Polyamide imide Resins Market to Record an Exponential CAGR by 2024
Polyamide-imides are amorphous polymers that are either thermoplastic or thermosetting, with remarkable mechanical, chemical, and thermal resistant properties. One of the primary use of polyamide-imides is the material’s use in the manufacturing of magnet wire. They are used as wire coatings. Two different materials go into preparation of polyamide imides -trimellitic acid-anhydride in n-methyl-2-pyrrolidone, and isocyanates. Polyamide-imides exhibit an amalgamation of properties from both polyimides and polyamides, such as melt processibility, high strength, chemical resistance, and exceptional high heat competence. Polyamide imide polymers can be used for a variety of applications such as coatings, films, fibers, adhesives, and instillation or compression of precast parts and ingots.
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The market has been on a growth path and is poised to remain so in the near future. Factors such as improvements in the product field, for example, carbon reinforced resin, and increase in demand for constituents with superior chemical and physical properties will drive the market further.
Cost of procurement of raw material and lack of skilled labor are some of the factors which might inhibit the growth of the market during the forecast period. However, growth prospects for polyamide imide resins coating will continue due to their widespread use in the hybrid car industry owing to their better thermal properties. Furthermore, these resins have high resistive physiognomies; hence, they find usage in chemical plants where there is consistent leakage of explosive and hazardous chemicals. Growing demand for polyamide imide resin, primarily in the industrial sector is likely to push the overall polyamide imide resins market in the future.
The global polyamide imide resins market can be segmented by preparation, by coating application, by end-user industry, and geography. By preparation, the global market can be trifurcated into diisocyanate route, acid chloride route, and others. Most of the manufacturers of polyamide imide resins which are used as wire enamels use the diisocyanate route for production. By coating application, the global polyamide imide resins market can be classified into wire enamel coatings, high temperature coatings, non-stick coatings, corrosion resistant coatings, decorative coatings, and others. Wire enamel coatings held a significant market share in the global polyamide imide market. Food packaging, architectural, paper and pulp, automotive, marine, wood, industrial, and others are the segments under polyamide imide resins market by end user industry. The automotive industry was a major contributing industry for the polyamide imide resin market.
Geographically, the global polyamide imide resins market is divided into five regions. They are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The polyamide imide resins market fluctuates across geographies in terms of supply, demand, price, and trade, along with compositions of the ingredients as well as potential of the end-use industry. The North America market has the leading share of the global polyamide imide resins market. Increasing demand for high performance coatings in the region can be ascribed to the growing aerospace and automotive industry. Continuing investments by various automakers in the U.S. are likely to drive the market in this region over the forecast period. The Asia Pacific region is expected to grow at a maximum rate over the forecast period. Growing population and increase in the number of companies in emerging countries such as India and China will boost the demand growth in this region.
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Key vendors in the global polyamide imide resins market include Innotek Technology Ltd., Axalta Coating Systems, LLC, Toyobo Co., Ltd., Nuplex Resins, LLC, Fujifilm, Hitachi Resins, LLC, Drake Plastics Ltd. Co., Mitsubishi Shoji, Solvay SA, Kermel, Elantas, Shanghai Songhan Plastics Technology Co., Ltd., and Ensinger GmbH. Companies such as Innotek and Fujifilm are focused on manufacturing PAI powders for coatings uses.