Worldwide high heat (heat stabilized) glass reinforced polyamide 66 market is anticipated to exceed US $4 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
The countries in Asia Pacific region are undergoing rapid industrialization creating high demand for heavy machinery which are produced using high heat (heat stabilized) glass reinforced polyamide sixty-six, which is the major factor driving the growth of product market. The Asian countries such as India, China, South Korea, Japan, and others are witnessing the automation trend, hence supporting product sale. The use of product in the manufacturing of industrial equipment will further bolster the product demand.
However, the limited production of adiponitrile which is a key raw material used during manufacturing will limit the product supply, thereby hampering the market growth. The product is majorly produced in Japan, France, and US and any production fluctuations in these regions will directly impact the global product supply, cites the report.
Based on the raw material used, the recycled grade high heat (heat stabilized) glass reinforced polyamide 66 market is presumed to witness 6.5% CAGR by the year 2025. The preference for recycled grade material over virgin grade material is attributed to the product quality delivered by them, thereby offering lucrative growth prospects.
Considering the product type, the >45% reinforced segment of high heat glass reinforced polyamide sixty-six market is estimated to generate a revenue of US $400 million over the forecast period, owing to its properties such as high rigidity, dimensional stability, low warpage, and good chemical resistance. The product finds usage in applications involving high service temperature and high strength.
According to the report, the product market from electrical end-use segment is predicted to grow at the rate of 7% over the forecast timeframe. The product is used in switches, terminal blocks, connectors, lighting parts, cable glands, and solar cells, owing to its high tensile strength and abrasion resistance. Increasing technological advancements in electrical industry will stimulate the product demand in the coming years.
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In terms of regional contribution, Latin America is expected to lead the global high heat glass reinforced polyamide 66 market by attaining a valuation of US $250 million by the year 2024. The regional growth is attributed to the massive product demand in countries like Mexico and Brazil. Expansion of the automotive industry in Mexico and multiplying manufacturing industries in Brazil will aid in increasing the regional share.
The key players operating in the product market include BASF SE, Dow DuPont Inc., Ascend Performance Materials, SABIC, and Tenkor Apex, among others.