Driven by improving economic conditions and subsequent rise in disposable income levels, heat stabilized glass reinforced polyamide 66 market trends are expected to observe a major transformation in the coming years. The electrical and automotive sectors in particular have been increasingly adopting advanced materials to introduce a new range of products. The ever-expanding automotive sector in fact, is cropping up to be a new avenue for the industry players pertaining to the surging product requirement for manufacturing various automotive parts.
U.S. High Heat (Heat Stabilized) Glass Reinforced Polyamide 66 Market Size, By End-user, 2014 – 2025 (USD Million)
Polyamide 66, also known as nylon 66 or PA 66,which possesses properties like rigidity, high tensile strength, high di-electric strength, excellent creep resistance, outstanding heat resistance, chemicals & abrasion and insulation resistance. These properties make high-performance plastics (HPPs) such as PA 66, ideal for a plethora of applications in a number of industrial sectors. Growing product demand ranging from aerospace and automotive to sports equipment and consumer electronics for accomplishing the need of strength, impact and heat resistance in products will further enhance heat stabilized glass reinforced polyamide 66 industry outlook.
Attributing to the benefits PA 66 brings to the table, the aerospace industry is poised to consolidate itself as one of the prominent revenue grounds of the PA 66 market. Some of the major motivators fueling this shift would be the increasing performance requirements, the globalization of supply chain, and increased adoption of additive manufacturing. Stringent environmental regulations and rapidly-growing passenger traffic are also other factors that will propel high heat glass reinforced polyamide 66 market forecast.
The air passenger traffic is expected to grow at such a rapid pace that Airbus & Boeing predict the global demand for new aircrafts would be hitting the 40,000 mark in the next two decades. Currently, aircraft manufacturers have been increasingly depending on high-performance and lightweight composites. There is now a 10-year-long aircraft production backlog in the sector that will substantially fuel PA 66 market size over the years ahead.
Based on its excellent insulation resistance & di-electric strength, the PA 66 is heavily utilized in the consumer electronics industry with the smartphone sector being one of its most prominent niches. As of now, smartphone manufacturing has been developing new variants to attract more consumers. Increasing consumer base for smartphone manufacturers has a potential to improve future product demand.
According to GSMA Intelligence, mobile internet is expected to drive smartphone industry over the forthcoming years. Over 5 billion individuals were connected to the mobile services through their phones in 2017. The rapidly growing need for mobile internet, especially across developing countries including India, Indonesia, Pakistan, China, and Bangladesh, is expected to further add more than 1.75 billion users over the next eight years. With exponentially growing smartphone sales, heat stabilized glass reinforced polyamide 66 industry share is poised to record remarkable growth over 2019-2025.
The automotive industry has remained a crucial end-user in heat stabilized glass reinforced polyamide 66 industry, slated to register a CAGR of 8% over the forecast timeframe. The growth is primarily attributed to the surging use of high-performance plastic to manufacture vehicle components such as oil filters, radiator tank parts, gears and even engines.
Taking into account the hygroscopic properties, most of the automotive part manufacturers have been giving preference for PA 66 as an alternative over other materials. The deployment of strict emission norms to reduce air pollution have been promoting vehicle manufactures to develop light weight vehicles.
Adhering to the emission standards, automakers have been making weight reduction strategies without compromising occupants’ safety. Driven by these factors, high heat glass reinforced polyamide 66 industry is slated to witness a rapid growth rate in the forthcoming years. In fact, according to Global Market Insights, Inc., heat stabilized glass reinforced polyamide 66 market size is projected to hit the $4.6 billion remuneration mark by 2025.