Farmington, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The Global High Performance Plastics Market Size Was Valued At USD 20.93 Billion In 2021. The Market Is Projected To Grow From USD 22.71 Billion In 2022 To USD 42.08 Billion By 2030, Exhibiting A CAGR Of 9.2% During The Forecast Period. The COVID-19 pandemic has been shocking and has never happened before. As a result, the demand for high performance plastics is lower than expected in all areas compared to before the pandemic. According to our research, the global market for high-performance plastics will be 3% smaller in 2020 than it was in 2019.
Engineering plastics and regular plastics are not as stable at different temperatures as high performance plastics. They also have different mechanical properties, resistance to chemicals, prices, and amounts of production. These plastics are better than engineering and standard plastics and meet higher standards. They are more expensive and are used less. High performance plastics are better at being resistant to chemicals, being strong, and being resistant to heat.
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Recent Developments:
- October 2021 – Brandmotion LLC, an automotive safety technology company, announces a collaboration with DENSO Products and Services Americas to provide a one-stop service for cities looking to equip their cars with advanced V2X technology.
- October 2021 – Infineon Technologies announced the release of the SLS37 V2X Hardware Security Module (HSM) and plug-and-play security solution for V2X communications. The SLS37 V2X HSM is based on a highly secure, tamper-evident microcontroller tailored to the security requirements of V2X applications within telematics control units.
Segment Overview
Type Insights
Because fluoropolymers are so good at what they do, they are in high demand. This market segment is growing because they are used in industries like transportation and medicine. Fluoropolymers are thought to be the most useful non-reactive material because of their interesting chemical properties.
Poly vinylidene (PVDF) and poly vinyl fluoride (PVF), which are both well-known types, are used to make fluoropolymers. Many different kinds of industrial products can be made with these kinds of fluoropolymers.
End-use Industry Insights
The growth of the transportation industry is tied to the fact that most car parts and insulation are made of high-performance plastic. This is because high-performance plastic can withstand chemicals and high temperatures and works well with electricity. These fluoropolymers are used to make granular and powder foam, which makes them useful in the process of transferring and pressing. Extruded or compressed high-performance plastic has many advantages over regular or low-performance plastic. Using this high-performance plastic makes the car flexible, lighter, and very reliable.
Regional Outlook:
The Asia-Pacific region had the largest share of the market for high-performance plastics and is expected to keep doing so during the forecast period. The growth of the area is linked to the growth of the electrical and electronics industry. India and China, two countries in the area, have the most people and the fastest-growing economies in the world. So, as the world's population has grown over time, so has the need for electrical and electronic devices. This gave new and old companies that make the latest electrical and electronic products access to a huge market. This made the manufacturers feel more pressure to meet the needs of the customers. Semiconductors and smaller microprocessors are made out of high-performance plastic because it is very resistant to chemicals and makes them last longer.
North America should have grown a lot by the year 2029. People in the area have a lot of money to spend and like to buy high-quality raw materials, which is why there is a demand for goods from the area. Countries in the region, like the U.S., have the highest income per person, which puts pressure on transportation manufacturers to make high-quality products. So, the use of high-performance plastic has grown a lot in the area. Also, the government and different groups are trying to get car makers to use safer and more durable materials to save lives in accidents.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 9.2% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 22.71 Billion |
| By Type | Fluoropolymers, Polyamides, Polyphenylene Sulfide (PPS), Sulfone Polymers (SP), Liquid Crystal Polymers (LCP), Others |
| By End-use Industry | Transportation, Electrical & Electronics, Industrial, Medical, Others |
| By Companies | Solvay (Belgium), BASF SE (Germany), Arkema (France), Evonik Industries (Germany), DuPont (U.S.), SABIC (Saudi Arabia), DAIKIN INDUSTRIES, Ltd (Japan), Victrex plc (U.K.), Saint-Gobain Performance Plastics (France), DSM (Netherlands) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Trends:
The market will grow if high-performance plastics are used to make cars lighter and get better gas mileage.
The growth of the global market is driven by the growth of the automotive and transportation industries and the rise in the use of advanced plastics in cars. As people worry more about carbon emissions and try to make cars that use less gas, they are using more to make them lighter. Plastics that are both light and strong are being used more and more in fixed-wing and rotary-wing aircraft, passenger railcars, and all kinds of cars on the ground. There are versions of many plastics that can stand up to UV light, so they can last longer outside. Lubricants and fuels can be made to work with plastics that are used in diesel and gasoline cars. Parts that are close to engines are made out of high-temperature plastics that have been strengthened.
Driving Factors:
High performance plastics are special in their own ways, which will help the market grow.
The high-performance plastics industry is growing because high-performance plastics are cheaper and lighter than other materials. Plastics are used in a wide range of industries, including automotive, defence, aerospace, and construction, because they are chemically stable and have good mechanical and high thermal properties. These end-use industries need materials that are lighter than metals but have the same or better properties to make their products cheaper without lowering the quality. The global market has given these industries a huge advantage, and it is likely to be a driver of market growth.
Restraining Factors:
When the prices of raw materials change, the market slows down. Some of the things that slow down the global market are high commodity prices, the shift of the end-use sector from developed countries to emerging countries, and rising production costs. Changes in the demand and supply of raw materials could slow the growth of the market. Also, this industry doesn't have enough good testing standards, which is a problem. There aren't any standard test methods, so it's hard for businesses to make sure their products are good and check their quality. Because of this, many people use their own ways to test. So, when raw material prices change, it can be hard for the market to grow.
Key Segments Covered:
Top Market Players:
Solvay (Belgium), BASF SE (Germany), Arkema (France), Evonik Industries (Germany), DuPont (U.S.), SABIC (Saudi Arabia), DAIKIN INDUSTRIES, Ltd (Japan), Victrex plc (U.K.), Saint-Gobain Performance Plastics (France), DSM (Netherlands), and others.
By Type
- Fluoropolymers
- Polyamides
- Polyphenylene Sulfide (PPS)
- Sulfone Polymers (SP)
- Liquid Crystal Polymers (LCP)
- Others
By End-use Industry
- Transportation
- Electrical & Electronics
- Industrial
- Medical
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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