Global High Performance Plastics Market – Forecast to 2021
High performance plastics industry is witnessing a robust growth worldwide. The high performance plastics market in the transportation industry was estimated to be USD 5,182 million in 2016 and is projected to reach USD 6,979 million by 2021 exhibiting a CAGR of 6.13% during 2016-2021. Growth in the market is expected on the basis of key factors such as favourable government environment, increasing usage of high performance plastics by automotive & aviation industries and rising demand for plastics with higher temperature stability, chemical resistance and better mechanical properties worldwide.
Global high performance plastics market in the transportation industry has been segmented into polyphenylene sulfide, polyketones, fluoropolymers, thermoplastic polyimides and high performance polyamides. In 2016, the high performance polyamides captured a lion’s share in global high performance market due to their properties such as high mechanical strength, rigidity, chemical resistance and good stability under heat making them fit for typical applications majorly in gears, fittings, bearings and tool covers comprehensively employed in the automotive and aviation industries worldwide. As a result, the market for polyphenylene sulfide is predicted to grow at a substantial rate owing to its advancing applications in the above indicated industries. PPS is also used in manufacturing of products for electrical insulation, specialty membranes, gaskets and packaging/insulation/sealing. Although the high performance plastics have numerous advantages, the relatively high processing costs associated with high performance plastics make them susceptible to competition from alternative materials.
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the market has been segmented into automotive, aviation, railways and marine. The leading automotive segment is estimated to grow at the fastest rate during the forecast period on the back of increased demand by the automotive manufacturers as they need to comply with fuel efficiency standards. High performance plastics make vehicle lighter, which helps in reducing the fuel consumption and thus emitting less greenhouse gases. Moreover, the excellent flame retardant and corrosion resistance capabilities of high performance plastics enable their use in the interior applications across the automotive segment. Aviation segment stood at the second position in the market in 2016. The extensive usage of composites in aircraft structure is the major factor positively influencing the growth of aviation segment.
The European region holds the largest share in global high performance plastics market in transportation industry followed by North America, Asia-Pacific and RoW. The supportive government policies & regulations and elevating demand from the transportation industry are the key reasons propelling high performance plastics in the European region. Major economies such as Germany and France in the region have the highest consumption of high performance plastics due to the presence of large automotive and aircraft manufacturers. The second largest share is controlled by North America region as the demand for high performance plastics has significantly increased by the automotive and aircraft manufacturers. Besides that, Asia-Pacific region is anticipated to notice considerable improvement in growth rate through 2021, because of significant adoption of high performance plastics by key automotive players in the region. China and Japan are the principal countries in the region in terms of production and consumption of high performance plastics, with China being the chief manufacturer of PPS with 30% of global production capacity.
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