High Temperature Thermoplastics Market Scenario
According to a new report by Market Research Future (MRFR), the global high temperature thermoplastics market is expected to showcase a healthy CAGR over the assessment period (2017-2023) owing to its application in several sectors such as electrical and electronics, industrial, transportation, medical, and others. High temperature thermoplastics are used in small amounts to add thermal stability to a product. Manufactured by advanced compounding techniques, high temperature thermoplastics are used to increase the structural properties of materials. They provide exceptional strength and recyclability to a product.
Drivers and Constraints Affecting the Market Growth
High temperature thermoplastics market is predicted to witness significant growth in the coming years owing to the increasing demand in automotive and electronics industry. High-performance thermoplastics comprise polyphenyl sulfone (PPSU), polyether ketone (PEK), polyethersulfone (PES), polyether ether ketone (PEEK), polyphenylene sulfide (PPS), polysulfone (PSU), and polyetherimide (PEA). These high-performance thermoplastics are used in circuit boards, printed injection molded connectors, and manufacturing of electrical components and structural automotive. Properties such as chemical and flame resistance, radiation, and temperature tolerance are predicted to spur the demand for high temperature thermoplastics over the forecast period. Moreover, mechanical properties such as stiffness, creep, fatigue, toughness, strength, and wear are presumed to augment the market growth during the review period.
Meanwhile, high production cost in relation to engineered and standard plastics is one of the major threats affecting the global market for high temperature thermoplastics. However, new technological developments and innovations are rapidly emerging to produce cost-effective thermoplastics.
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Global High Temperature Thermoplastics Segmentation
The global high temperature thermoplastics market has been segmented on the basis of application, resin type, and region.
By resin type: The market for high temperature thermoplastics have been segmented into fluoropolymers, polyphenylene sulfide, polyimide segments, aromatic ketone polymers, sulfone polymers, liquid crystal polymers, and high-performance polyamides. Among these, the segment for fluoropolymers holds the majority share owing to its extraordinary properties such as excellent chemical and thermal resistance. The aromatic ketone segment is also projected to showcase a rapid growth rate due to increasing consumption of lightweight materials in aviation and automobile sectors.
By application: The market for high temperature thermoplastics has been further segmented into medical, transportation, electrical & electronics, industrial, and others. The transportation sector accounts for the major share due to increasing replacement of lightweight metals over heavy metals in order to improve the performance and efficiency of the equipment. Moreover, the increasing demand for thermoplastic polymers in disposable devices is likely to drive the medical sector since they offer flexibility, unique elongation, and resilience to the product.
Asia Pacific Predicted to Hold the Largest Share
Geographically, the market for high temperature thermoplastics have been spanned across five regions such as Latin America, Asia Pacific, the Middle East & Africa, Europe, and North America.
Asia Pacific has been predicted to hold the largest share owing to the increasing adoption of lightweight materials in electrical and electronics, medical, transportation, industrial, and others. The transportation segment has been projected to hold the major portion and is expected to maintain its dominance owing to the rising demand for thermoplastics in aviation and aerospace sectors. Countries like India, Japan, and China being the major market players in these regions, is expected to spur the market growth during the assessment period.
The North American region is witnessed to expand at a significant rate owing to growing consumption of heat-resistant materials in medical, electrical and electronics, and others. Moreover, with the growing investment in the end-use industries, the market is likely to expand in this region. Besides, the increasing consumption of lightweight materials in the transportation sector has spurred countries like Canada, U.S., and Mexico to achieve a stunning growth rate.
The European market is also witnessed to showcase a remarkable growth owing to the implementation of several new mandates proposed by the government to follow biocompatible and lightweight resins in the industry. The market is majorly driven by the application of this rule in the electrical and electronics segment, and transportation. Besides, with the increasing technological advancement and innovation, the market is expected to expand in regions such as Germany, U.K., France, and Italy over the assessment period.
Also, the Latin America region is anticipated to witness significant growth in the market owing to the growing consumption of advanced polymers coupled with increasing awareness of eco-friendly resins in the industry. Moreover, due to the growing demand for high temperature polymers in the end-use industry, the market is expected to grow in the Middle East and African region.
The key players operating the global market for high temperature thermoplastics are BASF SE (Germany), Arkema (France), Solvay (Belgium), Evonik Industries AG (Germany), TORAY INDUSTRIES, Inc. (Japan), Royal DSM (the Netherlands), DowDuPont (U.S.), Celanese Corporation (U.S.), Victrex plc (U.K), SABIC (Saudi Arabia), and others.
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