New York, May 09, 2023 (GLOBE NEWSWIRE) -- The polyphenylene sulfide market is projected to grow at a CAGR of 9.0%, with its worth expected to increase from USD 1,451 Mn in 2022 to approximately USD 3,362 Mn by 2032.
The process of manufacturing polyphenylene sulfide is a multi-step procedure that involves the chemical reaction of para-dichlorobenzene and sodium sulfide in the presence of a catalyst, resulting in the formation of a PPS polymer. The process also involves shaping the PPS powder into different forms like fibers, films, or injection-molded parts using specialized equipment. The process needs a high level of expertise and specialized equipment, as the reaction is highly exothermic and requires precise control of temperature and pressure. The final product may also involve the addition of additives like reinforcing fillers or flame retardants to enhance its properties. The manufacturing process for PPS can be costly owing to the high energy requirements and the need for specialized equipment.
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Key Takeaway:
- By type, the linear PPS segment held the largest market share in 2022.
- By application, the automotive segment held the largest market with a 34% share.
- In 2022, Asia Pacific dominated the global polyphenylene sulfide market with a 36% market share.
- North America is anticipated to have the highest CAGR among all the regions.
Factors affecting the growth of the polyphenylene sulfide market
A few factors can affect the growth of the polyphenylene sulfide market, including:
- Rising demand for high-performance materials: PPS is a high-performance polymer with superior properties like high-temperature resistance, chemical resistance, mechanical strength as well flame retardancy. As the demand for high-performance materials rapidly grows, the PPS market is expected to experience significant growth.
- Rising demand from end-use industries: PPS is used in different applications in industries like automotive, electrical & electronics, aerospace, and industrial, among others. The rising demand for PPS from these industries, driven by factors like technological advancements & regulations, is expected to drive the growth of the PPS market.
- Advancements in PPS technology: Advancements in PPS technology like the development of the latest grades and formulations of PPS, are expected to improve the properties of PPS and expand its applications, leading to maximized demand for PPS.
- Fluctuations in raw material prices: The price of the raw materials used in the manufacturing of PPS like para-dichlorobenzene and sodium sulfide, can fluctuate, which can affect the profitability of PPS manufacturers and the pricing of PPS products in the market.
- Environmental regulations: Environmental regulations like restrictions on the use of certain chemicals or materials, can affect the manufacturing as well use of PPS. As the demand for environmentally friendly products rapidly grows, PPS manufacturers may require adapting their processes and products to comply with these regulations.
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Top Trends in the polyphenylene sulfide market
The demand for sustainable and eco-friendly materials is on the rise, driven by increasing environmental concerns & government regulations. PPS is the highest-performance material that can be recycled, which makes it an attractive option for sustainable applications. The trend toward sustainability is expected to drive the creation of PPS in the becoming years. The development of the latest PPS formulations is an ongoing trend in the market, driven by the need for the highest-performance materials in different applications. New formulations of PPS with improved properties like higher heat resistance, better processability, and improved electrical properties are being developed to meet the evolving wants of end-use industries.
Market Growth
The growth of the PPS market can be attributed to a few factors, including the rising requirement for high-performance materials, particularly in the automotive and electrical & electronics industries, where PPS is used in components like engine components, electrical connectors as well circuit boards. Besides, advancements in PPS technology like the development of the latest formulations and grades of PPS, are expected to expand the vast range of applications for PPS and drive growth in the market. Geographically, the Asia-Pacific region is expected to be the fastest-growing market for PPS, driven by the growing demand from industries like automotive, electrical & electronics, and industrial, particularly in countries like China, Japan, and South Korea.
Regional Analysis
With a market share of 36% and the highest anticipated CAGR over the course of the projection period, Asia Pacific is predicted to be the most profitable market for polyphenylene sulfide globally. The PPS market in Asia-Pacific is anticipated to increase as a result of the region's increasing industrialization and urbanization as well as the rising need for high-performance materials. Owing to the substantial need for PPS in the aerospace and automotive industries, North America is a prominent market for PPS. The PPS market in North America is anticipated to increase Owing to rising high-performance material demand and growing environmental awareness.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | US$ 1,451 Million |
| Market Size (2032) | US$ 3,362 Million |
| CAGR (from 2023 to 2032) | 9% |
| Asia Pacific Revenue Share | 36% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Because of its high-temperature resistance, chemical resistance, and dimensional stability, PPS is frequently utilized in the manufacturing of automobile components like fuel system components, electrical components, and under-the-hood applications. PPS has been adopted in automotive applications, fuelling the market expansion for PPS as the result of the rising need for lightweight and fuel-efficient automobiles. Because of its high-temperature resistance, chemical resistance, and exceptional structural stability, PPS is utilized in a variety of industrial applications, including pumps, valves, and bearings. PPS demand is being driven by the expansion of industrial applications in the production of power, oil and gas, and chemicals. PPS market expansion is being fueled by the creation of new PPS formulations and enhanced processing methods, which have produced products that are affordable and high-performing.
Market Restraints
P-dichlorobenzene and sodium sulfide are two examples of raw commodities whose prices might change due to supply and demand, geopolitical concerns, and natural disasters. Fluctuations in the price of these raw materials can have an impact on how much it costs to produce a product and how much it costs to sell it, which might be a barrier for the PPS market. PPS manufacturing calls for the usage of particular raw ingredients that are not easily accessible. This may cause supply chain interruptions, have an impact on PPS availability and cost, and limit the market.
Market Opportunities
PPS's high-temperature resistance, chemical resistance, and dimensional stability make it a desirable choice for use in medical equipment & devices. PPS market expansion is anticipated to be fueled by the rising requirement for high-performance materials in the healthcare industry, which is being pushed by the aging population and the want for cutting-edge medical treatments. Rise in fuel economy and cut emissions, the transportation sector is putting more emphasis on lightening the load on cars. PPS's demand is being driven by its usage in automotive and aerospace applications as a lightweight, high-performance material.
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Report Segmentation of the Polyphenylene Sulfide Market
Type Insight
The polyphenylene sulfide market is segmented into three types based on type: linear PPS, cured PPS, and branching PPS. The worldwide polyphenylene sulfide market's linear PPS segment is the most profitable among these varieties. In terms of market revenue, the linear PPS type will account for 61% of all sales in 2022. owing to its superior mechanical and thermal characteristics, high crystallinity, and exceptional dimensional stability. It is employed in a variety of fields, including industrial, automotive, and electrical and electronic applications. In comparison to linear PPS, a different branching PPS type has a lower melting point and greater processability. It is utilized in a variety of industrial, coatings, electrical, and electronic applications.
Application Insight
The worldwide polyphenylene sulfide market's automotive sector has the highest profit margins. In terms of market value, the automotive type will hold 34% of the market for polyphenylene sulfide in 2022. Because of its high-temperature resistance, chemical resistance, and dimensional stability, PPS is utilized in a number of automotive applications, including fuel system components, electrical components, and under-the-hood applications. In addition, PPS is frequently used in electrical and electronic applications including connections, switches, and sockets because of its high dielectric strength, dimensional stability, and resilience to harsh chemicals and high temperatures.
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Market Segmentation
Based on the Type
- Linear PPS
- Cured PPS
- Branched PPS
Based on the Business Model
- Automotive
- Electrical & Electronics
- Filter Bags
- Aerospace
- Industrial
- Coatings
- Other Applications
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The PPS market is fragmented with few players operating in the market. The market share of each player varies by region and application. For example, Toray Industries Inc. is a leading player in the global PPS market, with a vast range of PPS products. The company focuses on expanding its PPS product portfolio through collaborations & partnerships with other players in the market.
Some of the major players include
- Toray Industries Inc.
- DIC CORPORATION
- Solvay S.A.
- Lion Idemitsu Composites Co. Ltd
- Polyplastics Co. Ltd.
- Tosoh Corporation
- SK chemicals
- Chengdu Letian Plastics Co. Ltd.
- Celanese Corporation
- TEIJIN LIMITED
- SABIC
- Zhejiang NHU Co. Ltd.
- LG Chem
- RTP Company
- Ensinger
- Other Key Players
Recent Development of the Polyphenylene Sulfide Market
- January 2023, DIC Corporation introduced that it has acquired a majority stake in PPS compound manufacturer Amfine Chemical Corporation.
- In December 2022, Solvay S.A. published that it has acquired a majority stake in a Chinese manufacturer of PPS compounds, Jiaxing Fortune Chemical Co., Ltd.Market Segmentation
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