Market Trends of Polyphthalamide (PPA) Industry
This section covers the major market trends shaping the Polyphthalamide PPA Market according to our research experts:
Increasing Applications in the Automotive Industry
- In the automotive industry, polyphthalamide-based materials are widely used for manufacturing various structural parts, fuel system components (such as fuel rails, flanges, fuel line connectors), cooling and heating system components (such as oil filter housings, thermostat housings, turbocharger air coolers), and others.
- Currently, Asia-Pacific and Mexico are the manufacturing hubs of automobiles and their related components. Increasing R&D activities in the automotive industry are also expected to provide an impetus for the polyphthalamide market in these regions.
- North America is witnessing a huge demand for lightweight automobiles, driven by the growing consumer preference for high-quality fuel-efficient automobiles. Therefore, the utilization of polyphthalamide in automobile production is rapidly increasing in the region.
- Moreover, the presence of automotive giants in the European region, along with huge investments in the R&D (in the automotive sector) by companies and governments in Europe, is propelling the growth of the automotive market, and thereby, boosting the growth of the polyphthalamide market in the region.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market share.
- Asia-Pacific is also projected to register the highest growth during the forecast period, driven by increasing automotive production and sales from different countries, such as India, Malaysia Thailand, and Indonesia.
- China is the world’s largest automotive producer. However,the country witnessed about 4.16% decline in the production of vehicles. Automotive sales also declined by about 6% to 22.7 million units.
- This trend is likely to remain similar in China, due to the declining demand for diesel and petrol cars in the country. However, rising sales of electric cars are likely to help the automotive market to avoid another slump.
- On the other hand, countries, like India, Malaysia, and Indonesia, have been witnessing a robust growth in automotive production. These countries have also been witnessing investments into the industry to set up new plants and/or to increase production capacity.
- Besides, robust production and performance of other end-user industries, such as electrical and electronics; consumer and personal care; and others, are driving the demand for polyphthalamide in the region.
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