United States, Rockville MD, June 28, 2022 (GLOBE NEWSWIRE) -- As per thorough industry analysis by Fact.MR, a market research and competitive intelligence provider, the global high temperature plastics (HTP) market is anticipated to rise at a CAGR of 5.8% from 2022 to 2032.
Plastics are known to be a type of organic polymer with a high molecular mass and a tendency to contain additional materials. Polyimides are high-performance plastics with excellent thermal and electrical resistance and high strength. They are commonly used in the automotive and transportation sectors, as well as for consumer goods and electrical & electronic applications.
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The market for high-temperature plastics will be driven by polypropylene's high-temperature capability. Fluoropolymers will become more popular as the packaging industry grows. Fluoropolymers are omnipresent in modern life, appearing in everything from food packaging to non-stick cooking pan coatings. Fluoropolymers are versatile materials that can meet a variety of industrial demands.
The global high-temperature plastics market would also benefit from increased demand from the coatings industry. As automakers increasingly use high temperature plastics to construct engine parts, market demand is expected to grow rapidly. The vast range of features of high temperature plastics has led to its growing use in a variety of end-use sectors.
What Roadblocks Do High Temperature Plastic Manufacturers Encounter?
“Rising Cost of High Temperature-Resistant Plastics across the World”
Polymers such as polyketones, polyphenylene sulphides, and liquid crystal polymers are used to make high temperature plastics. Prices of these polymers are fluctuating, resulting in a significant increase in the cost of the final product. Manufacturing high temperature plastics can be difficult, which could stymie industry growth. This is projected to stifle high temperature plastic sheet sales.
The first issue with using high temperature elastomers in medical applications is that polymers are brittle and difficult to work with. Medical devices are frequently exposed to high temperatures, but they are also subjected to a variety of environmental stresses such as abrasions, cuts, and pressures.
Machinable high temperature plastics are more expensive, making them unsuitable for many healthcare uses. This is one of the most significant obstacles to overcome when employing high temperature plastics in medical applications. High temperature plastics are also difficult to form into complicated shapes and are typically brittle and stiff, making them unsuitable for applications requiring high flexibility and strength.
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Key Segments Covered in the High Temperature Plastics Industry Survey
- HTP Market by Product Type :
- Fluoropolymers
- Polyamides
- High-performance Polyamides
- Polyketones
- Polysulfones
- Polyphenylene Sulfide
- Liquid Crystal Polymers
- Fluoropolymers
- HTP Market by End Use :
- Electrical/Electronics
- Automobiles
- Chemical/Industrial
- Aerospace
- Medical
- Other End Uses
- Electrical/Electronics
- HTP Market by Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America
Winning Strategy
High temperature plastic manufacturers are investing in supply chain networks to ensure flawless manufacturing and delivery. To increase their production, most companies engage in strategic partnerships, capacity growth, new product development, acquisition, and the formation of new organizations.
For instance,
- In May 2019, Solvay and Safran, a France-based company, announced a long-term deal for the delivery of high-temperature innovations for key engine supplies.
Competitive Landscape
High temperature plastic manufacturers are focusing their efforts on growing their businesses in new areas. While attempting to expand their customer base, market players are focusing their resources and investments on profitable end uses.
Key companies are also making plans to expand their product lines and portfolios through investments and mergers and acquisitions.
For instance:
- In 2019, SABIC industries introduced Xenoy HTX, a breakthrough high heat resin series for lightweight electrification advancements in automobile systems.
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Key players in the High Temperature Plastics Market
- Daicel Chemical Industries Ltd.
- Solvay S.A
- DuPont
- Celanese Corporation
- Victrex plc.
- SABIC Innovative Plastics
- Eastman Chemical Company
- BASF SE
- Arkema SA
Key Takeaways from High Temperature Plastics Market Study
- Global HTP market to reach valuation of US$ 28.51 billion by 2032.
- Market in North America projected to increase at 6.3% CAGR over forecast period.
- HTP market in China projected to increase at 5.8% CAGR through 2032.
- Demand for high temperature plastics in electrical/electronic industries expected to rise at 7.3% CAGR from 2022 to 2032.
Fact.MR’s Domain Expertise in Chemicals and Materials Division
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemicals and materials division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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