics in recent times. The demand for HPPAs from the electronic sector has been rising due to its properties. They use majorly in smartphones, smartwatches, tablets, and laptops. Lithium-Ion batteries, wire, and cables in electronic vehicles are forecasted to drive the HPPA market in the coming years.
– According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), although there’s a decline in 2019, Asia-Pacific leads the global automobile production in recent years. China is the largest producer of automobiles and China alone produced 2,57,20,665 vehicles in 2019.
– Also, industrial segments such as oil and gas and energy are growing continuously in the Asia-Pacific region are also one of the reasons to increase the demand for HPPA in various applications.
– The continuous growth in the medical sector, increasing demand from automobile and aerospace and defense sectors, are expected to drive the market for high-performance polyamides through the years to come.