Instrument Transformer Market to amass remarkable remuneration from APAC belt, global industry valuation to surpass USD 7 Billion by 2024

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In the recent times, instrument transformer market has witnessed a meteoric rise in its revenue graph, courtesy the rising demand for electricity owing to the exponential pace of urbanization, swift technological advancements to assist an energy-efficient and sustainable grid network, growing inclination toward clean energy with massive investments in the renewable sector coupled with various government initiatives to electrify rural hinterlands across the globe. To note a few remarkable instances of government initiatives, the Indian government has resolved to provide electrical connections to over four crore households in the rural and urban areas by the end of 2018.  The scheme, named as Pradhan Mantri Sahaj Bijli Har Ghar Yojana ‘Saubhagya’, aims to provide 24×7 electricity to the unserved and underserved hinterlands along with the neglected urban pockets. Citing yet another instance, the government of France has announced an enormous investment of USD 30 Billion toward its energy adaptation plan that aims to endorse clean vehicles production and energy efficient distribution system. Apparently, the aforementioned instances of ambitious and dynamic initiatives undertaken by various governments across the globe have emerged as the principal driving force to boost the growth potential of instrument transformer market, which commanded a total valuation of over USD 3 Billion in 2016.

Europe Instrument Transformer Market Size, By Rating, 2016 & 2024 (USD Million)

Europe Instrument Transformer Market Size, By Rating, 2016 & 2024 (USD Million)

The leading instrument transformer market giants have been striving to come up with a range of innovative products to fulfill the burgeoning demand for energy-efficient transformers and to remain competitive in this highly combative business sphere. The existing power grids transmit energy over short distances from power stations to customers. However, the future grids would need to provide energy to major urban areas from offshore wind and solar farms with a price competitive enough for electricity traders.

To tackle the challenge of the transition to a new energy mix while enhancing the existing power grid infrastructure, Siemens AG, the leading German conglomerate partaking in instrument transformer industry, has built the world’s first dynamic grid control center with its partner entities. The new facility, named as ‘DynaGridCenter’ research project would aim to ascertain the extent to which existing technologies, utilized in control centers, can accommodate new structures and functions of future power grids. Such bold instances of ingenuity consequentially would steer the growth progression of the instrument transformer market over the forthcoming years.

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Speaking of the product spectrum of the instrument transformer industry, the oil immersed transformer led the overall business sphere accounting for over 50% of the global industry share in 2016. Its ease of deployment across high-voltage applications coupled with modest cost is bound to further escalate its requirement across diverse sectors, which would further contribute to the instrument transformer industry growth.

In terms of regional industry outlook, the Asia Pacific instrument transformer market is estimated to exceed 7% growth rate in the ensuing seven years. The region has been witnessing large-scale migration across the urban centers along with the brisk expansion of utility-based electricity infrastructure, which has, in turn, favorably influenced the APAC instrument transformer industry size. Furthermore, the rising rural electrification initiatives by governments of the developing economies across the region, augmented by significant investments by foremost financial entities such as Asian Development Bank and World Bank to restructure the existing electrical grids across the nations will further boost the instrument transformer market progression.

Concurrently, the leading companies partaking in instrument transformer market such as Siemens AG, GE, ABB, Crompton Greaves, ITL, Schneider Electric, DENT Instruments, BHEL, Toshiba, Amran Inc., have been focusing on establishing robust supply chain and expanding the current facilities to ensure economies of scale, further stepping up the commercialization potential of instrument transformer market. In terms of installations, as per a recent report published by Global Market Insights Inc., instrument transformer industry is set to exceed 50 thousand units by 2024.

Author Name : Saif Ali Bepari

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Low voltage switchgear market to amass remarkable proceeds over 2017-2024, APAC to prominently impact the regional landscape

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Primarily amplified by the enormous overhaul of aging electric networks across the globe, low voltage switchgear market has, of late, been witnessing a slew of innovative tech progressions. The burgeoning demand for switchgears can be attributed to the soaring rural energy requirement, the need to revamp the existing distribution networks, and the trend of increased spending toward infrastructural development. As the requirement for highly unique and efficient switchgears has been on the rise, companies are striving hard to launch a range of effective products to remain relevant in this competitive business sphere. Another notable reason to have contributed substantially to expand low voltage switchgear market is the growing inclination of leading industry giants to invest heavily to scale up their existing switchgear manufacturing facilities. As a consequence, this is anticipated to chart out a lucrative growth path for low voltage switchgear market.

Europe Low Voltage Switchgear Market Size, By Voltage Rating, 2016 (USD Billion)
Europe Low Voltage Switchgear Market Size, By Voltage Rating, 2016 (USD Billion)

A noteworthy instance reinforcing the authenticity of the aforementioned statements is Siemen India’s latest switchgear production facility. Siemens India, a major subsidiary of German power generation and electric equipment conglomerate Siemens AG, has recently unveiled its first fully digitalized low voltage switchgear production plant in India. Reportedly, the factory is said to have been equipped with the capacity of manufacturing over 180 variants of low voltage switchgears, at the rate of one product per nine seconds which would translate to about an annual production of five million devices. Furthermore, the manufacturing procedures deployed at the plant have achieved complete digitalization which has resulted in merging of the real and virtual worlds. This has allgedly assisted in designing tools and equipment, mastering data management, process simulation, and automation. As per experts, the latest facility is bound to have a rather pronounced impact on the product landscape of low voltage switchgear industry, which was estimated to have surpassed a valuation of USD 11 billion in 2016.

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Concurrently, the surging demand for uninterrupted and reliable electricity supply across the globe has necessitated the low voltage switchgear market behemoths to master the increasing process complexity, reduce production time utilizing automation technologies, deliver customized products, adapt to ever-changing industry requirements, and focus on consistent product improvement. Apparently, the foremost low voltage switchgear industry giants seem to have geared up to tackle the aforementioned challenges by introducing innovative and advanced products.  The leading energy management and automation solutions provider based in France, Schneider Electric has recently launched the LAZER Low Voltage replacement scheme for circuit breakers in a bid to revamp the aging electrical gear. Given that the older electrical infrastructure is one of the biggest concerns plaguing the low voltage switchgear industry, the replacement programs such as LAZER low voltage direct replacement schemes are of immense help to reduce the time duration required to source the appropriate equipment. Apparently, such proactive moves by industry players are bound to impel the low voltage switchgear market size expansion in the forthcoming years.

In terms of the regional low voltage switchgear industry growth outlook, Asia Pacific is expected to expand at an exponential pace owing to the rising rural electrification and renewable energy projects across the nations in the region. The prominent global financial organizations such as World Bank, Asian Development Bank, and International Finance Centre have been granting substantial funds to aid the expansion of electricity access to the rural households of developing nations in the region. In addition, the growing urbanization and industrialization in the emerging economies of the APAC are further fueling the product penetration which would, in turn, propel the low voltage switchgear market in the ensuing years.

Speaking of the competitive hierarchy, leading low voltage switchgear industry players such as GE, Siemens, Eaton, Schneider Electric, ABB, Hitachi, Hyundai, Lucy Electric, and Fuji Electric among others, are increasingly emphasizing on acquiring the production divisions of other major rival companies. Citing a recent instance regarding the same, it has been reported that Schneider Electric along with its partner Temasek Holdings, have reached the last round of negotiations to buy the electric and automation arm of India’s engineering and construction mammoth, Larsen & Toubro for an estimated amount of Rs 17,000 crore. The move in all probability will strengthen the former’s presence in the low voltage switchgear industry. Apparently, more such moves are anticipated in the estimated time frame which shall favorably influence and accelerate the growth of low voltage switchgear industry. In terms of profitability potential, global low voltage switchgear market has been forecast to exceed USD 22 billion by 2024, according to a comprehensive research report collated by Global Market Insights, Inc.

Author Name : Saif Ali Bepari

Unveiling the end-use spectrum of sodium bicarbonate market: Agrochemical applications to emerge as one of the most profitable growth avenues over 2017-2024

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Solvay’s latest investment in Germany is an archetypical instance of the varied and vast expanse of sodium bicarbonate market. The Belgium-based specialty chemicals firm has invested around EUR 6 million apparently, to expand its sodium bicarbonate production capacity in Rheinberg, Germany. Touted as a rather strategic and well-thought out plan by the sodium bicarbonate industry player, this investment is targeted at providing Solvay’s customers with the SOLVAir SB 0/3. This solution, a ready-to-use product for lowering pollutant atmospheric emissions, is specifically designed to aid factories meet environmental regulations with lesser operational costs. While helping to purify air quality does not typically fall under the regular applications of sodium bicarbonate, Solvay’s commitment toward lowering carbon footprints sheds light on the increasing deployment of this product in the industrial sector.

U.S. sodium bicarbonate market size, by end-user, 2013 – 2024 (USD Million)
U.S. sodium bicarbonate market size, by end-user, 2013 - 2024 (USD Million)

Endowed with an exceptionally prodigious characteristic set, sodium bicarbonate, a.k.a. baking soda is typically used across a plethora of domains. Being environmentally viable, this natural agent finds widespread applications in agrochemicals and food verticals, such as alcoholic beverages, confectionaries, dairy, etc., accelerating the scope of sodium bicarbonate market. Furthermore, the product is an excellent cleaning agent, antacid, and neutralizing agent as well, deeming it suitable for the personal care sector. However, analysts surmise the agriculture domain to be one of the most coveted arenas of sodium bicarbonate industry, given the product’s propriety to be used for agrochemicals. A gist of the how agrochemical applications impact the dynamics of sodium bicarbonate market is enlisted below:

An in-depth insight of sodium bicarbonate market trends in the agriculture sector

The usage of baking soda for myriad functionalities in agriculture, though acknowledged since long, however, has been commercialized only in recent years. One of the most pivotal reasons why the agricultural domain has essentially constituted the end-use segment of sodium bicarbonate industry is the globally rising population. With the number of denizens across the globe increasing at a breakneck pace, the demand for food has observed a remarkable ascent, leading to increasing crop cultivation. In consequence, this demands the usage of sodium bicarbonate as an effective agent to treat insects in farmlands and more importantly, washing away pesticides from fruits and vegetables. A recent study demonstrated that since most pesticides such as thiabendazole and phosmet remain unstable at an alkaline pH, the application of baking soda conveniently breaks down the compounds and washes them away, thus enabling sodium bicarbonate market to benefit massively from the agrochemical sector.

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The efficiency of baking soda to fight pests has been duly recognized by chemical companies, on the grounds of which innovative products are being developed across sodium bicarbonate industry, to eliminate pesticides and enhance agricultural farms. For instance, Solvay, the globally renowned sodium bicarbonate market player, recently launched the BiFor-SAFE, an effective formulation based on mineral salts and sodium bicarbonate that is 100% inorganic and can battle insects or cleanse farm buildings. A non-neurotoxic, non-toxic solution, this product, branded under PROCropTM, took the sodium bicarbonate industry by storm post its launch, and has been legally approved to be used in organic farming and for the prevention of insect development in grain silos.

Recently conducted R&D programs have depicted that sodium bicarbonate can also be effectively used for healthy plant growth, sans the danger of harmful fungal diseases. Adding water infused with baking soda to soil has been found to keep the soil at an appropriate level, prevent the growth of mildew or mold, and maintain the pH level of soil. In consequence, the farming community seems to have wholeheartedly adopted the methodology of deploying baking soda – a trend that has led to better crop cultivation and healthy yields. While the technique is yet to gain mass approval, its interim success has proved to be rather beneficial for sodium bicarbonate market.

It is imperative to state that the agricultural domain constitutes merely a fraction of the vast end-use landscape of sodium bicarbonate industry. The product finds numerous applications across the industrial animal feed, personal care, pharmaceutical, animal feed, and the food & beverage sectors – the food industry in fact, is one of the largest consumers of sodium bicarbonate. Research and development activities however, are being extensively conducted across this sphere, in order to uncover further areas of product deployment. While the rising usage of sodium acetate and yeast may have a slightly negative impact on the revenue graph of sodium bicarbonate market, the product’s numerous benefits supporting its extensive demand across a slew of domains will help propel the business vertical. Endorsed by a comprehensive, far-flung application spectrum, sodium bicarbonate market size is expected to cross USD 9 billion by 2024.

Author Name : Saipriya Iyer

Fluorspar market to regain its position with an estimated valuation of USD 4 billion by 2024, significant investments in fluorspar mine capacity expansion to stimulate the competitive landscape

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Global fluorspar market has been one of the most debatable business spaces of recent times with regards to its extensive utilization in hydrofluoric acid and fluorocarbons production. This is perhaps due to the fact that fluorspar mining has been open to question many a time by international regulatory bodies on grounds of its environmental concerns during blasting process. Nonetheless, subject to the materials’ extensive application across a plethora of lucrative domains, such as aluminum and steel production, fluorspar industry has gained an appreciable popularity over the years. Bearing a testimony to the declaration is the past year valuation of the business space which depicts global fluorspar industry share to have garnered a revenue of USD 2 billion in 2016. Fluorspar mining, for the records, began in the year `1920, and since then the mineral has been recognized as one of the most versatile materials that can widely deployed for a variety of ceramic, metallurgical, and chemical process.

U.S. Fluorspar Market Size, by Application, 2013 – 2024 (USD Million)
U.S. Fluorspar Market Size, by Application, 2013 – 2024 (USD Million)

In this regard, it is imperative to mention that fluorspar industry has been witnessing a flux since a while now. Falling price trends of fluorochemicals along with soft demand for fluorspar are threatening new entrants in the competitive landscape, while some of the low-cost suppliers are striving hard to beat the market odds. Amidst this dynamically charged share battle, fluorspar mining activities across the globe had been a little backfooted for quite a prolonged period. However, technological advancements in the manufacturing processes in tandem with changing faces of end-use sectors has somewhat upscaled the mineral demand. This is evident from the significant attempts taken by the fluorspar market giants to expand the capacity of existing fluorspar mines.

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Unveiling two of the recent projects in global fluorspar marketplace:

  • Afghanistan’s sole fluorspar deposit, the Bakhud deposit, has made it to the headlines with the announcement of its decision of tripling the capacity within next six months, in bid to improve the volatile fluorspar market condition. For the records, the mining giant is set to expand the fluorspar capacity by 122,500 tonnes per year once fully operational. Established in the year 2010, the company currently has a production capacity of 60,000 tpy with a production volume of 3,000 to 5,000 tonnes per month. In effect of this project, the Bakhud deposit would be producing 500 tonnes/ day, with a total capacity of almost 182,500 tpy.
  • South Africa is also gearing up and as per experts’ opinion, would prove to be a strong contender in the global business space over the ensuing years. South Africa is claimed to have world’s largest fluorspar reserves, and Europe holds a major chunk of the regional export market with regards to production of aluminum fluoride and hydrogen fluoride beneficiation. Reportedly, the country is presently creating a whole hog on the new fluorspar mine by Nokeng Fluorspar Mine Ltd, the fully owned subsidiary of Sep Located at the north east of Pretoria, this R 1.7 billion mine project by the fluorspar market giant is reported to be the largest of its kind when compared to other investments around the world. Following the past success of Nokeng Fluorspar Mine’s breakthrough project at Gauteng province, the company now aims to vertically integrate in the supply value chain of fluorspar industry.

Detrimental environmental impact of chlorofluorocarbons, which is one of the most frequently used cooling fluids in air conditioners and refrigerators, is deemed to be a major hindrance to fluorspar market expansion. CFCs pose a great threat to atmospheric ozone layer by speeding up the breakdown process, which ultimately allow maximum of the UV rays to hit the earth’s surface.  Prolonged exposure to ultraviolet rays is very harmful for human health and sometimes even claimed to be the root cause for cancer and mutation.  This has led to banning of CFC across major nations, leaving a parallel impact on the regional fluorspar market size. Nonetheless, fluorspar is a valuable commodity and its contribution in the production of aluminum and steel is unrivaled. Since steel and aluminum are closely linked to a variety of remunerative business verticals, automotive sector in particular, expansive growth in these domains would overtly enable fluorspar market to revamp its position in the global landscape. In terms of commercialization, fluorspar industry is slated to exceed a valuation of USD 4 billion by 2024.

Author Name : Satarupa De

Wind energy market to accumulate phenomenal gains from industrial applications, global industry valuation to exceed $170 billion by 2024

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The rapidly depleting fossil fuels have led to renewable sources emerging as the savior in global energy industry. Wind energy market, one of the most prominent and pivotal verticals of the energy cosmos, in consequence, is turning out to be a lucrative space for investors, given that the massive climate change crisis has further galvanized the demand for clean and renewable energy. The increasing awareness regarding global warming and the fast depletion of non-renewable energy sources have led to paradigm shift toward sustainability – a trend that has led to wind energy industry capturing substantial attention on a global scale. Say for instance, The Ministry of New and Renewable Energy of India passed a policy in 2016 that will repower wind power turbines with a capacity of 1 MW or below. In France, the target for renewable power capacity has been set at 70 GW by 2023, which includes 23 GW from onshore wind turbines. These instances testify the stand taken by regional governments toward developing and facilitating renewable power resource infrastructure, which indeed is a major impetus for wind energy market expansion.

U.S. Wind Energy Market, By End Use, 2016 (USD Million)

U.S. Wind Energy Market, By End Use, 2016 (USD Million)

Wind energy being a clean, cost-free, and pollution-free source of energy, is being rapidly exploited across the energy sector. Though the source of the energy is free, the turbine installation and energy conversion and commercial deployment demand quite some expense, on the grounds of which many governments have been offering tax incentives to wind energy market firms. It is noteworthy to know however, that lately, mass production and advancement in technologies is making wind turbines cheaper, further spurring the wind energy industry.

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Subject to numerous onshore turbine installations pertaining to low carbon emissions and reduced costs, onshore wind energy market is predicted to register a CAGR of 13% over 2017-2024. Efforts undertaken by regulatory authorities, such as the Paris Agreement, further testify the vast expanse of onshore wind energy industry. However, complaints from locals about wind turbines causing visual disturbance and sound pollution has stimulated the offshore wind energy market in recent times. The reduction in installation costs, the presence of high and continual wind speeds, and minimal visual pollution has further encouraged the implementation of offshore wind turbines, thereby stimulating the overall wind energy market growth over 2017-2024.

Wind energy converted to mechanical energy is robustly deployed to generate electricity for pumping water, grinding grain, charging batteries, and much more. This massive end-use spectrum is one of the most pivotal factors driving global wind energy industry trends. It is also vital to state that electricity generated through wind energy is increasingly being used to power the residential, commercial and industrial sectors across the world, which has led to energy bills being lowered by 50% to 90%. A substantially large consumption of electricity in the industrial sector had previously put immense pressure on the world’s fossil fuel reserves. However, with the advent of wind energy, the industrial demand for power has been rapidly bifurcated, thereby impelling wind energy market share from the industrial sector. In fact, wind energy industry size from industrial applications is projected to exceed $25 billion by 2024, as per reliable estimates.

With rapid advancements in renewable energy technologies, it is rather inevitable for wind energy market to traverse a rather profitable growth map over 2017-2024. Aided by extensive government initiatives and the robust demand for energy, wind energy market size is projected to cross an annual installation of over 90 gigawatts by 2024, claims a report by Global Market Insights, Inc.

Author Name : Paroma Bhattacharya

Europe air source heat pump market to witness commendable gains over 2018-2024, favorable regulatory directives to augment the regional industry progression

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The global air source heat pump market, of late, has been witnessing robust growth prospects owing to various commendable initiatives that are being rolled out by numerous regulatory bodies and government agencies across the world. Apparently, the unprecedented rise of the ill-effects pertaining to carbon emissions has necessitated the wide-scale deployment of energy saving components such as air source heat pumps, predominantly across residential and commercial sites. Furthermore, initiatives such as clean heating programs, incentive plans, and cooling programs have gained marked prominence which has eventually assisted the air source heat pump industry share to expand at a swift pace in the recent years.

Europe Air Source Heat Pump Market Size, By Application, 2017 & 2024 (USD Million)
Europe Air Source Heat Pump Market Size, By Application, 2017 & 2024 (USD Million)

Citing an instance of the rising significance of air source heat pumps in the energy-related policies of various states and nations, the New York State Energy Research and Development Authority has initiated an ambitious ‘Air Source Heat Pump’ program in 2017. The initiative was aimed at reducing dependency on fossil fuels and integrate energy efficiency. Needless to mention, such initiatives have been altering the dynamics of the global air source heat pump market which garnered a remuneration portfolio of approximately USD 30 billion in the year 2017, as per a recently compiled research report by Global Market Insights, Inc.

Europe to emerge as the front-runner in global air source heat pump industry

The contribution of regional governments toward driving the profitability quotient of the air source heat pump market is indeed remarkable. The Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety of Germany, for instance, has put together a Renewable Energies Heat Act which aims to augment the share of renewable energy in heat provision to 14 percent by the year 2020. As per authentic sources, the Act makes it mandatory to utilize renewable energy for requirements such as space and water heating in new residential sites.

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Even though the act applies only to new buildings, specific policies can be formulated, and a fixed amount of budgetary fund can be allocated to expand the installation of air source heat pumps at the older residential sites as well. Apparently, building owners would be obliged to use a certain portion of renewable energy for water and space heating purposes in the newly constructed residential projects. This instance goes on to demonstrate the immense growth potential of Germany air source heat pump industry, which is projected to surpass an annual installation base of about 65 thousand units by the year 2024.

Concurrently, the UK has been making rapid headways in establishing itself as one of the most pivotal nations in Europe to meet its renewable energy targets and reduce its carbon emission levels, which has subsequently propelled the regional air source heat pump industry progression. Given the growing inclination of various business verticals to adopt efficient heating systems, the recently amended Domestic Renewable Heat Incentive (RHI) program has made the installation count of air source heat pumps more attractive across the country. Apparently, the RHI initiative encourages homeowners to switch from fossil fuels to greener alternatives like air source heat pumps and pays them for seven years post-installation. Industry experts claim that the initiative can contribute to fuel savings of about 30 to 45 percent – a lucrative estimate that would impel the UK air source heat pump market size in the ensuing years.

Considering the aforementioned aspects, it would be appropriate to mention that the urgent requirement to replace conventional heating systems with energy efficient heat pumps would drive the global air source heat pump market share expansion in the forthcoming years. The growing trends of industrialization and urbanization coupled with rising disposable incomes in the emerging economies would further open up endless growth opportunities for the air source heat pump industry participants over 2018-2024. As per authentic estimates, the overall air source heat pump industry is forecast to exceed 13 million units by 2024, in terms of installation.

Author Name : Saif Ali Bepari

Polyphthalamide resin market to amass extensive gains over 2017-2024 via massive product demand from the automotive and electronics sectors

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The growth of polyphthalamide resin market has indeed been exponential in the recent years – a trend that has been made possible on account of polyphthalamide (PPA) being used widely as a high performance, cost effective polyamide. Needless to say, PPA excels in durability, strength, and ease of processing, qualities which contribute to its widespread application in under-the bonnet automotive parts and various electrical and electronic devices. Fueled by technological advancements, polyphthalamide resin products are heavily deployed by automakers, who primarily aim to achieve weight reduction, increased thermal performance, chemical resistance and simplified processing methods in vehicles. Gradually, as polyphthalamide resin is being extensively used to replace conventional vehicle metals parts with the ones that can withstand high temperatures, moisture exposure and abrasive chemicals, PPA resin size market will witness a major rise. The use of this product is also expected to facilitate effective cost reduction of vehicles and contribute toward the lowering of carbon levels in the atmosphere – factors that will further stimulate PPA resin industry trends in the years ahead.

U.S. polyphthalamide resin market by end user, 2013 – 2024 (USD Million)
U.S. polyphthalamide resin market by end user, 2013 - 2024 (USD Million)

With initiatives such as the Paris Agreement battling against global warming and rising carbon emissions, the automotive industry has lately faced stringent challenge to reduce weight and increase fuel efficiency of vehicles. This has caused a paradigm shift from the use of metal parts to the use of high performance thermoplastics parts, gradually leading to a major upsurge in polyphthalamide resin market. Polyphthalamide has been observed to be very effective when constructing automotive parts like electronic connectors, lamp sockets, switches, and sensors, that have to withstand high temperatures. The application of this product across the automotive sector is indeed humongous – anti-lock braking components, fuel system components like fuel line connector, fuel rails and heating systems, components like turbo charger coolers, thermostat housing, and oil filter housings, are examples of automotive components manufactured from polyphthalamide. Inevitably, the massive demand for the aforementioned components is slated to heavily impel polyphthalamide resin market. Subject to the product’s temperature deflection property, low thermal expansion coefficient, easily paintable surface and light weight, polyphthalamide resin industry size is expected to grow at a CAGR of 6.6% over 2017-2024.

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The electronics sector is another profitable growth avenue for polyphthalamide resin market, since miniaturization of electronic components has emerged as the ongoing trend. Polyphthalamide resin is extensively used for stacking printed circuit boards where tighter tolerance and thinner walls are required, thus providing a boost to PPA resin market. With the increasing popularity of LEDs and growing demand for heat sinks, capacitors, chip carriers and switches, polyphthalamide resin market share from electronic applications has been forecast to witness a commendable rise in the years ahead. Polyphthalamide resin industry has also found a profitable impetus through the phenomenal surge of the cellular phone industry, as PPA resins are increasingly being used in cell phone connectors due to their compatibility to be injection molded in short cycle times and outstanding dimensional stability.

With the dwindling supply of fossil fuels and rise in waste products related to the use of oil derived plastics, extensive research and development activities are being carried out to develop more bio-based plastics. Arkema, one of the global leaders in the field of specialty chemistry, developed a bio-sourced polyphthalamide resin that finds application in under-the-hood automobile parts. The product’s launch created quite a stir in the regional polyphthalamide resin industry and has been adopted by automotive industry giants like Volvo, Maserati, Mahindra, Daimler and Ferrari that are looking to reduce the weight of their vehicles by using ecofriendly plastic parts.

With leading automotive OEMs like Audi, BMW, Hyundai, Toyota, and Honda, already having incorporated polyphthalamide resin parts in their automobiles, PPA resin market is on the verge of traversing an extremely profitable growth map in the years ahead. As fuel efficiency and decrease in carbon emissions are being prioritized, polyphthalamide resin industry has been projected to emerge as one of the most prominent verticals of the polymer space. As per a study compiled by Global Market Insights, Inc., polyphthalamide resin market size is likely to cross USD 1.8 billion by 2024, essentially driven by a favorable regulatory spectrum and the urgent need to reduce carbon footprints across the globe.

Author Name : Paroma Bhattacharya