Polyphthalamide Resin Market To Generate USD 2,320.6 Million Revenue by 2030
- Published: October 2023
The polyphthalamide resin market size is expected to advance at a CAGR of 6.4% during 2024–2030, to reach USD 2,320.6 million by 2030. This is ascribed to the large number of applications of this material in the automotive industry, including coolant pumps, motor bobbin parts, and fuel & coolant lines. The rising emissions from vehicles, as well as the increasing environmental concerns, are propelling the usage of PPA resin.
Growing Awareness regarding Environment Are Diving Sales
The concerns about pollution from vehicles are increasing as these emissions are the prime cause of global warming. Governments of several nations are, therefore, implementing regulatory guidelines and taking a variety of other measures for reducing pollution.
The growing awareness related to CO2 emissions and their effect on the environment is making industries shift toward polyphthalamide-based products. The most important among the end users are automotive manufacturers, who are working on ways to make automobiles eco-friendly. With the use of PPA resins, automobile weight and, in turn, their fuel consumption and GHG releases, can be brought down significantly. Currently, people are becoming aware of the environment, which is propelling the sale of vehicles with considerably low or even no emissions, which will, in turn, fuel the growth of the market over the coming years.
Asia-Pacific Is Highest Revenue Contributor
Asia-Pacific is the highest revenue contributor, with a share of 40% in 2023, ascribed to the increasing automotive production and sales across the region. Among APAC countries, China holds a significant share because of the high sale of automobiles and electronics. Moreover, people’s increasing focus on the adoption of fuel-efficient and lightweight vehicles is propelling the demand for PPA. According to government reports, in 2021, around 26 million vehicles were sold in China, and domestic production will reach 35 million units by 2025.
The demand for this chemical in Europe is also growing at a significant rate, ascribed to the rising environmental concerns, as well as the increasing focus of individuals on personal care. In addition, many major automakers are present in the region, including Mercedes-Benz AG, Volkswagen AG, and BMW Group.
Moreover, Europe is a hub for chemical manufacturers, many of whom produce PPA. Furthermore, various key polyphthalamide resin market players are expanding their business in the region to cater to more customers and applications. For instance, BASF SE announced in February 2022 that it is expanding its offerings of polyamides and polyphthalamides in Europe with the acquisition of Solvay’s PA66 business.
The most-significant polyphthalamide resin market players are AKRO-PLASTIC GmbH, Arkema SA, BASF SE, DuPont de Nemours Inc., Evonik Industries AG, Solvay S.A., Pro Polymers Inc., Celanese Corporation, EMS-CHEMIE HOLDING AG, and SABIC.