High Performance Plastics Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2023
High performance plastics are well known for their excellent performance when exposed to high temperature and highly reactive chemicals. These plastics offer high heat stability, chemical resistance, and excellent mechanical strength. Although high performance plastics contribute a smaller share of the global plastics market, the demand for these plastics is anticipated to grow at the fastest pace. The global high performance plastics market can be bifurcated on the basis of application into categories such as automotives, electronics & electricals, consumer goods, aerospace & defense, building & construction, industrial, medical devices & healthcare, and others. On the basis of product type, high performance plastic can be segmented into fluoropolymers (PTFE), sulfur-containing aromatic polymers, aromatic polyarylether, polyketones, and liquid crystal polymers.
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It was observed that due to the wide spectrum of end-user industries, the largest share of the global high performance plastics was seized by the fluoropolymers. The fluoropolymers are high stable at high operating temperatures and impart high chemical resistance. The inner lining of fluoropolymers is highly recommended, especially in chemical equipment such as reactors, heat exchangers, storage vessels, pumps, and others. The rapidly growing chemical industry is one of the major drivers behind the growth of the high performance plastics market globally. Another major aspect of the high performance plastics is their light weight and durability. There is huge demand for high performance plastics due to their being light in weight in the automotive, aerospace, electronics, electrical industry. In the electronics & electrical industry, the growing demand for semiconductors, LED displays, and electronic gadgets such as mobile phones and kitchen electronics is anticipated to boost the growth of high performance plastics significantly. These plastics offer other physical properties such as high impact resistance, resistance to autoclave and excellent dimensional stability on exposure to extreme conditions. Due to these properties, high performance plastics are largely employed in various medical devices, surgical instruments, and analytical equipment. Since the raw materials required to manufacture high performance plastics are derived from crude oil, the prices of these plastics are highly dependent on the availability and prices of crude oil. The other restraining factor is the stringent environment regulations associated with the manufacturing process of high performance plastics. The key players involved in the manufacturing of high performance plastics are focusing on developing innovative products with specific use in a large number of end-user industries and materials with enhanced properties. Asia Pacific is anticipated to be a major market for high performance plastics in the next few years. The rising demand for electronics and automotive in countries such as China and India is expected to boost the growth of high performance plastics exponentially. Factors such as rapidly growing manufacturing base, flourishing automotive industry, and the increasing demand for electronics consumer goods are likely to fuel the growth of high performance plastics in the North America and Europe regions. The growth of high performance plastics in Latin America, and Middle East & Africa is estimated to be moderate due to the slow growth of end-user industries.
Some of the major players engaged in the manufacturing and supply of high performance plastics include Sekisui Chemical Co., Ltd., Saint-Gobain Performance Plastics Corporation, Röchling-Group, Quadrant Group of Companies, Ensinger India Engineering Plastics Private Ltd., Grindwell Norton Ltd., Dover High Performance Plastics, A. Schulman Inc., Quantum Polymers, CoorsTek, Inc., BASF SE, Murtfeldt Kunststoffe GmbH & Co. KG, DuPont, and TriStar Plastics Corporation.
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The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
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