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The High-Temperature Plastic Market is expected to reach US$50.5 billion by 2026, growing at a CAGR of 5.5% during the forecast period of 2021-2026. Increasing demand for plastic materials in the automotive, electronics, and packaging industries is expected to be one of the key driving factors. Polyimides are high-performance plastics that exhibit high temperature and electrical resistance as well as high strength. They are widely used in automotive & transportation markets, consumer goods, and electrical and electronics applications. The high-temperature performance of polypropylene will drive the demand for high-temperature plastic. With the rising demand of packaging industry, the demand for fluoropolymers will expand. Fluoropolymers are a ubiquitous part of modern life used in everything from food packaging to the non-stick coatings on kitchen pans. Fluoropolymers have been able to satisfy many different industrial needs, making them a highly popular material.
COVID-19 Impact
COVID-19 Outbreak has made a significant impact on high temperature plastics market. The world has seen the demand of high temperature plastic market being 40-50% lower than usual. Products like hard PVC, polycarbonate and polypropylene plastic materials has been affected the most. Starting 2020, Covid-19 has caused some markets to go into a general shutdown. This has led to the closure of the large factories used to produce barrels and other equipment, temporarily affecting the capacity of many plastics companies. In addition, the continuous shutdown of the world’s economy has resulted in a temporary loss of business for many suppliers of plastic products, so many large plastic companies have gone out of business temporarily. The low demand from end use industries during covid-19 lockdown has also impacted the global market for high temperature plastics.
High Temperature Plastics Market – By Type
The polytetrafluoroethylene segment accounted for the maximum share of 34% in 2020 and is expected to grow significantly during the forecast period. The favorable growth will be seen in high temperature plastics especially in the industries like automobiles, aerospace and electrical and electronics and demand for coating industry will open doors for the market. The major end-use industries such as automotive, aerospace and electrical & electronics are using Polytetrafluoroethylene for the production of various components.
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High Temperature Plastic Market-By Application
High Temperature Plastics will be used as insulators to protect electrical and electronic equipment from heat and as a protective covering for electronic equipment to prevent malfunctions due to mechanical and thermal stress. The market for High Temperature Plastics will increase in line with the growth in electrical and electronic equipment usage globally. High Temperature Plastics are used to insulate equipment from heat and protect equipment from stresses due to heat.
High Temperature Plastic Market-By End Use Industry
The automotive segment accounted for 30% in 2020 and is expected to grow significantly during the forecast period 2021-2026. The automotive sector is currently challenged by the global slowdown and the implementation of stricter emission standards. However, the global automotive market is expected to witness a significant growth in the developed and developing markets. In the developed regions, Asia-Pacific is expected to grow at the fastest pace between 2021 and 2026. The region is expected to maintain this momentum into 2025, growing at a CAGR of 4% while India and China are expected to continue to dominate the market. In addition, China is the second largest automotive market in the world.
High Temperature Plastics Market-By Geography
The Asia Pacific region is expected to dominate the global high temperature plastic market and hold approximately 33% of market share during the forecast period. The growing usage demand for passenger vehicles in emerging economies such as India, China, Japan and South Korea are diving the market growth for high temperature plastics. The key factor in this segment is the shifting hub from Western region to the Asia-Pacific. Asian countries like Japan, South Korea, Taiwan will play a major role in the expansion and growth of the plastic market. Apart from this, we can also see the suitable growth in European region in the automotive and aerospace industry.
High Temperature Plastics Market Drivers
Growing demand from the automotive sector
The automotive sector is one of the most important end-use applications for high-temperature plastics. The product is used in the automotive and transportation industry as an insulator for passenger seats, instrument panels, car roofs, and exterior cladding panels. The market for automotive applications is growing, and with the implementation of improved performance and more stringent environmental regulations, the market is expected to grow significantly in the future. The number of vehicles sold in the Asia-Pacific region in 2020 reached 742 million units compared to 591 million units in 2019. This growth is attributed to rising incomes and large-scale development programs in China and India. The automotive industry in the Middle East and Africa is expected to register a CAGR of 6%.
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High Temperature Plastic Market Challenges
Brittle and Hard
The first challenge for using high temperature plastic in medical applications is that plastics are relatively brittle and hard. The medical devices often need to endure high temperatures, but they are subject to numerous stresses from the environment, such as abrasions, cut and forces. Moreover, high temperature plastic price premium, which makes them too expensive for many healthcare applications. This is one of the key challenges that can be faced for using high temperature plastic in medical applications. High temperature plastics also difficult to fabricate into complex shapes and are usually brittle and have low flexibility, and thus are not suitable for applications where high flexibility and strength are required.
High Temperature Plastics Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the GCC DEF (AdBlue) market. Major players in the High Temperature Plastics market include:
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Key Takeaways
Relevant Reports
A. High Temperature Thermoplastics Market
Report Code: CMR 58101
B. Engineering Plastics Market
Report Code: CMR 0285
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