High-Performance Plastics Market Size to Grow at 9.3 Percent CAGR Over 10 Years
April 10, 2018
The global high-performance plastics market is poised to reach $35.27 billion by 2026, a 9.3 percent compound annual growth rate, according to market research firm Reportbuyer.
“This growth is attributed to the rise in demand for manufacturing interior and exterior components in the automotive and aerospace industries due to [the] superior mechanical properties, chemical resistance, and high heat stability of high-performance plastics,” says Reportbuyer. “However, high manufacturing costs of the high-performance plastics is the restraining factor for this market.”
Looking to market segments, aromatic ketone polymer is the fastest-growing type of high-performance plastic in terms of volume and value.
“They possess the outstanding thermal stability, mechanical properties, and chemical resistance,” notes Reportbuyer. “These properties make them suitable for a wide range of applications, such as fuel systems, induction systems, coolant systems, engine components, powertrain, brake systems, pumps and values, shaft seals, sockets, biotechnology, surgical equipment, and transmission components manufacturing.”
Asia-Pacific is the fastest-growing region for high-performance plastic production. The region dominates due to a high economic growth rate; growing manufacturing industries; cheap labor; increasing foreign investments; a rise in the application of high-performance plastics across medical, transportation, and electronics industries. Countries like China, South Korea, and Taiwan are major production hubs.
Some significant companies involved with the sector are BASF SE, Daikin Industries Ltd., Celanese Corp., Solvay S.A., Arkema S.A., Evonik Industries AG, Kuraray Co. Ltd., E.I. DuPont de Nemours and Co., SABIC, and Victrex plc.