The Global High Performance Plastics Market will be worth US$ 50.7 billion by 2030, growing at a 9.5% CAGR during the forecast period
Category: Chemicals & Materials Published Date : June 2022 ID: CVC-00132-CH Format: PDF Pages: 304
High-Performance Plastics Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global High-Performance Plastics Market was worth US$ 24.6 Bn and is expected to grow at a CAGR of 9.5% over the forecast period. The market is expected to hit US$ 50.7 Bn by 2030 end.
High-Performance Plastics are polymers that have been particularly engineered to have high mechanical strength, chemical resistance, high dielectric strength, low shrinkage, greater design flexibility, and, most notably, thermal tolerance. Temperature stability is the major criterion for distinguishing High-Performance plastics from normal plastics.
What are the causes driving the rise in demand for High-Performance Plastics?
The cost-effectiveness and reduced weight have been important growth drivers for the High-Performance plastics industry. Due to features such as high thermal and chemical stability, and outstanding mechanical properties, excellent performance polymers have found their way into many sectors such as construction, automotive, aerospace, and defense.
These industries seek lighter materials with the same or superior qualities to metals to reduce costs while maintaining quality. The High-Performance polymer industry has significantly benefited these industries, encouraging the rise of High-Performance polymers.
What are the opportunities in the High-Performance Plastics Market?
The thriving automotive industry is expected to open ample opportunities for the global High-Performance plastics market in the coming years. The industry’s expanding perimeter will enable continuous research into car construction materials and the role of High-Performance plastics in future automotive design templates.
The usage of High-Performance polymers in smartphones and other consumer devices will increase due to a consistent preference for harder materials that can withstand a wider variety of stimuli. Despite the dominance of annually updated smartphone lines, many customers place a high value on the device’s build quality, which is projected to boost the expansion of the High-Performance plastics industry in the coming years.
What are the major challenges confronting the High-Performance Plastics Market?
The lack of proper testing standards within the industry for High-Performance plastics, in particular, is a major challenge the industry faces. Because there are no standardized testing procedures for High-Performance plastics, the enterprises have struggled with quality checking and quality assurance, with many resorting to in-house testing methods.
Another issue confronting the High-Performance plastics sector is the high raw material prices, End-use industry shift from developed to emerging countries, and rising production costs impeding the worldwide market growth.
Why are Fluoropolymers High-Performance Plastics expected are expected to dominate the market?
In 2019, the fluoropolymers sector represented a considerable share of the High-Performance plastics market, and this trend will continue during the forecast period. Fluoropolymers are high-performance fluorocarbon-based plastics in a wide range of unique and highly specialized applications. Fluoropolymers such as FEP, PFA, and PTFE are examples of High-Performance plastics.
Almost all chemical substances and solvents are resistant to these fluoropolymers. FEP, PFA, and PTFE are distinguished by their outstanding sliding characteristics and high biocompatibility. Fluoropolymers are high-performance plastics that enable manufacturers to make lighter-weight, more durable cars by providing unrivaled temperature and chemical resistance, unique electrical performance, and less friction.
Which End-Use Industry holds a significant share in the High-Performance Plastics Market during the forecast period?
In 2019, Automotive held a substantial portion of the High-Performance plastics market, rising at a CAGR of 9.5% during the forecast period. High-Performance polymers aid in developing transportation systems that combine high performance, competitive cost, safety, and strength
Engineered plastics and composites advancements have significantly improved fuel efficiency and safety for mass transit vehicles such as trains and buses. Due to desired features such as high strength to weight ratio, high wear and corrosion resistance, and fire and flame resistance, High-Performance polymers have long been one of the most common materials utilized in manufacturing mass transport vehicles.
Which region dominates the worldwide High-Performance Plastics Market?
Because of the persistent presence of multiple industry leaders and the consistent demand for technical updates, North America is expected to dominate the worldwide High-Performance plastics market with a market share of about 42.0%.
The regions’ automotive and consumer electronics sectors are also strong in their respective worldwide markets, which is a significant reason for enabling the High-Performance plastics market to grow steadily in the forthcoming years.
Why is the Asia Pacific region cementing its global dominance in the High-Performance Plastics Market?
In the future, Asia Pacific is expected to become a leading regional market for High-Performance plastics. The consistent rise of the consumer electronics industry in Asia Pacific countries such as China, South Korea, and India is the primary driver of the region’s High-Performance plastics market.
The automobile sector in India, South Korea, Japan, and, in particular, China is expected to rise steadily in the future, boosting the region’s High-Performance plastics market.
The high-performance plastics market has been consolidated, with the top players accounting for a major market share. Technology launches, acquisitions, and R&D efforts are effective strategies used by High-Performance plastics industry participants.
Some of the key developments that have taken place in the High-Performance Plastics Market include:
A list of some of the critical suppliers present in the market are:
Market Segments Covered in Report
By Region and Country:
Global High-Performance Plastics Market 2022-2030: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Billion for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, End-Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|