TAGS: Automotive Electrical & Electronics
The global high-performance polyamide (HPPAs) market size is expected to grow from USD 2.8 billion in 2021 to USD 4.0 billion by 2026, at a CAGR of 7.4% during the forecast period. HPPAs are extensively being used in the automotive, electrical & electronics industrial, medical and other end-use industries. The increasing demand of recyclable products and impressive properties is boosting the demand for HPPAs in multiple end-use industries.
Type of Polyamide Acquiring the Major Market Share
The PA 11 HPPAs find wide uses in various end-use industries. Some of the major industries includes the automotive, electrical & electronics, industrial, medical, and others. The increasing demand from these industries is expected to drive the PA 11 HPPAs market during the forecasted period.
The COVID-19 pandemic resulted in a decline in industrial activities in the first half of 2020 across the globe. It resulted in reduced demand for HPPAs from various end-use industries.
Manufacturing Process Type Accounting for Largest Market Share
Injection molding manufacturing process type is the most widely used manufacturing process of HPPAs market. HPPAs are injection molded to form components that are strong, have high mechanical properties, and show good chemical and thermal resistance. Bushings, gears, and bearings are some common automotive parts that are produced using injection molding. It is the most used process and is suitable for mass production.
End-use Industry Accounted for the Largest Market Share
The automotive industry holds the dominant market share in the global HPPAs market, both in terms of value and volume. HPPAs are lightweight and are used in hoods, components, and interior parts, as they are compact, fuel-efficient, and reduce the weight of vehicles. Fuel systems, induction systems, coolant systems, engine components, powertrain, brake systems, sockets, and transmission components are some of the major automotive applications of HPPAs. In the automotive end-use industry, HPPAs are used to manufacture engine covers, oil pans, cylinder heads, cover gaskets, and mechanical gears due to their high strength and greater thermal stability.
The demand for HPPAs from automotive end-use industry declined in 2020 due to halts in the first half of 2020. Also, major manufacturers temporarily closed their plants during the lockdown. The demand is expected to recover after the COVID-19 pandemic is under control.
Largest Market Share Based on Region
HPPAs accounts for the biggest share of the global HPPAs market. The automotive, electrical & electronics, industrial, and medical are the major consumers of HPPAs in the region. North America is the second major consumer of HPPAs automotive, industrial, and electrical & electronics are the major industries fueling the growth of the HPPAs market in this region.
However, the COVID-19 outbreak has affected the demand for HPPAs in the region. On the positive side, support packages offered by governments of various countries will help to maintain the liquidity in HPPAs market. Such initiatives coupled with recovery in the end-use industry areas will increase the demand for HPPAs in North America and European region.
Source: MarketsandMarkets
