Polyphenylene Sulfide
Polyphenylene Sulfide Market Scope
Polyphenylene Sulfide Market is projected to be worth USD 2.26 Billion by 2030, registering a CAGR of 5.3% during the forecast period (2022–2027).
Major Boosters and Deterrents
The market size is expanding at a significant rate, thanks to the amplified product demand in sectors such as industrial, automotive, aerospace and electronics. PPS is increasingly being consumed across industries, given their ability to function in extreme temperature, significant performance and impressive mechanical properties. The product’s extensive use in numerous automotive components such as switches, engine components, pistons, coolant systems and transmission components will also enhance the market share in the coming years. The dramatic surge in automotive production across Indonesia, China, U.S., Mexico, South Korea, Germany, Taiwan, Malaysia and Japan is anticipated to work in favor of the PPS market in the ensuing years.
Since Polyphenylene Sulfide Market Analysis is sustainable and recyclable, it is used widely to foster fuel efficiency and cut down emission levels. Its impressive properties have resulted in elevated demand from various end-use industries. PPS is also increasingly being used to replace metals, as they facilitate weight reduction in vehicles. Established companies are striving to bolster their geographical reach to capture the maximum share in the global market. This is touted to augment the competitive quotient in the following years.
Asia Pacific offers a number of lucrative opportunities to global players. China is the biggest producer of electronic products in the world, including OLED TVs, smartphones, wires, tablets, earphones, and cables. Given the rising disposable income of middle-class individuals in the country, the demand for electronics has escalated phenomenally over the years, which is touted to be a prime growth booster for the polyphenylene sulfide market in the country.
Affluent Firms
Eminent firms in the global market for polyphenylene sulfide include TORAY INDUSTRIES, INC. (Japan), Aetna Plastics Corp. (U.S), SK Chemicals (South Korea), Tosoh Corporation (Japan), KUREHA CORPORATION (Japan), Celanese Corporation (U.S), DIC CORPORATION (Japan), Chevron Phillips Chemical Company (U.S), Solvay (Belgium), Polyplastics Co., Ltd. (Japan), TEIJIN LIMITED (Japan),
Segmentation Insight
The market for Polyphenylene Sulfide market has been extensively detailed in the MRFR report, while considering a few major segments including type and application.
The type-based segments in the global market are virgin as well as recycled. Environmental concerns paired with cost saving encourage manufacturers to make higher use of recycled PPS, however, virgin PPS will note better demand due to imposition of strict environmental policies and the worldwide fall in their price.
Some of the top applications of polyphenylene sulfide include electrical & electronics, filter bags, coatings, automotive, industrial applications, and others. Polyphenylene sulfide experiences highest demand in the automotive sector, with applications in engine components, fuel system parts, brake systems, power trains, lighting, electrical and transmission applications. Its applications are extensive in components that are widely exposed to extreme temperatures and corrosion. Growth of road networks across Asia Pacific along with the focus of the government on improving the infrastructure to foster vehicle sales should also enhance the use of polyphenylene sulfide in the sector.
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Regional Status
MRFR report has highlighted a few key regions as per which the global market for polyphenylene sulfide market has been analyzed, namely Latin America, North America, Asia Pacific (APAC), Middle East & Africa (MEA) and Europe.
The Asia Pacific market has been gaining at a considerable pace, thanks to the presence of thriving industries including electrical & electronics, coating and automotive in China, Japan and India. With renowned automotive manufacturers like Nissan, Toyota and Honda present in the region, along with the extensive sales of SUVs and sedans, the polyphenylene sulfide market is bound to touch new heights in the ensuing years. South Korea and Thailand are a few other major markets in the region, supported by the large-scale manufacturing and sales of automobiles in these countries. However, Japan has emerged as the leading producer of PPS in the world, since most of the companies in the countries are working on fostering their production capacity while also employing mergers and acquisition strategies to capture a higher position.
North America will be another strong contender in the global industry, as the region is characterized by robust automobile and aerospace industries, which are key end-users. Technical advancements combined with the surge in investments should benefit the regional market in subsequent years. Amplified need for a higher number of commercial aircraft and the vast manufacturing base with respect to automotive vehicles in the United States will ensure steady demand for polyphenylene sulfide throughout the conjectured period. Surging focus on replacing obsolete aircraft with new, more advanced, fuel-efficient and next-generation aircraft will ramp up the growth of the commercial aerospace industry in the US, which ultimately works in favor of the PPS market.
