Polyphthalamide Market to Reach US$ 2.5 Bn by 2027 at Steady 8% CAGR due to Rising Demand From Automotive Industry, Noted TMR
ALBANY, New York, Aug. 12, 2019 /PRNewswire/ -- Transparency Market Research (TMR) finds that the global polyphthalamide market represents a highly fragmented vendor landscape and is estimated to remain the same in coming years. However, the market is likely to be dominated by accounting 44% of share by four top players, namely Royal DSM, Dow DuPont, Arkema, and BASF SE. Some more leading players in the polyphthalamide market are Koninklijke DSM N.V., Celanese Corporation, and EMS-GRIVORY. Additionally, these players are investing heavily to improve the quality and properties of the products to make it suitable to be used in several applications. Additionally, the players such as Arkema are trying to offer a wide range of polyphthalamide products with upgraded properties.
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Wide Ranging Applications of Polyphthalamide Drives the Market Growth
Surge in the research and development activities, and increasing investments for the same has improved the stiffness and fatigue resistance of polyphthalamide. The emergence of resin production technology and manufacturing of a variety of polymers are marking them suitable for usage in the automotive manufacturing sector. This is estimated to benefit the polyphthalamide market growth.
Additionally, the properties of the polyphthalamide, such as excellent mechanical strength and stability, is expected to emerge as a key factors behind utilization in several applications, primarily for manufacturing high-temperature thermoplastics. This is another aspect contributing in the rising demand for global polyphthalamide market in the forthcoming years.
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However, polyphthalamide has extensive application in high temperature thermoplastics, which is likely to remain a key application with a consistently high demand during the forecast period. Further, a rapidly expanding automotive industry coupled with emergence of electric as well as hybrid vehicles are driving growth of the global polyphthalamide market. All-encompassing these factors, analysts at TMR anticipate that the polyphthalamide market is likely to be worth US$2.5 Bn by 2027, expanding at a steady CAGR of 8% during 2019 to 2027.