High Performance Plastics Market

High-Performance Plastics Market Size (2023-2028)

High-Performance Plastics Market is predicted to reach $ 39.12 billion in 2028, with a compound annual rate of 12.3% between 2023-2028

The industry for high-performance plastics is driven by the escalating use of fluoropolymers and aromatic ketone polymers in various industries, due to their proprietary superior thermal conductivity. The worldwide industry for high-performance plastics includes a large number of end-use segments, as the need for solid manufacturing materials arises in multiple industries. The automotive industry and the consumer goods industry are two of the main application segments of the high-performance plastics industry. Other major applications of high-performance plastics are building, medical equipment, electronics, and electrical materials. Fluoropolymers are the leading plastics in the worldwide high-performance plastics industry and should have a leading share in the years to come.

High-Performance Plastics Market Drivers:

The surge in demand from the automotive sector has been a crucial element in the growth of the global high-performance plastics market. The automotive industry is always looking for lightweight, high-strength materials because of the many advantages they offer in automotive design. This has led several automotive giants to high-performance plastics, close to the ideal configuration that automakers have in today's technology landscape. Therefore, the booming automotive industry is likely to remain a key driver of the worldwide high-performance plastics industry for years to come, as expanding the reach of the industry will allow for periodic research into automotive construction materials and the role of high-performance plastics in automotive design models from the future. The rapid expansion of the worldwide consumer electronics industry has also been a constant driver for the worldwide high-performance plastics market. Like the automotive industry, the consumer electronics industry has benefited in recent years from rising disposable incomes for urban consumers and the escalating role of smartphones in their daily lives. The use of high-performance plastics in smartphones and other consumer electronics has escalated due to the continued preference for harder materials that are resistant to a wider range of stimuli. The rapid expansion of the worldwide consumer electronics industry has also fueled the global high-performance plastics market. The consumer electronics industry has benefited in recent years due to the increase in disposable income per capita of urban consumers and the escalating importance of smartphones in their daily lives.

Restraints in the High-Performance Plastics Market:

High prices of the HPPS when compared to other materials limit the expansion of the industry.

Opportunities in the High-Performance Plastics Market:

In spite of the leading smartphone lines updated annually, many users attach great importance to the build quality of the device, which is likely to contribute to the expansion of the high-performance plastics industry in the coming years.

Challenges in the High-Performance Plastics Market:

Factors like the high price of raw materials, the change in the end-use industry from developed to emerging countries, and the increase in production costs are hindering the expansion of the industry worldwide.

HIGH-PERFORMANCE PLASTICS MARKET REPORT COVERAGE:

High-Performance Plastics Market Segmentation as per the research report until 2028.

High-Performance Plastics Market - By Type

• Fluoropolymers

• High Performance Polyamides

• Polyphenylene Sulphide

• Sulfone Polymers

• Liquid Crystal Polymers

• Aromatic Ketone Polymers

• Poly-Imide

High-Performance Plastics Market - By End-Use 

• Transportation
• Electrical and electronics
• Industrial
• Medical
• Others

High-Performance Plastics Market - By Region

• North America High-Performance Plastics Industry includes the U.S and Canada.

• Europe High-Performance Plastics Industry includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.

• Asia Pacific High-Performance Plastics Industry includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.

• Latin America High-Performance Plastics Industry includes Brazil, Mexico, Argentina, Chile & Rest of LATAM.

• The Middle East & Africa High-Performance Plastics Industry includes KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA.

North America dominates the global high-performance plastics market. The growing call for high-performance plastics in this region is mainly due to their escalated use in the electrical, electronic, and medical industries. Europe is the world's second-largest consumer and manufacturer of high-performance plastics. The industry in this region is mainly driven by the growing possibilities of the transport industry. Asia-Pacific is predicted to be the main HPP industry during the foreseen period. This industry is predicted to grow against the expansion of the electronics and automotive industries in the emerging industries of China and India. In addition, the HPP industries in North America and Europe are predicted to excel due to the expansion of the industrial manufacturing base, the advancement of the automotive industry, and the rise of consumer electronics.

Expansion in the HPP industry in Latin America, the Middle East, and Africa is estimated to be moderate due to weak expansion in the end-user industries in these regions. North America and Europe are predicted to dominate the worldwide high-performance plastics industry in the coming years due to the continued presence of various industry leaders and the constant call for technology upgrades. The automotive and consumer electronics industries in these regions are also dominant in the respective world businesses, which is a key factor for the continued expansion of the high-performance plastics industry in the coming years. Asia Pacific is predicted to experience the fastest CAGR during the foreseen period, due to expansion in urbanization and industrialization. 

High-Performance Plastics Market Key Players:

The significant players operating in the worldwide high-performance plastics industry include 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).