Albany, NY -- (SBWIRE) -- 03/02/2018 -- In the highly competitive vendor landscape of the global market for thermally conductive plastics, the rising number of companies is likely to play a key role in bringing down costs of products and opening up several new growth opportunities as cost-conscious consumers become more open to using these plastics as alternatives to other materials, observes Transparency Market Research in a recent report. Companies in the market could benefit from the rising demand across the electrical and electronics and automotive sectors. Increased focus on growth opportunities across emerging economies could also play a key role in helping companies establish their dominance in the market.
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Prominent players in the market are Koninklijke DSM N.V. (Royal DSM), Celanese Corporation, Poly One Corporation, Toray Industries Inc., Kaneka Corporation, SABIC Group, E.I.du Pont de Nemours and Company, Exxon Mobil Corporation, and Arkema Group.
According to the report, the global thermally conductive plastics market was valued at US$838.8 mn in 2016 and is projected to reach US$2,634.3 Mn by 2025, at a CAGR of 13.8 % from 2017 to 2025.
Asia Pacific to Remain Highly Lucrative in Future Years
Based on type, the segment of polybutylene terephthalate (PBT) accounted for the dominant share of the global thermally conductive plastics and is likely to continue to lead. The demand for polycarbonate and polyetherimide is also propelling owing to demand from electrical and electronics and automotive industry and the segment is expected to exhibit growth at a healthy pace over the forecast period.
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Geographically, the Asia Pacific market held the dominant share of the global thermally conductive plastics market in 2016. Growth in this region can be primarily attributed to increasing use of thermally conductive plastics for applications such as manufacturing electrical devices and bumpers of cars in automotive industry. Factors such as the increasing demand for smart electronics, easy availability of plastic feed stock, and increasing investment of the plastic manufacturers in the region are also estimated to boost the market for thermally conductive plastics market.