High performance plastics are engineered plastics differing from standard products owing to their high chemical resistance and mechanical properties. Its properties can be enhanced further owing to materials such as glass beads, glass fiber, and carbon fiber. The global high performance plastics market report by Market Research Future (MRFR) encompasses drivers, challenges, opportunities, and trends for the period of 2022 to 2030.
Market Scope
The global high performance plastics market is estimated to witness close to 9.2% CAGR during the forecast period. The massive need for durable materials by the manufacturing sector is expected to drive the global market growth. Other end-use industries driving demand include automotive, construction, medical devices, and electronics & electrical. The need for lightweight materials which can lower carbon emission levels can bode well for the market.
The expansion of the consumer electronic industry is a plus for the high performance plastics industry. High demand for excellent performing smartphones and large expendable income levels of customers can drive the segment growth. Emphasis on outer aesthetics and feel of electronic products can induce heavy demand from the global high performance plastics market.
However, rising production costs and fluctuating prices of raw materials can hamper market growth.
Segmentation
Global high performance plastics market has been segmented based on type and end-use. Based on the type, the market is segmented into liquid crystal polymers, fluoropolymers, polyphenylene sulfide, polyamides, sulfone polymers, polyetherimide, and others. Among these, the fluoropolymers is projected to dominate the high performance plastics market until 2023. The foremost position of this segment is due to the wide application of fluoropolymers in tubing, films, compounding, coating, seals, and gaskets.
Based on end-use, the market is segmented into industrial, automotive, aerospace & defense, electrical & electronics, and others. Automotive segment is projected to be the fastest-growing end-use segment till 2023. High performance plastics are increasingly in demand in automotive manufacturing due to its low corrosion resistance and long shelf-life of components. Plastics used in automotive include polypropylene (PP), polyurethane (PU), and polyvinyl chloride (PVC).
Regional Analysis
Regionally, the global high performance plastics automotive thermal management is segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America and Europe can dominate the global market till 2023. Efforts taken by plastic manufacturers in the U.S. to launch new products and curtail price hikes are a major driver of the regional market. Presence of major corporations from electronics and automotive sectors can be beneficial to the market. Supportive government policies and regulations can bolster the market demand greatly.
Europe can perform well during the forecast period owing to the massive transportation sector. The need for durable components during delivery of sensitive products is pivotal in driving the global high performance plastics market demand.
APAC can exhibit a stellar growth rate during the forecast period owing to lax regulations and establishment of facilities or centers by prominent names in the automotive sector. Electronic corporations in India, South Korea, China, and Japan can fuel the demand for high performance plastics. The thriving automotive sector in APAC due to high demand for electric and hybrid vehicles can augur favorably for the market. Change in policies and establishment of charging infrastructure can culminate in numerous growth opportunities for manufacturers.
Competition Outlook
Saint-Gobain Performance Plastics Corporation, EMS-CHEMIE AG, Victrex PLC, Evonik Industries AG, DSM Company, Kuraray Co., Ltd., Kuraray Europe GmbH, 3M Company, Saudi Basic Industries Corporation (SABIC), Arkema S.A., E. I. Dupont De Nemours and Company, Celanese Corporation, Daikin Industries, Ltd., Solvay S.A., and BASF SE are prominent companies operating in the global high performance plastics market.
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