Segmentation:
Global High Performance Plastics Market has been segmented based on Type, End-Use, and Region.
Based on the Type, the market is segmented into fluoropolymers, polyamides, sulfone polymers, polyphenylene sulfide, liquid crystal polymers, polyetherimide, and others. Among these, the fluoropolymers is projected to dominate the high performance plastics market until 2023. The foremost position of this segment is due to the wide application of fluoropolymers in coating, seals, gaskets, tubing, films, and compounding.
Based on End-Use, the market is segmented into automotive, aerospace & defense, electrical & electronics, industrial, and others. Automotive segment is projected to be the fastest-growing end-use segment. High Performance Plastics are increasingly in demand in automotive manufacturing as they make vehicle lighter, which helps in reducing the fuel consumption and reduction in carbon emission.
The High Performance Plastics Industry is segmented by a number of multinational, local, and regional vendors. The North American manufacturers currently hold the dominant position in the High Performance Plastics Market. Local players are mounting the stakes by catering revolutionary product line at lower prices as compared to international vendors. The High Performance Plastics Market is also expected to have high expansion activities by deep-rooted and international manufacturers.
The Global High Performance Plastics Market is estimated to witness 7% CAGR during the forecast period.
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Key Players:
The key players of Global High Performance Plastics Market are Daikin Industries, Ltd. (Japan), Celanese Corporation (U.S.), Solvay S.A. (Belgium), BASF SE (Germany), Arkema S.A. (France), Evonik Industries AG (Germany), Kuraray Co., Ltd. (Japan), E. I. Dupont De Nemours and Company (U.S.), Victrex PLC (U.K.), Saudi Basic Industries Corporation (SABIC) (Saudi Arabia), 3M Company (U.S.), DSM Company (The Netherlands), EMS-CHEMIE AG (Switzerland), Kuraray Europe GmbH (Germany), and Saint-Gobain Performance Plastics Corporation (France).
Regional Analysis:
The Global High Performance Plastics Market is majorly fragmented into four prominent regions, which are North America, Europe, Asia Pacific, and Rest of the World. Among these, North America and Europe are likely to dominate the Global High Performance Plastics Market over the forecast period. This is due to the presence of numerous industry leaders and the constant need for technological upgrades. The automotive and consumer electronics industries are the prominent industries in these regions, which are further boosting the High Performance Plastics Market. The supportive government policies and regulations coupled with elevating demand for High Performance Plastics from all end-use industries is creating a wide scope of the market evolution in these region.
Asia Pacific is anticipated to witness the fastest CAGR over the forecast period, owing to growth in urbanization and industrialization. Electronics industries in the prominent Asia Pacific countries, such as China, Japan, South Korea, and India, are likely to exhibit phenomenal growth over the forecast period. The growing and flourishing automobile industry in the Asia Pacific is on the verge of phenomenal growth due to numerous technological advancements, such as hybrid and electric vehicles. This has created a pathway for the High Performance Plastic to immensely advance in the Asia Pacific region.
Market Scenario:
High Performing Plastics are particularly designed polymers with high mechanical strength, chemical resistance, and most importantly, temperature resistance. Stability at high temperature is the prime criterion used to distinguish High Performance Plastics from general plastics. However, the high mechanical strength of High Performance Plastics has prepared them to become an important component in the global manufacturing sector, since the last few years. Constant effort taken by plastic industry for the improvement of mechanical properties and resistance to temperature and chemicals is paving the way for the growth of the High Performing Plastics Market.
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The Global High Performance Plastics Market has an immense number of end-use segments, as the growing need for strong manufacturing materials is being felt in several sectors. The automobile and consumer goods industries are the two prominent sectors, which have a high demand for High Performance Plastics. Other major applications of High Performance Plastics lie in medical devices, construction industry, and electronics & electrical materials. The continuous demand from the automotive sector is being considered as one of the major driving factors for the Global High Performance Plastics. The automotive sector is in continuous demand for high-strength lightweight materials due to several benefits they offer with regard to automotive design. This has led many automotive giants to implement High Performance Plastics in manufacturing vehicles. The rapid growth in the global consumer electronics industry has also propelled the Global High Performance Plastic Market. The consumer electronics industry has been profited since the last few years due to rise in the per capita disposable income of the urban consumers and the increasing importance of smartphones in their daily lives. High Performance Plastics act as a tough material resistant to a wider range of stimuli, primarily in smartphones and other consumer electronics. In spite of the dominance of annually updated smartphone ranges, many consumers place high importance to the overall build quality of the device, which probably would aid the growth of the High Performance Plastics Market over the forecast period.
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