High Performance Plastics Market | Contrive Datum Insights

The Global High Performance Plastics Market Size Was Valued At USD 20.93 Billion In 2021. The Market Is Projected To Grow From USD 22.71 Billion In 2022 To USD 42.08 Billion By 2030, Exhibiting A CAGR Of 9.2% During The Forecast Period.

High Performance Plastics Market Overview:

The global COVID-19 pandemic has been unprecedented and shocking. As a result, demand for high performance plastics is lower than expected in all regions compared to levels before the pandemic. Based on our research, the global market for high-performance plastics will be 3% smaller in 2020 than it was in 2019.

Engineering plastics and standard plastics are different from high performance plastics mainly in how stable they are at different temperatures, as well as in their mechanical properties, resistance to chemicals, price, and amount of production. These are plastics that are better than engineering and standard plastics and meet higher standards. They cost more and are only used in smaller amounts. Chemical resistance, mechanical strength, and temperature resistance are all better in high performance plastics.

Due to their superior ability to resist corrosion and transfer heat, they are being used in more and more industries. High performance plastics are becoming more popular because they work well at high temperatures and with chemicals that react quickly. These plastics are strong, resistant to chemicals, and can stand up to high temperatures. But the market is only a small part of the global plastics market, and demand for these plastics is expected to grow a lot over the next few years.

The main reason for the growth rate of the market is the rise in government programs and policies that help businesses. Increasing industrialization and the demand for applications, such as automotive and aerospace applications, will also have a direct and positive effect on the growth rate of the market, especially in developing countries. The high performance plastics market will grow as more people learn about the benefits and as different industries that use them grow and expand.

Also, the main reasons for the growth of the market are the increasing use of advanced plastics in a wide range of end-use applications, such as transportation and automotive, industrial, electrical and electronics, medical, construction, and defence, and the rise of industrialization, especially in developing countries.

But high costs and growing concerns about the environment will make it hard for the market to grow. The growth of the market will also be slowed by the fact that there are alternatives on the market. Changes in the prices of raw materials will also have an effect on the market.

Market Dynamics:

Latest Trends:

Use of high-performance plastics to make cars lighter and improve gas mileage will help the market grow.

The growth of the automotive and transportation sector and the increasing use of advanced plastics in cars drive the growth of the global market. As people worry more about carbon emissions and want to make cars that use less gas, they are using more to make them lighter. Plastics that are light and strong are being used more and more in fixed-wing and rotary-wing aircraft, passenger railcars, and all kinds of cars on the ground. UV-resistant versions of many plastics are available to make them last longer outside. Plastics that are used in diesel and gasoline cars can be made to work in the presence of lubricants and fuels. Reinforced high-temperature plastics are used for parts that are close to engines.

Driving Factors:

High performance plastics have unique qualities that will help the market grow.

The lower cost and lighter weight of high-performance plastics is a key factor in the growth of the high-performance plastics industry. Plastics are used in a wide range of industries, such as automotive, defence, aerospace, and construction, because they are chemically stable and have good mechanical and high thermal properties. To make their products cheaper without lowering quality, these end-use industries need materials that are lighter than metals but have the same or better properties. The global market has given these industries a huge advantage and is likely to be a driver of market growth.

Automakers use a lot of advanced plastic composites in their designs. To make cars safer and run better, manufacturers have made more plastic composites that help and improve the battery technology. The personal mobility revolution has opened up new opportunities for the automotive industry. This is true for both artificial intelligence and the market landscape of self-driving cars.

Also, the properties of high performance plastics have made it possible to use them to reduce fuel consumption, engine size, and weight. Key players in the automotive and OEM industries are also coming up with new ways to meet country regulations and customer needs. When plastics are used in the engine and powertrain, the weight of the powertrain systems goes down, and the car uses less fuel overall. Lightweight propulsion systems also lower the overall cost of the system, reduce the weight of the vehicle, and make it use less fuel.

Restraining Factors:

Changes in the prices of raw materials slow down the market. High commodity prices, the shift of the end-use sector from developed countries to emerging countries, and rising production costs are just some of the things that slow down the global market. The growth of the market could be slowed down by changes in the demand and supply of raw materials. Also, there aren't enough good testing standards in this industry, which is a problem. Because there aren't any standard test methods, industries have trouble with quality assurance and quality inspection. As a result, many use their own methods to test. So, changes in the prices of raw materials can make it hard for the market to grow.

Segmentation Analysis:

By Type Analysis:

Based on the type, the market is divided into fluoropolymers, polyamides, polyphenylene sulphide (PPS), sulfone polymers (SP), liquid crystal polymers (LCP), and others.

Fluoropolymers are in high demand because they are so good at what they do. Their use in industries like transportation and medicine is a big reason for the growth of this market segment. Fluoropolymers have interesting chemical properties and are thought to be the most useful material that doesn't react.

Fluoropolymers are made of poly vinylidene (PVDF) and poly vinyl fluoride (PVF), which are both well-known types. These kinds of fluoropolymers can be used to make a wide range of industrial products. For example, PTFE is commonly used in cookware and non-stick coatings because it has a high melting point, lasts a long time, and doesn't react with chemicals. Fluoropolymers are also often used to insulate wires, package lithium and ion batteries, make implants, and use them in biomedical applications. So, the product's properties allow for great uses in the industry and make it a good fit for adoption.

During the time frame of the forecast, the polyamide segment is expected to grow at a moderate rate. Polyamide is made up of units that repeat and are held together by amide bonds. Polyamide can be found in nature or it can be made in a lab. Silk and wool are natural forms of polyamide, while sodium poly aspartate, aramids, and nylons are man-made forms. Polyamides are low-cost materials that are easier to move and often have lower production costs than metals. They also cost less to make than other materials. Polyamide is often sprayed instead of woven because it has so many useful properties. Because of these things, polyamide is used in many different ways in many different industries, which is likely to drive the growth of this segment.

By End-use Industry Analysis:

The market is divided into transportation, electrical and electronics, industrial, medical, and other industries based on how they will be used.

The growth of the transportation sector is linked to the fact that high-performance plastic is used most often to make car parts and insulate them. This is because high-performance plastic is resistant to chemicals and temperatures and has great electrical performance. These fluoropolymers are used to make granular and powder foam, which makes them useful in the process of transferring and pressing. High-performance plastic that is extruded or compressed has many advantages over regular plastic or low-performance plastic. Using this high-performance plastic also makes the car flexible, lighter, and very reliable.

The most advanced way to use the product is in a traditional Internal Combustion Engine (ICE), which makes the switch to electric vehicles cleaner and safer. Also, the number of OEM and after-market parts made from these materials has grown in recent years. For example, automakers use this material to protect cars and trucks from the sun, chemicals used in car washes, the weather, and corrosion. So, the material's many uses in the transportation industry drive up demand for the product and help the segment grow.

Regional Insights:

The Asia-Pacific region had the biggest share of the market for high-performance plastics and is expected to continue to do so during the forecast period. The increase in the electrical and electronics industry is linked to the growth of the area. Countries in the area, like India and China, have the most people and the fastest-growing economies in the world. So, as the world's population has grown over the years, so has the need for electrical and electronic devices. This opened up a huge market for new and old companies that make the latest electrical and electronic products. This put more pressure on the manufacturers to meet the needs of the consumers. High-performance plastic is used to make semiconductors and smaller microprocessors because it is very resistant to chemicals and makes them last longer.

By the year 2029, North America is expected to have grown a lot. The region's product demand is because people have a lot of money to spend and like to buy high-quality raw materials. Countries in the region, like the U.S., have the highest per capita income, which puts pressure on transportation manufacturers to make high-quality products. So, there has been a huge rise in the use of high-performance plastic in the area. Also, the government and different groups are trying to get car makers to use safer and more durable materials to save people's lives in accidents.

The rapid growth of the auto industry, which is very important to the economies of European countries, is linked to the growth of the European market. The automotive industry has the most investors and the most innovative car companies. These companies make the most fuel-efficient engines in the region. So, a lot of high-performance plastic is used in making cars because it has better chemical and physical properties than regular plastic. On the other hand, after the COVID-19 pandemic, the medical industry in the area has grown quickly. As the number of hospitals with high-tech treatments has grown, so has people's awareness of health and hygiene. The medical field has gotten a boost because of this. So, all of these things should help the market in the area.

Scope Analysis

Recent Development:

• October 2022 - Arkema launched a new series of recycled high-performance polyamides (HPPs), partially or fully recycled Rilsamid polyamide 12, Pebax polymers and Rilsan polyamide 11, manufactured under the Virtucycle program at a custom recycling center in Italy.
• July 2022 - BASF launches the PuriCycle portfolio of adsorbents and catalysts enabling plastic recycling. This advanced, high-performance product is intended for the purification of the most complex waste plastic pyrolysis feeds.
• May 2021 – Arkema successfully acquired Agiplast, a well-known manufacturer of high-performance plastics. The purpose of the acquisition is to provide end-to-end material circularity and to address growing markets.
• July 2020 - Evonik Industries opened an Advanced 3D Printing Materials Development Center. The center's purpose is to provide high-performance plastic materials.
• July 2020 - Victrex introduces Victrex AM 200 filaments optimized and developed specifically for additive manufacturing (AM) applications. These new products are used in several AM applications and are designed for traditional manufacturing methods such as injection and machining.

Market Segmentation

By Type:

• Fluoropolymers
• Polyamides
• Polyphenylene Sulfide (PPS)
• Sulfone Polymers (SP)
• Liquid Crystal Polymers (LCP)
• Others

By End-use Industry:

• Transportation
• Electrical & Electronics
• Industrial
• Medical
• Others

By Companies:

• Solvay (Belgium)
• BASF SE (Germany)
• Arkema (France)
• Evonik Industries (Germany)
• DuPont (U.S.)
• SABIC (Saudi Arabia)
• DAIKIN INDUSTRIES, Ltd (Japan)
• Victrex plc (U.K.)
• Saint-Gobain Performance Plastics (France)
• DSM (Netherlands)
• Others