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(Publishing-NewsWire.com, January 04, 2022 ) Polyamide in Electronic Protection Device Market size is expected to be valued at $613.2 million by the end of the year 2026 and the market is set to grow at a CAGR of 4.5% during the forecast period from 2021-2026. The increase in use of Polyphthalamide (PPA) in various key industries such as electronics & electrical, automobile, and others expanded due to its superior properties like high temperature polyamide, good resistance to heat, and provides a better mechanical structure and this is driving the market growth. Furthermore, the increase in demand for thermosetting polymer that is used for insulation purposes in electronic gadgets and devices is also fuelling the growth of polyamide in electronic protection device industry.
The Covid-19 pandemic has led to the slowdown of polyamide in electronic protection device market in terms of production, supply chain management, and inventory clearance. This has affected the polyamide in electronic protection device market top 10 companies in many aspects like unavailability of raw materials, volatile prices, and slowdown in the growth of the company which has eventually led to the companies incurring huge losses. The marketing and distribution channels were also hugely affected due to the limitations of the lockdown and economic shutdown. This lead to overstocking of their inventories eventually leading the companies to incur huge losses.
Polyamide in Electronic Protection Device Market Segment Analysis - By Product Type
PA 6 segment held the largest share of more than 30% in the polyamide in electronic protection device market in the year 2020. PA 6 polyamide is generally used in applications where toughness, lubricity and wear & tear are required, such as gear wheels, rollers, bearings, power tool housings, electrical connectors, coil formers etc. It has excellent heat aging resistance and chemical resistance properties. PA 6 polyamide is also has an excellent surface appearance, especially in filled and reinforced versions, compared to other versions of polyamide, making it a preferred type of polyamide as compared to the other polyamides.PA 6 can withstand temperature up to 310 degree Celsius.
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Polyamide in Electronic Protection Device Market Segment Analysis - By Type
Glass Fiber segment held the largest share of more than 30% in the polyamide in electronic protection device market in the year 2020. Glass content makes the product more rigid and flexible giving more stiffness and strength, even after absorbing humidity. The dimensional stability is also better compared to other types of material. It is used in many electrical parts like switches, sockets, plugs, and antenna-mounting devices. It has a specific resistance greater than steel and thus is used to make high-performance. The main feature of glass fiber is that it comes in varying sizes and can be easily combined with many synthetic resins. According to the European Glass Fibre Producers Association, the global glass fibre market reached revenue of US $ 40 billion in the year 2020. Thus, the growth in the glass fiber market, will also drive the growth of this this market.
Polyamide in Electronic Protection Device Market Segment Analysis - By Application
Miniature Circuit Breaker (MCB) held the largest share of more than 25% in the polyamide in electronic protection device market in the year 2020. Miniature Circuit Breaker (MCB) is being used extensively in the present days due to the easiness in handling the equipment and safety from electric shock in using the Miniature Circuit Breaker (MCB). Handing a Miniature Circuit Breaker (MCB) is electrically safer than a fuse, since it is properly insulated and coated. Miniature Circuit Breaker (MCB) automatically switches off electrical circuit during any abnormal condition or any overload. Miniature Circuit Breaker (MCB) is used in generators or invertors.
Polyamide in Electronic Protection Device Market Segment Analysis - By Geography
Asia-Pacific region held the largest share of more than 40% in the polyamide in electronic protection device market in the year 2020. The highest demand from the Asia-Pacific region is due to the availability of cheap raw materials such as nylons, aramids, sodium polyaspartate, and wool. The presence of emerging countries like India, China and South Korea also drive the market growth in APAC region. Furthermore, the growing demand for environment friendly vehicles, developing aviation sector, and growing investment in the infrastructure sector across the region also propels the market growth.
Polyamide In Electronic Protection Device Market Drivers
Surging Demand from electrical and electronics industry
The increase in adoption of polyamide in electronic protection devices owing to various reasons such as cost-effectiveness and environmental friendliness of polyamide is driving polyamide in electronic protection device market. This is one of the main reasons why other thermoset materials such as acrylates, phenolic, epoxies and cyanate esters are being replaced by polyamide in the electronics protection device industry. The raw material used in producing polyamide like caprolactam is cheaper than the other thermoset materials. This is hugely driving polyamide in electronic protection device market. Whereas, the growth in the electronics and IT industrties is also contributing to the market growth. For instance, according to the JAPAN ELECTRONICS AND INFORMATION TECHNOLOGY INDUSTRIES ASSOCIATION (JEITA) report 2020, the total global production by the electronics and IT industries is expected to increase by a mere 2% year on year in 2020 to reach $2,972.7 billion.
Technological advancements in electronic protection devices
The evolution of technology in the past few years has contributed to the growth of electronic protection devices. There has been a significant change in the control, testing and commissioning methods, which fuels the growth of electronic protection devices industry. This further gives raise to the need of polyamide in electronic protection devices market, due to their insulation properties and low flammability. For instance, the Voltage Test Station (VTS) from Grace Engineered Products is a permanent electrical safety device that helps quickly and safely validate zero electrical energy from outside the electrical cabinet. This helps in detecting presence or absence of voltage, malfunctions of the disconnect switch and unintended release of stored electrical energy.
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Polyamide in Electronic Protection Device Market Challenges
Availability of other substitutes for polyamide
The availability of substitutes such as polystyrene, polyester, and polybutyleneis are acts as a major challenge to the growth of polyamide in electronic protection device market. These substitutes are relatively cheaper and is easier to handle than polyamide that makes them a better substitute thereby acting as one of the biggest challenge to the polyamide in electronic protection device industry. Polystyrene can be made into various other applications by adding other additives, colorants, foam, other plastics etc. Polystyrene can also be extracted from natural products such as coffee, cinnamon etc. This makes polystyrene a preferred kind of plastic.
New product launches, acquisitions and mergers, collaborations, expansion and investments are some of the key strategies adopted by players in the Polyamide In Electronic Protection Device Market. Major players in the Polyamide In Electronic Protection Device Market are BASF Group, Formosa Group, Li Peng Enterprise Co. Ltd, Royal DSM, DuPont de Nemours, Inc., Good Fellow Inc., Shenma Industrial Co. Ltd, Radici Group, Huntsman Corporation, Ascend Performance Materials LLC, Arkema SA, Toray Industries Inc. and Evonik Industries AG, among others.
In May 2020, Huntsman Corporation acquired CVC Thermoset Specialities for US $ 300 million. Under this acquisition Huntsman Corporation acquire the whole business of CVC Thermoset Specialities including composites, thermosets, adhesives and others. This acquisition helped Huntsman Corporation in growing its Advanced Materials Portfolio.
In February, 2020, BASF acquired Solvay’s Polyamide business for US $ 1.436 billion. This acquisition will help BASF to broaden its engineered plastics solutions to a wider portfolio. The acquisition also broadened BASF’s polyamide capabilities with innovative and well-known products such as Technyl. This facilitated BASF to support its customers with even better engineering plastics solutions, e.g., for autonomous driving and e-mobility.
Asia-Pacific market held the largest share in the polyamide in electronic protection device market due to the rise in the need and demand for Electronic Protection Devices (EPD) in the building and construction sector in countries like India, China and South Korea.
The increase in the use of polyphthalamide in various key use industries, due to their resistance and durability properties is one of the factors driving the growth of polyamide in electronic protection device industry.
According to the JEITA report 2020, in its October 2020 World Economic Outlook, the IMF forecast that the real economic growth rate would tumble to minus 4.4% in 2020 but bounce back to 5.2% in 2021.
The covid-19 pandemic has affected the polyamide in electronic protection device industry in many ways such as disruption of production and global supply chain.
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