High Performance Plastics Market Trends 2019, Segmentation, SWOT Analysis, Opportunities and Forecast To 2023
High Performing Plastics are specially designed polymers that demonstrate unique properties such as high mechanical strength and resistance to chemicals as well as to high temperatures, especially. The increasing mechanical strength of High Performance Plastics has helped them to become an essential component in the global manufacturing sector. On the other hand, additive manufacturing has replaced the time-consuming processes used in the production of large-volume plastic components.
Extensive adoption of this plastic in the various burgeoning industries such as automotive and electronics is driving the market for High Performance Plastics. Moreover, constant technological advancements and efforts transpired in the field of plastic for the improvement of resistance to temperature and chemicals and mechanical properties are escalating the market on the global platform, paving the way for the growth for the High Performing Plastics.
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Acknowledging the colossal growth, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the Global High Performance Plastics Market is forecasted to witness exponential accruals by 2023, registering approximately 7% CAGR during the review period (2018-2023). The automobile and consumer goods sectors are two of the prominent end-use industries that are creating a huge demand for High Performance Plastics.
The automotive sector has hugely absorbed the sturdy yet lightweight, high performance plastics for the making of various automotive parts and components due to the various benefits that this plastic can offer, such as low consumption of fuel and hence reduced carbon foot prints. Also, High Performance Plastics have eased the design and production of automotive components. The constant demand from the automotive sector is one of the major driving forces behind the growth of High Performance Plastics Market.
The electronics sector is considered as another key application area of these high performance plastics. Huge absorption of this plastic in the making of various electronics devices fosters the growth of High Performance Plastics Market.
Simultaneously, vast consumption of these High-Performance Plastics in the medical devices and in the construction industry is aiding the growth of the High Performance Plastics Market, globally.
On the other hand, volatility in the prices and demand & supply gap in the raw materials required for the production of high performance plastics are some of the key factors obstructing the market growth, largely. Nevertheless, the rapidly improving economic conditions, worldwide, are expected to support the market growth by increasing consumers’ purchasing power making luxury items such as automotive and electronics affordable for them.
Key players leading the Global High Performance Plastics Market include Celanese Corporation (U.S.), Daikin Industries, Ltd. (Japan), Solvay S.A. (Belgium), Arkema S.A. (France), BASF SE (Germany), Evonik Industries AG (Germany), E. I. Dupont De Nemours and Company (U.S.), Kuraray Co., Ltd. (Japan), Victrex PLC (U.K.), 3M Company (U.S.), Saudi Basic Industries Corporation (SABIC) (Saudi Arabia), DSM Company (The Netherlands), Kuraray Europe GmbH (Germany), EMS-CHEMIE AG (Switzerland), and Saint-Gobain Performance Plastics Corporation (France) among others.
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Global High Performance Plastics Market – Segments
For ease of understanding, the market is segmented into three key dynamics: –
By Type: Polyamides, Fluoropolymers, Sulfone Polymers, Polyphenylene Sulfide, Liquid Crystal Polymers, and Polyetherimide among others.
By End-use: Automotive, Aerospace & Defense, Electrical & Electronics, and Industrial among others.
By Regions: North America, Asia Pacific, Europe, and the Rest-of-the-World.
Global High Performance Plastics Market – Competitive Landscape
Fiercely competitive, the High Performance Plastics Market appears to be fragmented due to the presence of several large and small-scale companies. Focused on improving their market performance, these companies increasingly acquire small but promising companies in the developing regions to meet their expansion goals. Growing innovations in production technologies are further intensifying the competition in the market. At the same time, the market strong investment opportunities demonstrated by the market are attracting new entrants to the market.
Industry/ Innovation/ Related News:
March 22, 2019 – Researchers at the Fraunhofer Institute for Machine Tools and Forming Technology (Germany) announced the development of screw extrusion additive manufacturing (SEAM), a system and process 8x faster than conventional 3D printing for the manufacturing of high-performance plastic.
SEAM can accelerate the additive manufacture of plastic components eightfold over conventional processes. The process achieves this ultra-fast production speed by combining 3D printing with the motion system of a machine tool. The innovation is expected to change the time-consuming undertaking of additive manufacture large-volume plastic components.
February 22, 2019 – Aerosint SA (Belgium), a leading company specializing in the research and the development of innovative additive manufacturing processes announced its partnership with Solvay (Belgium), a chemical company to create SLS 3D Printing process for high-performance polymers.
High Performance Plastics Market – Geographical Analysis
Globally, North America and Europe are leading the Global High Performance Plastics Market mainly due to the presence of numerous industry players and the constant technological advancements. Besides, some of the burgeoning industries such as automotive and consumer electronics are boosting the High Performance Plastics Market in these regions. Additional factors such as the supportive government policies and regulations alongside the augmenting demand for High Performance Plastics from various end-use industries are proving impetus to the growth of the market in these regions, creating a wide scope of the market evolution.
The High Performance Plastics Market in the Asia Pacific region has emerged as another lucrative market, globally. Factors such as the rapid urbanization and industrialization led by the improving economy in the region are fostering the growth of the APAC High Performance Plastic Market.
Moreover, some of the burgeoning industries such as automotive and electronics especially in the rapidly developing countries like China, Japan, South Korea, and India, are propelling the growth of the regional market. Additionally, numerous technological advancements in hybrid and electric vehicles are helping the APAC market to flourish, creating a pathway for the High Performance Plastic to advance further.
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