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The Polyamide-Imide Resins Market size is projected to grow at a CAGR of 5.7% during the forecast period 2022-2027 and reach US$782.4 million by 2027. The growth of the Polyamide-Imide Resins
Market is primarily dependent on the growth of the aerospace sector. Polyamide-imide
resins are thermoplastic amorphous polymers composed of aromatic diamines such
as methylene diamine and trimellitic acid chloride. They are primarily used in
the aerospace industry for several applications involving molded or machined
parts of the aircraft such as bearings, pistons, gears, thrust washers and
other similar components. The surging
developments associated with the aerospace sector across the world have led to
considerable growth in the Polyamide-Imide Resins market.
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Polyamide-Imide Resins Market: The Aerospace Segment Leads the Market
On the basis of the end-use industry, the Polyamide-Imide Resins Market can be segmented into aerospace, automotive, electrical & electronics and other industries. The aerospace sector is evaluated to hold a significant share of the polyamide-imide resins market in 2021. During the forecast period 2022-2027, the aerospace segment is expected to grow with a CAGR of 6.0%. This can be attributed to various reasons such as the increasing aerospace production across the world. For instance, in January 2021, FedEx Express, headquartered in the United States, invested around US$6.6 billion in the development of 24 medium and large freighters from Boeing.
Polyamide-Imide Resins Market: Asia-Pacific Holds the Largest Market Share
On the basis of geography, the Polyamide-Imide Resins Market can be segmented into North America, South America, Europe, APAC and EMEA. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 41% share of the total revenue earned by the market globally. Asia-Pacific countries including China and India are comparatively ahead in terms of the growth of the aerospace sector. In 2022, the Indian Air Force (IAF) announced its plans to deliver 73 Tejas Mark-1A fighter jets which are scheduled to be delivered from 2024 to 2028.
The Polyamide-Imide Resins Market would also witness significant growth in the North American region. The USA and Canada are emerging as competitive countries in the Polyamide-Imide Resins market. According to the Federal Aviation Administration (FAA) of the United States, the development of the U.S. mainliner carrier fleet is estimated to increase at a rate of 54 aircraft per year.
Polyamide-Imide Resins Market: Competitive Landscape
Key companies holding major shares in the Polyamide-Imide Resins Market are Innotek Technology Ltd., Solvay SA, Axalta Coating Systems LLC, Toyobo Co., Ltd., Nuplex Resins LLC, Fujifilm, Hitachi Resins LLC, Drake Plastics Ltd., Mitsubishi Chemical Holdings Corporation and Elantas. The key strategies adopted by the company include product launches among others. In March 2019, Solvay announced that Performance Plastics Ltd. chose Torlon PAI for its expanded line of EnduroSharp Scraper Blades. All of the newly launched EnduroSharp products are molded from Solvay’s high-performance Torlon 5030 polyamide-imide, which is a 30% glass fiber-reinforced resin.