Increased demand from the automotive end-user industry leading to need for High Performance Polyamides is expected to promote market growth.
Covid-19 Impact & Market Status
COVID-19 has the potential to impact the global economy in many ways. Covid-19 outbreak has been affecting multiple businesses and industries leading to interrupted travel, lockdown, social distancing and the like. These have restricted normal functioning of the businesses and resulted in supply chain anomalies, lack of business co-ordination across vendors and the like.
Polyamide type 12 (PA 12) Segment has Accounted for Highest Revenue during the Prediction Period
The polyamide type 12 (PA 12) led the market and accounted for more than 20.0% of global revenue in 2019. This important assignment is due to its features such as excellent mechanical properties, such as strength, durability, durability, and facial strength. Polyamide 12 (PA 12) is mainly used to produce trailer brake pipes, fuel cords, football shoe soles, water pipes, air ducts and spray pipes, and more. The ability of the material to provide moisture barrier drives the need during the forecast period. The polyamide 6T (PA 6T) component is widely used in the production of sturdy and punctured bubbles in the industry for end-of-life use and health care, widely used in the context of the COVID-19 epidemic. A growing worldwide number of cases with corona disease and the growing healthcare center COVID-19 drive the demand for medicines and other health care products. The growing demand for medical and health products will drive the demand for polyamide 6T (PA 6T) in the forecast period.
Market have witnessed recovery post-covid times
The outbreak of COVID-19 has dramatically changed the demand for HPPAs worldwide due to declining demand in the automotive, electronics and electronics industries, industrial, medical, and other end use industries. The epidemic suddenly disrupted the operation and sale of goods around the world in various industries, which in turn slowed down the market growth of HPPAs. Different countries have put a lockdown to prevent the spread of the virus. Europe and North America are the regions most affected by COVID-19. Companies need to deal with the sudden impact of the epidemic and must work effectively in their markets and upgrade their distribution network to meet the immediate needs of HPPAs and cope with sudden market fluctuations.
APAC Region to Hold the Highest Revenues during the Predicted Period
APAC is ranked with the largest share in the global HPPAs market. Cars, as well as electricity & electronics are the biggest buyers of HPPAs in the region. North America is the second largest consumer of HPPAs in the electrical, industrial, and medical industries that drive the market growth of HPPAs in the region. In addition, the construction industry is expected to see significant growth due to the increasing demand for non-residential construction projects, such as hospitals, schools and colleges, during the forecast period. This will drive the need for more efficient polyamides products, such as corrugated iron pipes, terminal blocks, window systems, plumbing lines, cable gaps and various other products, which will enhance market growth.
North America is ranked second in terms of revenue behind Asia Pacific at the time of the forecast. The market is driven by the growth of major end-to-end industries, such as electricity and electronics, consumer goods, and automobiles, thanks to electric vehicles. The growing demand for consumer electronics and the growth of the construction industry in the US, Mexico, and Canada are expected to boost market growth in the near future.
High performance polyamide (HPPA) is a type of thermoplastic synthetic resin from the polyamide family. Polymers are added to the HPPA resin to make them workable in certain applications. The combination of polymers and additives is called a composite. Ingredients added to produce compounds include minerals, recyclable flames, fiberglass, and other chemicals. Over the years, HPPAs have been widely accepted in the automotive and electronics industry. Due to the ongoing R&D of both HPPAs and the application industry, the scope of use of HPPAs is growing. These events open up new opportunities to apply to HPPAs in the automotive industry. HPPAs are used to make many under the hood parts of cars, such as fuel systems, cooling systems, and fuel injection nipples. Recently, Audi tested the HPPAs as part of the replacement parts for the gearbox assembly. This will be a turning point in the use of HPPA lists in the automotive industry.
In the electrical industry, HPPAs are used for high power consumption and microelectronics. Excellent thermal, electrical, mechanical, and chemical properties combined with high thermal stability, high temperature fluctuations in glass, low dielectric constant, and good electrical insulation properties make them suitable for electricity use. With the need for new electrical systems, HPPAs have proved to be ideal solutions for even the most diverse of integrated circuits. In the automotive industry, HPPAs are used to produce a wide range of parts under the hood, such as pipes and gear modules. HPPAs are lightweight, providing good thermal and chemical resistance, side strength, and chemical resistance. These are good fire-retardant materials that emit low levels of smoke and are therefore preferred in the aerospace industry.
The automotive industry requires a high level of power and weight, as it determines the performance of a car. The resilience of the automotive industry after the Covid-19 is expected to boost the HPPAs market. Some of the key factors influencing the High-Performance Polyamides market are the decline in manual processes and increased automation, increased productivity, increased travel costs, global trade, changes in trade agreements, statistics, co-operation with carriers and visibility. Two small things are Blockchain and data security.
The global High Performance Polyamides market is projected to be around USD 3,599.76 million by 2028, at a CAGR of 7.1 % during the prediction period.
Furthermore, technological advancements and increased investment in this sector are likely to boost the global High Performance Polyamides market ahead throughout the forecast period.
The market is fragmented due to the growing number of consumer industries that use of high performance polyamides. High demand from end users has posed a serious rivalry in the market, leading to industrial fragmentation.
Market players in the global High Performance Polyamides market are expected to invest in new technologies. Moreover, the success of these vendors depends largely on their willingness to embrace innovation. Some of the major manufacturers in the industry are Royal DSM NV, BASF SE, E.I. du Pont de Nemours and Company ,Evonik, Arkema SA, Lanxexx, Toray Industries Inc ,Saudi Arabia Basic Industries Corporation, SABIC, LumaSense Technologies, Inc., and others.
Key Findings in the Global High Performance Polyamides market: a Snapshot
- Key players working in the High-Performance Polyamides market are producers and suppliers of tier I and tier II. The production and distribution centers of these players are spread across various countries in Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa.
- Increasing demand for more productivity is attracting international players to invest more in the supply of their products. Manufacturing companies are focused on expanding their businesses in the undeveloped Latin American markets.
- The outbreak of COVID-19 undermines the shut of business in many industries. Governments around the world have pushed for the closure of the door to control the spread of the disease. This has resulted in a decline in the production and production capacity, restrictions on supply and transportation, and a decline in infrastructure. Subsequently, this has led to a reduction in the demand for high performance polyamides worldwide
This market research study was created by compiling data from primary and secondary sources. Secondary research was conducted using a variety of sources, including (but not limited to) SEC filings, company websites, technical journals, paid data sources, financial reports, and other industry publications. In addition, to acquire first-hand data, the research methodologies perform comprehensive primary research with important industry players. Industry specialists then examine and validate the data.
High Performance Polyamides Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 3,599.76 million|
|Growth Rate||CAGR of 7.1% during 2021-2028|
|Segment Covered||Product Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, The Middle East and South Africa|
|Key Players Profiled||Royal DSM NV, BASF SE, E.I. du Pont de Nemours and Company ,Evonik, Arkema SA, Lanxexx, Toray Industries Inc ,Saudi Arabia Basic Industries Corporation, SABIC, LumaSense Technologies, Inc., and others.|
Key Segments of the Global High Performance Polyamides market
Product Type Overview, 2018-2028 (USD Million)
- PA 11
- PA 12
- PA 46
- PA 9T
Application Overview, 2018-2028 (USD Million)
- Electrical & electronics
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa
- Saudi Arabia
- Rest of MEA