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High-Performance Polymers Market Size is valued at USD 23.24 billion in 2023 and is predicted to reach USD 38.14 billion by the year 2031 at a 6.56% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The Asia-Pacific region stands out as the swiftest-growing market for high-performance plastics.
- The plastic industry's persistent endeavors to enhance mechanical properties and bolster resistance to temperature and chemicals are laying the groundwork for the expansion of the high-performance plastics market.
- Escalating performance demands across diverse applications are driving the accelerated uptake of high-performance plastics in the transportation and aerospace industries.
High-performance polymers are a group of materials known for their exceptional mechanical, thermal, chemical, and electrical properties. Polymers are manufactured to exacting standards across a range of sectors, with the aim of outperforming generic commodity plastics in a number of targeted contexts. The high-performance polymers market is likely to be driven by the rising demand for lightweight polymers in sectors such as the automotive and aerospace industries to boost efficiency and decrease emissions.
High-performance polymers are the increasing popularity of electric vehicles, which is being encouraged by governments worldwide. Furthermore, high-performance polymers are in high demand in the medical industry because of their biocompatibility, stabilizability, and resistance to chemicals and biological fluids. Market growth opportunities for high-performance polymers generated from renewable and natural sources have increased as society shifts toward more eco-friendly and sustainable materials. The market is expected to increase throughout the forecast period because of factors such as technological innovation, urbanization, industrialization, infrastructure development, and rising per capita income.
However, the High-performance polymers market expansion is hampered by the high price of high-performance polymers compared to regular polymers and other materials like metals. COVID-19 has severely disrupted the profit margins of plastic manufacturers because of its effects on the distribution of both raw materials and final products. Once the crisis was under control, however, the government relaxed regulations to help nations advance up the economic value chain by encouraging local and small-scale enterprises to resume manufacturing. Plastic manufacturers have increased output in response to rising consumer demand. Manufacturers have begun their efforts by first taking the recommended safety precautions.
Competitive Landscape:
Some of the high-performance polymers market players are:
- DuPont
- 3M
- Solvay
- BASF SE
- Celanese Corporation
- DAIKIN INDUSTRIES, Ltd.
- Resirene
- MC Polymers
- Celanese
- Arkema
- Chevron Phillips
- Victrex
- Sabic Global Technologies
- Arkema
- Dupont De Nemours and Company
- Evonik Industries AG
- Saudi Basic Industries Corporation (SABIC)
- Solvay S.A.
- Sumitomo Chemical Co. Ltd.
Market Segmentation:
The high-performance polymers market is segmented based on type and end-user industry. Based on type, the market is segmented into fluoropolymers, polyphthalamide (PPA), polyphenylene sulphide (PPS), sulfone polymers (SP), polyamide (PA), polyketones, polyimides, liquid crystal polymers (LCP), and others. By end-user industry, the market is segmented into automobile, aerospace defense, electrical and electronics, industrial, medical, and others.
Based On The Type, The Fluoropolymers High-Performance Polymers Market Segment Is Accounted As A Major Contributor To The High-Performance Polymers Market.
The fluoropolymers high-performance polymers category is expected to hold a significant global market share in 2022. Fluoropolymers are in high demand because of their exceptional performance. Their widespread application in fields as diverse as transportation and healthcare has contributed to the market's expansion. Fluoropolymers are the most practical non-reactive material now available and exhibit exceptional chemical properties. The most well-known types of fluoropolymers are polyvinylidene fluoride and polyvinyl fluoride. Many useful industrial products can be made with the help of fluoropolymers. Because of its high melting point, long lifespan, and resistance to chemicals, PTFE finds widespread application in cookware and non-stick coating.
Automobile Segment To Witness Growth At A Rapid Rate
The automobile segment is projected to grow rapidly in the global high-performance polymers market. The rising trend of adopting lightweight materials to improve vehicle performance is anticipated to increase sales of high-performance polymers for the automotive industry. Great-performance polymers are in great demand because of their widespread application across diverse vehicle subsystems, including structural components, frameworks, interiors, and exteriors, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The North American High-Performance Polymers Market Holds A Significant Revenue Share.
The North American high-performance polymers market is expected to report the most increased market share in revenue in the near future. It can be attributed to the fact that the automobile sector primarily drives the demand for high-performance polymers. Environmental worries and sustainable development programs are being addressed alongside a burgeoning research and development sector in polymer science and technology. In addition, Asia Pacific is projected to overgrow in the global high-performance polymers market because High-performance polymers are becoming increasingly important as their end-use applications spread throughout the automotive, air travel, and medical sectors, not to mention the rapidly growing electrical and electronics sectors, which in turn fuels the high-performance polymers industry in this region.
Recent Developments:
- In March 2019, Aerosint SA partnered with Solvay to develop an SLS 3D printing process specifically for high-performance polymers, facilitating efficient production. This collaboration has resulted in reduced operating costs and minimized excessive wastage, while also making 3D printing of high-performance polymers more economically viable.
High-Performance Polymers Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 23.24 Bn |
|
Revenue Forecast In 2031 |
USD 38.14 Bn |
|
Growth Rate CAGR |
CAGR of 6.56% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn, Volume (Tons) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Imaging Modality, By Application, By End-Use |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia |
|
Competitive Landscape |
DuPont, 3M, Solvay, BASF SE, Celanese Corporation, DAIKIN INDUSTRIES, Ltd., Resirene, MC Polymers, Celanese, Arkema, Chevron Phillips, Victrex, Sabic Global Technologies, Arkema, I. Dupont De Nemours and Company, Evonik Industries AG, Saudi Basic Industries Corporation (SABIC), Solvay S.A., and Sumitomo Chemical Co., Ltd. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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