The Global Market for High Temperature Plastics is Forecast to Reach US$21 Billion by 2024
Technological Innovations &
Use in Niche Applications Drive Global Demand for High Temperature Plastics,
According to a New Report by Global Industry Analysts, Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size, and demand forecasts on the global High Temperature
Plastics market. The global market for High
Temperature Plastics is forecast to reach US$21 billion by 2024, driven by technological
developments in terms of material structural strength, functionality and
performance, and extensive use in existing and emerging application areas.
High Temperature Plastics (HTPs), a specialized
category of plastics exhibiting heat deflection temperatures in excess of
200°C, is one of the rapidly expanding categories in the overall plastics
market. Exceptional chemical and heat resistance capabilities of HTPs make them
an apt substitute for metals in various applications. Given their unique set of
characteristics, HTPs are used in aerospace, medical, automotive, electronics
and electrical markets, to name a few. HTPs are also being used for newer
applications and are substituting metals in housings, engine components,
structural components, matrix resins and adhesives in the aerospace sector; packaging,
connectors and coatings within the electronics sector; and oil screens,
ignition modules, bearings and body panels in the automobile sector.
Despite their significantly higher costs in
comparison to commodity plastics, high temperature plastics are capable of
offering significant improvements in the products when compared to conventional
materials in the form of easy processing, simpler handling, and improved
application. Technological
developments in terms of material’s performance, functionality and structural
strength; making them useful in production of Formula-1 cars and other high
performance applications; have helped drive growth in the high temperature
plastics market globally. These plastics have allowed manufacturers to significantly
reduce per unit cost during production, owing to less power consumption,
exceptional physical durability, greater flexibility and high chemical
resistance.
Fluoropolymer, the largest segment of
HTP, is a specialized polymeric material and finds use in numerous applications
owing to its unique performance characteristics that ensure its suitability for
applications requiring high chemical resistance, mechanical strength, high
temperature stability, high dielectric properties, and weldability, among
others. Demand for polyimides, another key HTP segment, is expected to increase
from aerospace, automotive, and food service sectors, driven by the increasing
need for products with high service temperatures, greater flexibility, easy
processing, low weight, and reduced costs. HTPs unique properties and superior
design and processing capabilities, are spurring the use of plastics the most in
electronics and electrical sectors. However, escalating raw material costs and surging
production costs act as major deterrents to the overall market’s growth.
As
stated by the new market research report on High Temperature Plastics, the
U.S. represents the largest market supported by the replacement of traditional materials such as glass, metal and
other polymers with HTPs due to
distinct features which makes them suitable for a plethora of applications such
as transportation, electrical goods and advanced electronics. The Rest
of World market, constituting Asia-Pacific, Canada, Latin America, the Middle
East and Africa, is projected to record the fastest compounded annual growth
rate of 8.1% over the analysis period 2016-2024.
Key
players in the market include 3M, Arkema Group, Asahi Glass Company Ltd., BASF
SE, Chevron Phillips Chemical Company, China Lumena New Materials Corp.,
Covestro AG, Daikin Industries Ltd., Dongyue Group Ltd., DowDuPont Inc., DSM
Engineering Plastics B.V., Evonik Industries AG, Kuraray Co. Ltd., Mitsui
Chemicals Inc., Performance Plastics Ltd., Polyplastics Co. Ltd., SABIC
Innovative Plastics, The Solvay Group, Sumitomo Chemical Co. Ltd., and Toray Industries
Inc., among others.
The
research report titled “High Temperature Plastics: A
Global Strategic Business Report” announced by Global Industry Analysts Inc., provides
a comprehensive review of market
trends, issues, drivers, and other strategic industry activities of global
companies. The report provides market
estimates and projections in value (US dollars) and volume (pounds) terms for
major geographic markets including the US, Japan, Europe, and Rest of World. The
report also analyzes the market by product segment – Fluoropolymers,
Polyimides, High Performance Polyamides (Polyphthalamide, and Other HPPAs),
Polyphenylene Sulfides, Liquid Crystal Polymers, Polyketones, and Polysulfones.
In addition, the report provides value analytics by end-use industries –
Automobile, Electrical/Electronics, Chemical/Industrial, Aerospace, Medical,
and Others.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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