Pune, India -- (SBWire) -- 08/01/2018 --Market Insights
The High Performance Plastic (HPP) Market is gaining traction globally and is estimated to drive growth of 7% CAGR and reach an evaluation of USD 30 billion by 2022. Unique properties of High Performance Plastics such as a significant chemical resistance at high temperature and electrical insulation are drivers for growth. HPPs have also demonstrated an ability to successfully combine with metal fibers and other materials to alter or add certain properties such as the reinforcements of HPPs with glass or carbon fibers to produce improved stiffness and dimensional stability. This capacity for modification makes HPPs an ideal choice for several end use industries, therefore motivating demand and growth for this market.
The automotive industry is one of the leading segments in the global market because while High Performing Plastics possess high mechanical strength, they are also lightweight and therefore fuel efficient. Additionally, this industry is driving a strong growth for the market due to an increasing demand for transportation. Factors affecting market growth in the forecast period include the continual advancements in the plastics industry to improve and explore other characteristics of High Performance Plastics to their fullest.
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Market Research Future's report on the High Performance Plastics Market offers a comprehensive view of the market including trends, restraints, insights and competitive landscape. The report has identified high manufacturing costs for HPP and strict regulations as growth restraints during the forecast period. However, due to the aforementioned increasing demands, flexibility of use and a wide scope for various manufacturing purposes restriction of growth is expected to be minimal.
Latest Industry News
In anticipation of rapid growth in the APAC market, BASF SE has started a new production line for its high temperature resistant thermoplastic, Ultrason, in Yeosu, SouthKorea. The new production line is expected to add 6 kilotonnes to BASF's annual polyarylsulfone production capacity.
ExxonMobil has recently announced the addition of a new grade of High Performance Plastic to its Exceed XP series. The new grade – Exceed XP 8784 offers unique properties such as extreme resilience and sealing properties that make this product useful for laminated sacks, barrier packaging and freezer films.
Market Segmentation
Segmental evaluation of this market has been performed on the basis of Type, End Use and Region.
Based on Type, the market has been segmented into fluoropolymers, polyamides, sulfone polymers, polyphenylene sylphide, liquid crystal polymers, polyetherimide and others.
Based on End Use, the market has been segmented into automotive, electrical & electronics, aerospace & defense, industrial and others. End use industries have been identified as the largest consumers of High Performance Plastics. The automotive segment is projected to grow significantly and hold the largest market share during the forecast period.
Based on Region, the global market has been segmented into North America, Europe, Asia Pacific (APAC) and the Rest of the World (ROW).
Regional Analysis
Asia Pacific currently holds the largest market share in High Performance Plastics, this is owing to the presence of major global players in the region as well as the rising demand for High Performance Plastics in end use industries. Swift advancements in the end use industries have fueled a demand for high performing plastics. Rapid urbanization and an ever increasing population in this region, combined with an increase in disposable incomes has played driving the demand in the automotive industry which in turn will drive growth for high performance plastics. Countries such as Japan, South Korea, China and India in particular are projected to drive the majority growth that occurs in this region during the forecast period. Meanwhile, North America and Europe are expected to hold a significant share of the market, primarily due to a consistent demand for current technology and the prominence of the automotive & consumer electronics industries in these regions.
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