Covina, May 03, 2023 (GLOBE NEWSWIRE) -- High-performance plastics are also referred as high-performance polymers, high-temperature plastics, high-tech plastics, and high-performance plastics. High-performance plastics are used in various applications and are used to replace other materials such as wood, metal, and glass.
High-performance plastics are different from standard plastics due to their superior product quality, chemical resistance, and high thermal stability properties, which in turn have enhanced market growth.
The high performance plastics market refers to a group of advanced engineering materials that exhibit superior mechanical, thermal, and chemical properties compared to traditional plastics. These plastics are used in a wide range of applications across various industries, including automotive, aerospace, and electrical and electronics, healthcare, and construction. High performance plastics are characterized by their ability to withstand extreme temperatures, resist corrosion, and exhibit high strength and stiffness. They are often used in high-stress applications where traditional plastics would fail, such as in the production of medical implants, aircraft components, and automotive parts.
| Attributes | Details |
| High Performance Plastics Market Value (2022) | US$ 22.71 billion |
| High Performance Plastics Market Projected Value (2032) | US$ 58.9 billion |
| High Performance Plastics Market CAGR (2022 – 2032) | 9.4%. |
Key Highlights:
- In August 2022, SABIC launched high-performance automotive PP compound “G3430X” and “G3440X” a new short-glass fibre-reinforced polypropylene compounds. New launched compounds offer enhanced processing and performance for interior and exterior applications in automotive sector.
- In September 2022, Inaventa Solar and Solvay announced the partnership to utilize power of engineering plastics in development of more efficient and new “B170 solar collector”. This partnership will develop low carbon footprint product with lightweight and more efficient production.
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Analyst View:
The superior product quality of high-performance plastics, such as their durability, machinability, reusability, and recycle quality, has provided lucrative opportunities for target market growth. Wide applications in various end-user industries are expected to fuel the demand for High-Performance Plastics Market growth in future.
- Growing demand from emerging economies: The high performance plastics market is expected to grow at a significant rate due to increasing demand from emerging economies, particularly in the Asia Pacific region. The region is experiencing rapid industrialization and urbanization, which is driving the demand for high performance plastics.
- Shift towards sustainable materials: The high performance plastics market is also expected to witness a shift towards sustainable materials, such as bioplastics and bio-based materials. This is driven by growing environmental concerns and the need for more eco-friendly materials in various end-use industries.
Detailed Segmentation:
Report Scope:
| Attribute | Details |
| Base year for estimation | 2022 |
| Forecast period | 2022 – 2032 |
| Market representation | Revenue in USD Billion & CAGR from 2022 to 2032 |
| Market Segmentation | By Type - High Performance Polyamide, Fluoropolymers, AKP, SP, PPS, LCP and PI By End-Users - Medical, Transportation, Industrial, Electrical and Others |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “High Performance Plastics Market, By Type (High Performance Polyamide, Fluoropolymers, AKP, SP, PPS, LCP and PI), By End-Users (Medical, Transportation, Industrial, Electrical and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032”
Key Market Insights from the report:
High Performance Plastics Market accounted for US$ 22.71 billion in 2022 and is estimated to be US$ 58.9 billion by 2032 and is anticipated to register a CAGR of 9.4%. The High Performance Plastics Market is segmented based on Type, End-Users and Region.
- Based on Type, High Performance Plastics Market is segmented into High Performance Polyamide, Fluor polymers, AKP, SP, PPS, LCP and PI.
- Based on End-Users, High Performance Plastics Market is segmented into Medical, Transportation, Industrial, Electrical and Others.
- By Region, the High Performance Plastics Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of High Performance Plastics Market:
- BASF SE
- Evonik Industries AG
- Arkema
- Solvay
- Dupont
- DSM
- Saint-Gobain Performance Plastics
- SABIC
- Victrex plc.
- DAIKIN INDUSTRIES LTD
What are the Recent Driver Factor in the High Performance Plastics Market?
- Demand from the automotive industry: The automotive industry is a major consumer of high performance plastics, as these materials offer weight reduction, improved fuel efficiency, and enhanced safety features. With the growing demand for electric and hybrid vehicles, the use of high performance plastics is expected to increase even further.
- Increasing use in medical devices: The use of high performance plastics in medical devices is also growing, driven by their biocompatibility, durability, and resistance to sterilization methods. This includes applications such as surgical instruments, implants, and drug delivery systems.
- Demand for lightweight materials in aerospace industry: The aerospace industry is another major consumer of high performance plastics, as these materials offer weight reduction and enhanced performance in extreme environments. With the increasing demand for fuel-efficient and eco-friendly aircraft, the use of high performance plastics is expected to grow in this industry.
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