High Heat (Heat Stabilized) Glass Reinforced Polyamide 66 Market Analysis

High Heat Glass Reinforced Polyamide 66 Market Analysis

Based on raw material, the high heat (heat stabilized) glass reinforced polyamide 66 market has been segmented into virgin and recycled. Recycled raw material segment will grow with a CAGR of more than 9% during the forecast period. Recycled grade will have a higher growth rate owing to its environmental benefits, low cost, and increasing usage in relatively non-critical applications such as electrical housings. Favorable government initiatives towards increasing the recycling rate of different materials to reduce the negative effect on the environment will further drive the recycled grade demand during the forecast period.
 

Based on product, the high heat (heat stabilized) glass reinforced polyamide 66 market has been segmented into four product types including <20% GR, 21% - 33% GR, 34% - 45% GR, and >45% GR. Among these product types, 21% - 33% GR is a key segment accounting for a significant share of the market. The product’s cost-effective nature coupled with superior thermal and mechanical properties will augment its market growth during the forecast period. <20% is also a key product segment which will grow with around 8% CAGR from 2019 to 2025. High heat (heat stabilized) glass reinforced polyamide 66’s extensive usage in automotive and electronics industry will drive its demand during the forecast period.
 

According to end-users, the market is segmented into automotive, electrical and others such as industrial components, heavy machinery, etc. Automotive end-user segment market value was recorded at more than USD 1.5 billion in 2018 and is expected to gain by more 8% CAGR during the forecast period. Increasing automotive demand coupled with shifting trends towards vehicle light weighting will drive high heat (heat stabilized) glass reinforced polyamide 66 demand for automotive applications.
 

North America is a major high heat (heat stabilized) glass reinforced polyamide 66 market which accounted for around one-fifth of the market in 2018. Increasing automotive production in the U.S. is a major factor driving the North American market. Developments in the North American electrical industry will also have a positive effect on the product market growth.
 

Europe is also a major high heat (heat stabilized) glass reinforced polyamide 66 market which will grow by around 5% CAGR. Rising automotive manufacturing rates in European countries such as Germany, France, and Italy will be the chief growth enabler. Favorable growth in European electronic components market will also propel the product market growth during the forecast period.