Wilmington, Delaware, United States, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global thermally conductive plastics market was projected to attain US$ 1.4 billion in 2022. It is anticipated to register a 13.8% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 4.4 billion by 2031.
The market is expanding due to the high demand for electric cars and personal electronic gadgets, which are common uses for thermally conductive plastics including polyetherimide and polycarbonate.
Leading companies are creating sophisticated thermally conductive plastics to be used in the manufacturing of LED gadgets. Government programs, like the Indian government's UJALA Scheme, which promotes the use of LED lighting, are also opening up profitable markets for businesses involved in the thermally conductive plastic industry.
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Global Thermally Conductive Plastics Market: Key Players
The top manufacturers of thermally conductive plastics are broadening their range of offerings in response to the increasing need for these materials across several applications.
To get a larger market share for thermally conductive plastics, they are also producing more high-performance thermal plastic solutions and funding the research and development of innovative technologies. The following companies are well-known participants in the global thermally conductive plastics market:
- Celanese Corporation
- Koninklijke DSM N.V. (Royal DSM)
- Poly One Corporation
- Kaneka Corporation
- Toray Industries Inc.
- SABIC Group
- Exxon Mobil Corporation
- E.I. du Pont de Nemours and Company
- Arkema Group
- Compagnie de Saint-Gobain SA
Some key developments by the players in this market are:
- Lanxess, a renowned German chemical manufacturer, employed a thermally conductive material in a charge controller for an electric vehicle sports car in June 2022. This achievement demonstrated the enormous potential of plastics in electric car charging system temperature control.
Key Findings of the Market Report
- There is a growing need for lightweight electric cars (EVs) as environmental sustainability concerns grow.
- For electric vehicle battery packs, thermally conductive plastics ideally replace metallic fuel cells.
- Advanced plastic polymers are resilient to heat and lightweight. EVs may use less energy and have longer-lasting batteries.
- To increase EV capacity and driving range, manufacturers are working to replace bulky metallic electric cells with innovative polymer technologies.
- Among the thermally conductive materials are polyamide, polybutylene terephthalate, polycarbonate, polyetherimide, and polyphenylene sulfide.
- In a number of sectors, heat-resistant plastic compounds are rapidly taking the place of more conventional materials like ceramics and aluminum due to their many advantages, including scratch and abrasion resistance and ease of modification.
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Market Trends for Thermally Conductive Plastics
- LEDs have gained appeal as an alternative to traditional lighting due to their efficacy and advantages in heat dissipation. LED producers can lower production costs per unit and assembly stages by utilizing thermally conductive polymers. These plastics use less energy and provide designers with a range of color options for imaginative designs.
- Thermally conductive polymers are used in LED lighting to create innovative applications such as smart public space lighting as well as security lighting, which were previously prohibitively costly for widespread use.
- According to thermally conductive plastic industry research, more than 87% of all light sources globally are projected to be LEDs in the coming years, as designers and electricians continue to shift away from halogen as well as fluorescent lighting and toward LEDs.
Global Market for Thermally Conductive Plastics: Regional Outlook
Various reasons are propelling the growth of the thermally conductive plastics market throughout the region. These are:
- In 2022, Asia Pacific led the global landscape with a significant market share. The need for electric cars and smart devices is rising, particularly in emerging nations like China and India, which is changing the regional market dynamics for thermally conductive plastics.
- Asia Pacific can cling to its dominant position in the global thermally conductive plastics market owing to the presence of an established electronics sector and growth in the automobile manufacturing industry.
- The market for thermally conductive plastics is expected to grow significantly in North America, mostly due to the significant presence of thermally conductive plastic manufacturers.
- Future research on thermally conductive plastics points to rapid expansion in Latin America, given the regional emergence as a new global center for the manufacturing of electronics and automobiles.
Global Thermally Conductive Plastics Market Segmentation
Type
- Polyamide (PA)
- Polybutylene Terephthalate (PBT)
- Polycarbonate (PC)
- Polyetherimide (PEI)
- Polyphenylene Sulfide (PPS)
- Others (PEEK and PEKK)
Application
- Electrical & Electronics
- Automotive
- Industrial
- Healthcare
- Aerospace
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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