Market Analysis
The global High Performance Plastics Industry is anticipated to grow at a rapid pace and an alluring 9.2% CAGR over the predicted years (2021-2030). High performance plastics or HPP are highly valued for its wide array of excellent properties. It has been specially designed to withstand as well as perform in the extreme environments which includes high velocity, high pressure, very high temperature, very low temperature and more. HPP is used constructively in various industrial applications such as applications that need high abrasion resistance, shock absorption and high heat exposure applications in aerospace and glass industries, defined conducting, highly insulating, emission proof and heat resistant materials for electrical and semiconductor engineering industry, hydrolysis and sterilization resistant materials for the medical devices, radiation resistant and emission proof components for vacuum technology, applications in nuclear energy and x-ray technology, components for chemical industry, components for aerospace and aircraft applications where the extreme temperatures (high and low) are a challenge and downhole drilling application in oil & gas industry. Some of the key characteristics of high-performance plastics include extreme chemical and temperature resistance, reduced downtime and maintenance and lightweight.
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There are many factors that is driving the growth of the high-performance plastics market. Some of these factors as per the Market Research Future (MRFR) report include increasing adoption in the Automobile and Aerospace industry, rapid development in the chemical industry, increasing demand in the electronics industry, rapid industrialization, urbanization and supportive regulations and policies. On the contrary, factors such as increasing cost of production, shift of the end-use market to emerging countries from developed countries and high raw material prices may hamper the growth of the high-performance plastics market.
Market Segmentation
Market Research Future report offers an all-inclusive segmental analysis of the high-performance plastics market on the basis of type and end-use.
Based on type, it is segmented into polyetherimide, liquid crystal polymers, polyphenylene sulphide, sulfone polymers, polyamides, fluoropolymers and others. Of these, fluoropolymers will have the largest share in the market due to its wide application in films, compounding, gaskets, tubing, coating and seals.
Based on end-use, the high-performance plastics market is segmented into industrial, electrical and electronics, aerospace and defense, automotive and others. Of these, the automotive segment will lead the market. HPP are in high demand in automotive manufacturing as it makes cars lighter that further aids to reduce fuel consumption and carbon emission.
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Regional Analysis
Based on region, the high-performance plastics market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, North America will have a lion’s share in the high-performance plastics market over the predicted years followed by Europe owing to presence of various industry leaders coupled with constant requirement for technological upgrades. Both consumer electronics and automotive industries are the leading industries here that are boosting the market demand. Besides, the mounting demand for HPP from end-use industries and supportive government regulations and policies is driving the growth of the high-performance plastics market here. The market in the APAC region is expected to grow at the fastest CAGR due to industrialization and urbanization. The electronics industries in the leading APAC countries namely India, South Korea, Japan and China are anticipated to have phenomenal growth over the predicted years. The flourishing and growing automobile industry in this region is projected to have a phenomenal growth owing to various technological advancements namely electric and hybrid vehicles. It has paved the way for HPP to advance in this region immensely.
Competitive Analysis
The global high-performance market is extremely competitive and characterized through the existence of global and regional players. The vendors in this market compete with one another resting on different factors namely performance, customer-centrism, quality, price and innovation. The prospect of prospective customers is on the rise owing to increasing emphasis of vendors on high investments in research and development activities, adoption of growing strategies and customization of the product offerings.
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Key Players
Key players profiled in the high-performance plastics market include Saint-Gobain Performance Plastics Corporation (France), Kuraray Europe GmbH (Germany), EMS-CHEMIE AG (Switzerland), DSM Company (The Netherlands), 3M Company (U.S.), Saudi Basic Industries Corporation (SABIC) (Saudi Arabia), Victrex PLC (U.K.), E. I. Dupont De Nemours and Company (U.S.), Kuraray Co., Ltd. (Japan), Evonik Industries AG (Germany), Arkema S.A. (France), BASF SE (Germany), Solvay S.A. (Belgium), Celanese Corporation (U.S.),and Daikin Industries, Ltd. (Japan).
Dec 2018- Evonik Corp has joined hands with Compounding Solutions L.L.C. This agreement will include Compounding Solutions’ Vestakeep Care Peek medical grade polymers, Trogamid Care clear polyamide, Vestamid Care ME polyether block amide and Vestamid Care ML polyamide 12. This partnership will benefit the medical industry in its entirety. Evonik Corp’s medical grade polymers are used in stent deliveries, dental as well as balloons and catheters that are highly engineered for percutaneous transluminal coronary angioplasty, surgical devices, drug delivery systems, imaging devices, housings and stockcocks.
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