The thermally conductive plastics market is projected to reach USD 255.1 Million by 2021, at a CAGR of 13.6% from 2016 to 2021. The growth of the market is majorly driven by increasing demand for the plastics in the manufacturing of LED lights, lightweight heat sinks, electrical vehicles, medical devices, and lightweight automotive vehicles.
Seattle, WA -- (SBWIRE) -- 04/27/2017 -- The report "Thermally Conductive Plastics Market by Resin Type (Polyamide, PBT, PC, PPS, PEI), End-use Industry (Electrical & electronics, Automotive, Industrial, Aerospace, Healthcare), and Region - Global Forecast to 2021", The thermally conductive plastics market was valued at USD 119.2 Million in 2015 and is projected to reach USD 255.1 Million by 2021, at a CAGR of 13.6% from 2016 to 2021.
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Ease of customization and design flexibility is one the major driver for the growth of these plastics, as Thermally Conductive Plastics (TCPs) are comparatively lighter than other alternative materials such as metals and ceramics. Furthermore, TCPs are easy-to-handle, customize, and mold, and have higher scratch resistance, thermal stability, impact strength, and resistance to abrasions. In addition to this, the development of smart electronics, and technological advancements in the automotive industry are also some of the major factors expected to drive the market.
Based on resin types, the polyamide segment is projected to be the largest segment of the market during the forecast period.
Based on resin types, the polyamide segment is projected to be the largest segment of the thermally conductive plastics market during the forecast period. Polyamide is a performance plastic, and is rapidly replacing metals in various applications, due to its superior properties, such as impact resistance, high temperature resistance, abrasion resistance, excellent balance of strength, resistant to bases, and heat conductivity. Polyamides find application in various end-use industries, including automotive and electrical & electronics.
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The automotive end-use industry segment of the market is projected to witness highest growth from 2016 to 2021.
The automotive segment of the market is projected to witness highest growth during the forecast period. TCPs are being increasingly used in the automotive industry, due to their properties, such as impact resistance, high temperature resistance, abrasion resistance, excellent balance of strength, resistant to bases, and heat conductivity. Several companies manufacturing TCPs are carrying out research & development activities to widen the application areas of different types of TCPs.
The Asia-Pacific thermally conductive plastics market is projected to witness highest growth from 2016 to 2021.
The Asia-Pacific thermally conductive plastics market is projected to witness highest growth in the coming years, owing to factors, such as increasing demand for smart electronics and growing urbanization in the region. China, India, Japan, Australia, and South Korea are some of the key countries in the region that are contributing significantly to the growth of the market in Asia-Pacific.
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Some of the key players in the thermally conductive plastics market are Celanese Corporation (U.S.), Royal DSM N.V. (Netherlands), PolyOne Corporation (U.S.), SABIC group (Saudi Arabia), RTP Company (U.S.), Covestro AG (Germany), E. I. Du Pont de Nemours and Company (U.S.), and BASF SE (Germany). Investments, expansions, and new product developments were the major growth strategies adopted by market players between 2012 and 2016 to enhance their regional footprint and meet the growing demand for TCPs in emerging economies.
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