The Global High-Performance Plastics Market is predicted to register 7% CAGR during the forecast period (2016-2022) owing to the continuous demand from the automotive sector, asserts Market Research Future (MRFR). High-Performance Plastics are specifically designed polymers with high chemical resistance, mechanical strength, and temperature resistance. The main criterion to distinguish high performance plastics from the general ones is its stability at high temperature. High-Performance Plastics are used in several applications such as electrical & electronics, automotive, industrial, and aerospace & defense.
December 18, 2018: Evonik Corp.’s high performance polymers business line has a new distribution agreement with the Compounding Solutions L.L.C. for its Care medical grades for the North American medical device market. The agreement covers Compounding’s Vestamid Care ME polyether block amide, Vestamid Care ML polyamide 12, Vestakeep Care Peek medical grade polymers, and Trogamid Care clear polyamide for the North American temporary contract medical device markets.
The prominent players operating the Global High-Performance Plastics Market are Saint-Gobain Performance Plastics Corporation (France), Kuraray Co. Ltd. (Japan), Celanese Corporation (U.S.), Daikin Industries Ltd. (Japan), BASF SE (Germany), Solvay S.A. (Belgium), Arkema S.A. (France), 3M Company (U.S.), Saudi Basic Industries Corporation (SABIC) (Saudi Arabia), Evonik Industries AG (Germany), EMS-CHEMIE AG (Switzerland), DSM Company (The Netherlands), Kuraray Europe GmbH (Germany), E. I. Dupont De Nemours and Company (U.S.), and Victrex PLC (U.K.).
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Drivers and Constraints Impacting the Market
Consumer goods and automobiles are the two prominent sectors which have a high demand for High-Performance Plastics. With continuous demand from the automotive sector, the Global High-Performance Plastics Market is expected to foster during the assessment period. The automotive sector is in high demand for high-strength lightweight materials owing to the benefits offered with regard to automotive design. This has led automotive giants to high performance plastics, which are close to the ideal configuration available to car manufacturers in the present technological scenario. The booming automotive industry is presumed to remain a key driver for the market in the coming years. Also, with the rapid growth in the global consumer electronics sector due to rising per capita income and increasing importance of smartphones, the market for high-performance plastics are considered to flourish.
On the flip side, strict government mandates coupled with high cost as compared to other materials are some of the major concerns likely to dampen the Global High-Performance Plastics Market during the appraisal period.
Global High-Performance Plastics Market: Segmental Analysis
The Global High-Performance Plastics Market has been segmented on the basis of Type, End-User and Region.
By mode of Type, the Global High-Performance Plastics Market has been segmented into polyamides, fluoropolymers, polyphenylene sulfide, sulfone polymers, polyetherimide, and liquid crystal polymers. Among these, the fluoropolymers segment is predicted to dominate the global high-performance plastics market owing to the wide application of fluoropolymers in seals, coating, tubing, gaskets, compounding, and films.
By mode of End-Users, the Global High-Performance Plastics Market has been segmented into aerospace & defense, automotive, industrial, and electrical & electronics. Among these, the automotive segment is considered to be the fastest-growing end-user segment as High-Performance Plastics are high in demand in the automotive manufacturing as they make vehicles lighter, which further helps in the reduction in carbon emission and fuel consumption.
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Geographically, the High-Performance Plastics Market spans across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Among all the regions, the North American and the European regions are anticipated to dominate the Global High-Performance Plastics Market. The growth is attributed to the presence of several industry leaders and constant requirement for technological upgrades. Moreover, the consumer electronics and automotive industries are the prominent industries in these regions, which is presumed to stimulate the High-Performance Plastics Market across the globe. Also, the supportive government regulations and policies and increasing demand for High-Performance Plastics from the end-use industries are predicted to contribute to the market growth in these regions.
The Asia Pacific region, on the other hand, is anticipated to experience the fastest CAGR during the appraisal period due to the rapid industrialization and urbanization in this region. Also, the flourishing automobile industry in this region is on the verge of phenomenal growth owing to the technological advancements, such as electric and hybrid vehicles. This has further created huge opportunities in the market in this region. Moreover, electronics industry in prominent economies, such as Japan, China, India, and South Korea are likely to influence the market growth.
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