High Performance Plastics Market size is forecast to reach $31.98 billion by 2025, after growing at a CAGR of 9.30% during 2020-2025. High performing plastics are specially designed polymers with high mechanical strength, chemical resistance, and, all-importantly, temperature resistance. Stability at high temperature is the main criterion used to differentiate high performance plastics from regular plastics. Most of the high performance polymers are produced by the polycondensation process as amorphous, semi-crystalline or liquid crystalline polymers. The major types of HPPs are fluoropolymers, high performance polyamides, polyphenylene sulfide, sulfone polymers, liquid crystal polymers, aromatic ketone polymers, and poly-imide.
By Type – Segment Analysis
Fluropolymers segment held a significant share in high performance plastics market in 2019. Fluoropolymers are fluorocarbon-based, high-performance plastics used in many unique, highly specialized applications. Fluoropolymers such as FEP, PFA and PTFE belong to the category of high performance plastics. These fluoropolymers are very resistant to nearly all chemical compounds and solvents. Distinguishing features of FEP, PFA and PTFE are their excellent sliding characteristic and very good biocompatibility. With unmatched temperature and chemical resistance, unique electrical performance and decreased friction, fluoropolymers are high-performance plastics that help manufacturers produce lighter-weight vehicles that are extremely reliable.
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By End-Use Industry – Segment Analysis
Transportation segment held a significant share in high performance plastics market in 2019 growing at a CAGR of 9.41% during the forecast period. High performance plastics help achieve transport solutions that combine high performance, competitive pricing, safety, strength and minimal environmental impact. Advancements in engineered plastics and composites have led to significant improvements in fuel efficiency and safety of mass transit vehicles, including trains and buses. High performance plastics have long been one of the most popular materials used in the manufacturing of mass transit vehicles due to desired qualities such as high strength to weight ratio, high wear and corrosion resistance, and fire and flame resistance.
The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics.
Geography- Segment Analysis
North America dominated the high performance plastics market with a share of more than 41%, followed by Europe and Asia Pacific. The rising demand for high performance plastics in this region is mainly driven by its increased use in electrical & electronics and medical industries. Europe is the second-largest consumer and manufacturer of high performance plastics, globally. The market in this region is mainly driven by the growing opportunities from the transportation industry. The automotive and consumer electronics industries in these regions are also dominant in the respective global markets, which is a key factor enabling steady growth of the high performance plastics market in the forecast period.
Drivers – High Performance Plastics Market
High performance polymers possess special characteristics due to which it is being preferred across major end use industries
A major growth driver for the high performance plastics industry has been the cost effectiveness and lighter weight advantage given by the high performance plastics. Due to these characteristics added with high thermal and chemical stability and superior mechanical properties, high performance polymers have found their way into expansive industries such as construction, automotive, aerospace and defense. These industries require lighter material with the same or superior properties to that of metals so as to make their products more cost effective without reducing quality. The high performance polymer market has been a great advantage for these industries which has been driving the growth for High performance polymers.
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Challenges – High Performance Plastics Market
Raw material prices
Factors such as high price of raw materials, shift of end-use market from developed countries to the emerging countries, and rising cost of production hinder the growth of the market, globally. Another challenge faced by the high performance plastics industry is the lack of appropriate testing standards within the industry for high performance plastics specifically. The lack of standardized testing methods for high performance plastics the industries have been having a tough time in quality checking and quality assurance with many using in-house methods for the testing.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the high performance plastics market. In 2019, the market of high performance plastics has been consolidated by the top five players accounting for xx% of the share. Major players in the high performance plastics market are Sekisui Chemical Co., Ltd., Saint-Gobain Performance Plastics Corporation, Röchling-Group, Quadrant Group of Companies, Ensinger India Engineering Plastics Private Ltd., Grindwell Norton Ltd., Dover High Performance Plastics, A. Schulman Inc., Quantum Polymers, CoorsTek, Inc., BASF SE, Murtfeldt Kunststoffe GmbH & Co. KG, DuPont, and TriStar Plastics Corporation. among others.
In March 2019, Researchers at the Fraunhofer Institute for Machine Tools and Forming Technology (Germany) introduced SEAM (Screw Extrusion Additive Manufacturing) for the manufacturing of high-performance plastics. It is faster than conventional 3D printing. This development had expanded the market size globally.
In February 2019, Aerosint SA came into partnership with Solvay to create SLS 3D printing process for high performance polymers which enabled the efficient production. It has helped in the reduction of operating cost and reduces the excessive wastage, as well as this technology, has made 3D printing of high-performance polymers more affordable.
In 2018, German chemicals company BASF SE has started up a new production line for its high-temperature-resistant thermoplastic Ultrason in Yeosu, Korea.
Asia-Pacific is the fastest-growing region for high-performance plastics market.
Constant effort taken by plastic industry for the improvement of mechanical properties and resistance to temperature and chemicals is paving the way for the growth of the high performing plastics market.
Increasing performance requirements across various applications are accelerating the adoption of high-performance plastics in both transportation and aerospace industries.
Related Reports :
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B. Antimicrobial Plastic Market
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