Industry Background:
High Usage of Polyamide-imide Resins in Chemical Plants, here there is consistent leakage of explosive and hazardous chemicals and its demand in various industry as a major application id driving the Global Polyamide-imide Resin Market. Polyamide-imide (PAI) is a melting process consists of chemical, physical and thermal-resistant properties. This polyamide-imide resin withstands strength along with thickness and can afford extreme stress conditions even at elevated temperatures depending on the form of material. The resin is extremely perfumed molecules that owe high thermal stability and is capable of binding to most metal substrates when cured. It is also used in the manufacturing of magnet wire.According to AMA, the market for Polyamide imide Resin is expected to register a CAGR of 6.2% during the forecast period to 2024. This growth is primarily driven by Increasing in Demand for Constituents with Superior Chemical and Physical Properties, High Usage of Polyamide-imide Resins in Chemical Plants, here there is consistent leakage of explosive and hazardous chemicals., Growing Demand in Industrial sector and Increasing demand for high performance coatings.
Globally, a noticeable market trend is evident Demand for Glass filled Polyamide-imide Resins as it can bear Weather and Gamma Radiation Resistance, Outstanding Bearing, High Strength and Stiffness, And Good Chemical Resistance.. The Commodity Chemicals sector in the North America region has been increasing at a strong rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Innotek Technology Ltd. (China), Axalta Coating Systems (Philidelphia), Toyobo Co.Ltd. (Japan), Allnex Netherlands B.V. (Netherlands), Fujifilm Holdings Corporation (Japan), Hitachi Chemical Company Ltd. (Japan), Drake Plastics (United States) and Solvay S.A. (Belgium) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In April 2017, Axalta which is a coating company acquired Ellis paint which is prominent in manufacturing industrial and automotive refinish paint. This acquisition will help Axalta to expand their portfolio of innovative and sustainable coatings in both the industrial and refinish segments.
Market Drivers
- Increasing in Demand for Constituents with Superior Chemical and Physical Properties
- High Usage of Polyamide-imide Resins in Chemical Plants, here there is consistent leakage of explosive and hazardous chemicals.
- Growing Demand in Industrial sector
- Increasing demand for high performance coatings
Market Trend
- Demand for Glass filled Polyamide-imide Resins as it can bear Weather and Gamma Radiation Resistance, Outstanding Bearing, High Strength and Stiffness, And Good Chemical Resistance.
Restraints
- The High Cost of Raw materials such as N-methyl-2-pyrrolidone & Isocyanates as they are Derived through the Solvent Recovery Process from Hydrocarbons.
Opportunities
High Demand in among End users for Polyamide imide Resins.
Challenges
Cost Factor Associated with Polyamide imide Resins.
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