Westford, USA, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Asia Pacific emerges as the fastest-growing market for high performance polyamide owing to the rising usage of these materials in the production of various industrial products such as pipes, insulation materials, industrial brushes, and others. In addition, the expanding building and construction, automotive, and electrical and electronics sectors are expected to contribute to the market's growth. Moreover, the increasing demand for lightweight, fuel-efficient materials in the automotive industry is a major factor driving the market's growth. Furthermore, the improving economic situation in developing regions is poised to impact the market's expansion positively.
According to SkyQuest, the global electric car market is anticipated to touch USD 900,921.86 million by 2028, growing at an impressive CAGR of 24.53%. High performance polyamide finds key application during electric car production, which is projected to bring significant business opportunities for market players.
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Browse in-depth TOC on "High Performance Polyamide Market"
- Pages - 242
- Tables - 120
- Figures - 74
The high performance polyamide (HPPA) is a specially engineered thermoplastic resin known for its remarkable properties, such as high resistance to high temperatures and chemicals, low shrinkage, and lightweight. In addition, this thermoplastic material stands apart from the rest due to its molecular structure comprising terephthalic acid residues in the repeating units of the polymer chain. The versatility of HPPA makes it an ideal material for various industries, including automotive and electronics, where superior performance is essential.
Prominent Players in High Performance Polyamide Market
- Solvay
- KURARAY CO., LTD.
- RTP Company
- Koninklijke DSM N.V.
- MITSUI CHEMICALS AMERICA, INC.
- KURARAY CO., LTD.
- Gujarat State Fertilizers & Chemicals Limited (GSFC)
- MITSUBISHI GAS CHEMICAL COMPANY, INC.
- Lanxexx
- Royal DSM NV
- Radici Group SpA
- SABIC
- RTP Company
- Toray Industries Inc.
- Teknor Apex
- UBE INDUSTRIES, LTD.
- TOYOBO CO., LTD.
Polyamide 12 (PA 12) Segment to Take Dominant Lead Thanks to Its Increasing Adoption during Manufacture of a Wide Range of Products
The polyamide 12 (PA 12) type segment led the major growth for the high performance polyamide market in 2022, holding the highest global revenue share. The segment's growth can be ascribed to its exceptional mechanical properties, high tensile strength, rigidity, toughness, and surface hardness. As a result, the material is widely used to manufacture various products, such as trailer brake hoses, fuel lines, football shoe soles, water pipes, air, and spray-painting hoses. In addition, the growing demand for PA 12 is driven by its ability to provide moisture protection.
In recent years, the Asia Pacific region has dominated the global high performance polyamides market and accounted for a significant portion of the share. The robust growth in the region can be attributed to its thriving automobile and electrical and electronic industries. Additionally, the medical, healthcare and construction sectors have contributed significantly to the market growth in the region. With the growing demand for non-residential construction projects such as hospitals, schools, and universities, it is expected that the construction sector in the Asia Pacific region will experience significant growth in the future.
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Automotive Industry Segment to Drive Huge Sales due to Increased Use of High-Performance Polyamide for Durable Automotive Components
In 2022, the high performance polyamide market was dominated by the automotive industry segment, which captured a large market share. The segment's growth is driven by the growing popularity of electric vehicles and consumers becoming more conscious about the weight and efficiency of their vehicles. The use of high-performance polyamide in producing durable automotive components, especially in Central and South America and Asia Pacific, is expected to boost the segment's growth in the forecast period.
North America is expected to hold a substantial share of the high-performance polyamide industry in the global market in the forecast period. The regional growth is driven by various end-use sectors such as consumer electronics, electrical and electronics, and the automotive industry. In addition, the surge in demand for electric vehicles and the growing construction sector in countries like the United States, Mexico, and Canada, will drive market growth in this region.
A thorough examination of leading competitors, collaborations, and mergers, as well as innovative business policies and strategies, are included in the latest report on high performance polyamide market. Additionally, the report delves into the market share of the leading segments and provides a geographical analysis of the market.
Key Developments in High Performance Polyamide Market
- Asahi Kasei, a multinational Japanese company collaborating with the National Institute of Technology, has created an invented technology for recycling carbon fiber plastic compounds. The partners have devised a method for extracting carbon fibers from CFRP (carbon fiber reinforced thermoplastics) found in automobiles. This innovative solution allows for recycling these materials, which have traditionally been difficult to repurpose.
- Arkema's Virtucycle® program creates a sustainable and efficient cycle for sourcing, recycling, and advanced recertifying polymers. As a specialty recycler, Arkema handles the recycling process and acts as a facilitator between its customers, and helps in eco-designing the final product made from recycled material. The company's goal is to provide multiple grades of recycled polymers that have been certified by the SCS* and meet performance standards, along with a transparent supply chain.
- Domo Chemicals, a Belgium-based company headquartered in Ghent, is increasing its production capability of Technyl high-performance polyamides in China to keep pace with the growing demand from the automotive, electrical & electronics, and industrial consumer goods industries. The widespread adoption of new energy vehicles and the preference for sustainable materials in automotive component production are among the primary drivers for growth in the polyamide market.
- DSM Engineering Materials, located in The Netherlands, recently announced its support for Axis Communications in producing camera components made from EcoPaXX, a high-performance bio-based polyamide. EcoPaXX is derived from renewable castor bean oil and offers a unique combination of properties, including low moisture absorption and high mechanical strength, commonly found in both short and long-chain polyamides. Axis Communications specializes in video surveillance and analytics, access control, intercom, and audio systems.
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Key Questions Answered in High Performance Polyamide Market Report
- What is the global market size and anticipated CAGR during the forecast period?
- Who are the prominent players active in the high performance polyamide market?
- What are the major trends and patterns observed in the global market?
- Which region is projected to dominate the global market during the forecast period?
- Which strategies helped leading players take a dominant position in the market?
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