High Performance Plastics Market Size, Revenue Analysis, PEST, Region & Country Forecast Till 2030

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The automotive sector has hugely absorbed the sturdy yet lightweight, high performance plastics for the making of various automotive parts and components due to the various benefits that this plastic can offer, such as low consumption of fuel and hence reduced carbon foot prints.

Market Scope= 

High performing plastics are specially designed polymers that demonstrate unique properties such as high mechanical strength and resistance to chemicals as well as to high temperatures, especially. The increasing mechanical strength of high performance plastics has helped them to become an essential component in the global manufacturing sector. On the other hand, additive manufacturing has replaced the time-consuming processes used in the production of large-volume plastic components.

Extensive adoption of this plastic in the various burgeoning industries such as automotive and electronics is driving the market for high performance plastics. Moreover, constant technological advancements and efforts transpired in the field of plastic for the improvement of resistance to temperature and chemicals and mechanical properties  are escalating the market on the global platform, paving the way for the growth for the high performing plastics.

Acknowledging the colossal growth, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global High Performance Plastics Market is forecasted to witness exponential accruals by 2023, registering approximately 7% CAGR during the review period. The automobile and consumer goods sectors are two of the prominent end-use industries that are creating a huge demand for high performance plastics.

The automotive sector has hugely absorbed the sturdy yet lightweight, high performance plastics for the making of various automotive parts and components due to the various benefits that this plastic can offer, such as low consumption of fuel and hence reduced carbon foot prints. Also, high performance plastics have eased the design and production of automotive components. The constant demand from the automotive sector is one of the major driving forces behind the growth of high performance plastics market.

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The electronics sector is considered as another key application area of these high performance plastics. Huge absorption of this plastic in the making of various electronics devices fosters the growth of high performance plastics market. Simultaneously, vast consumption of these high-performance plastics in the medical devices and in the construction industry is aiding the growth of the high performance plastics market, globally. 

On the other hand, volatility in the prices and demand supply gap in the raw materials required for the production of high performance plastics are some of the key factors obstructing the market growth, largely.  Nevertheless, the rapidly improving economic conditions, worldwide, are expected to support the market growth by increasing consumers’ purchasing power making luxury items such as automotive and electronics affordable for them.

 

Competitive Dashboard

The prominent players operating the global high-performance plastics market are 

Saint-Gobain Performance Plastics Corporation (France)
Kuraray Co. Ltd. (Japan)
Celanese Corporation (U.S.)
Daikin Industries Ltd. (Japan)
BASF SE (Germany)
Solvay S.A. (Belgium)
Arkema S.A. (France)
3M Company (U.S.)
Saudi Basic Industries Corporation (SABIC) (Saudi Arabia)
Evonik Industries AG (Germany)
EMS-CHEMIE AG (Switzerland)
DSM Company (The Netherlands)
Kuraray Europe GmbH (Germany)
E. I. Dupont De Nemours and Company (U.S.)
and Victrex PLC (U.K.).

Drivers and Constraints Impacting the Market

Consumer goods and automobiles are the two prominent sectors which have a high demand for high-performance plastics. With continuous demand from the automotive sector, the global high-performance plastics market is expected to foster during the assessment period. The automotive sector is in high demand for high-strength lightweight materials owing to the benefits offered with regard to automotive design. This has led automotive giants to high performance plastics, which are close to the ideal configuration available to car manufacturers in the present technological scenario. The booming automotive industry is presumed to remain a key driver for the market in the coming years. Also, with the rapid growth in the global consumer electronics sector due to rising per capita income and increasing importance of smartphones, the market for high-performance plastics are considered to flourish.

On the flip side, strict government mandates coupled with high cost as compared to other materials are some of the major concerns likely to dampen the global high-performance plastics market during the appraisal period.

Global High-Performance Plastics Market: Segmental Analysis

The global high-performance plastics market has been segmented on the basis of type, end-user, and region.

By mode of type, the global high-performance plastics market has been segmented into polyamides, fluoropolymers, polyphenylene sulfide, sulfone polymers, polyetherimide, and liquid crystal polymers. Among these, the fluoropolymers segment is predicted to dominate the global high-performance plastics market owing to the wide application of fluoropolymers in seals, coating, tubing, gaskets, compounding, and films.

By mode of end-users, the global high-performance plastics market has been segmented into aerospace defense, automotive, industrial, and electrical electronics. Among these, the automotive segment is considered to be the fastest-growing end-user segment as high-performance plastics are high in demand in the automotive manufacturing as they make vehicles lighter, which further helps in the reduction in carbon emission and fuel consumption.

Regional Insights

Geographically, the high-performance plastics market spans across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).

Among all the regions, the North American and the European regions are anticipated to dominate the global high-performance plastics market. The growth is attributed to the presence of several industry leaders and constant requirement for technological upgrades. Moreover, the consumer electronics and automotive industries are the prominent industries in these regions, which is presumed to stimulate the high-performance plastics market across the globe. Also, the supportive government regulations and policies and increasing demand for high-performance plastics from the end-use industries are predicted to contribute to the market growth in these regions.

The Asia Pacific region, on the other hand, is anticipated to experience the fastest CAGR during the appraisal period due to the rapid industrialization and urbanization in this region. Also, the flourishing automobile industry in this region is on the verge of phenomenal growth owing to the technological advancements, such as electric and hybrid vehicles. This has further created huge opportunities in the market in this region. Moreover, electronics industry in prominent economies, such as Japan, China, India, and South Korea are likely to influence the market growth.

Industry Updates

December 18, 2018: Evonik Corp.'s high performance polymers business line has a new distribution agreement with the Compounding Solutions L.L.C. for its Care medical grades for the North American medical device market. The agreement covers Compounding's Vestamid Care ME polyether block amide, Vestamid Care ML polyamide 12, Vestakeep Care Peek medical grade polymers, and Trogamid Care clear polyamide for the North American temporary contract medical device markets.

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