High Performance Plastics Market to Witness Comprehensive Growth by 2024
High performing plastics are specially designed polymers with high mechanical strength, chemical resistance, and, all-importantly, temperature resistance. Stability at high temperature is the main criterion used to differentiate high performance plastics from regular plastics, but the high mechanical strength of high performance plastics has made them a key component of the global manufacturing sector in recent years. The current high performance plastics sector is the result of the constant effort in the plastics industry towards betterment of their mechanical properties and resistance to temperature and chemical stimuli.
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The global high performance plastics market has a large number of end-use segments, as the need for strong manufacturing materials is being felt in several sectors. The automotive industry and the consumer goods industry are two of the leading application segments of the high performance plastics market. Other key applications of high performance plastics lie in construction, medical devices, and electronics and electrical materials. Fluoropolymers are the dominant plastic in the global high performance plastics market and are likely to retain a dominant share in the coming years.
The steady demand from the automotive sector has been a key driver for the global high performance plastics market. The automotive sector is always on the lookout for high-strength lightweight materials due to the several benefits they provide with regard to automotive design. This has led several automotive giants to high performance plastics, which are close to the ideal configuration available to car manufacturers in the current technological scenario. The booming automotive industry is thus likely to remain a key driver for the global high performance plastics market in the coming years, as the widening perimeter of the industry will enable steady research into car construction materials and the role of high performance plastics in automotive design templates of the future.
The rapid growth of the global consumer electronics industry has also been a steady driver for the global high performance plastics market. Like the automotive industry, the consumer electronics industry has benefited in recent years from the rise in the disposable income of urban consumers and the increasing prominence of the smartphone in their daily lives. The use of high performance plastics in smartphones and other consumer electronics has risen due to the steady preference for tougher materials resistant to a wider range of stimuli. Despite the dominance of annually updated smartphone ranges, many users place high importance to the build quality of the device, which is likely to aid the growth of the high performance plastics market in the coming years.
However, Asia Pacific is likely to become a dominant regional market for high performance plastics in the coming years. The steady growth of the consumer electronics industry in Asia Pacific countries such as China, South Korea, and India is the key factor responsible for the high performance plastics market’s growth in the region. The automotive industry in India, South Korea, Japan, and particularly China is also likely to exhibit sustained growth over the coming years, propelling the high performance plastics market in the region.
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Key players operating in the global high performance plastics market include Sekisui Chemical Co., Ltd., Saint-Gobain Performance Plastics Corporation, Röchling-Group, Quadrant Group of Companies, Ensinger India Engineering Plastics Private Ltd., Grindwell Norton Ltd., Dover High Performance Plastics, A. Schulman Inc., Quantum Polymers, CoorsTek, Inc., BASF SE, Murtfeldt Kunststoffe GmbH & Co. KG, DuPont, and TriStar Plastics Corporation.
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