Market Overview
The Global High-Performance Plastics Market is expected to grow at a high CAGR of 9.30% during the forecasting period (2021-2028).
High-performing plastics are specially designed polymers with high mechanical strength, chemical resistance, and, all-importantly, temperature resistance.
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Market Outlook
Increasing performance requirements across various applications are accelerating the adoption of high-performance plastics in the automotive and aerospace industries.
The superior performance qualities and flexibility in integrating components are some of the prime factors of the market.
Further, the demand for these high-performance plastics is expected to grow significantly due to the number of production line units of plastic.
Many companies worldwide have been expanding their product line in recent times, which will boost the production of high-performance plastics.
For instance, in 2018, German chemicals company BASF SE has started up a new production line for its high-temperature resistant thermoplastic Ultrason in Yeosu, Korea.
On the flip side, the high manufacturing cost of high-end plastics is one restraining factor for this market.
Market Analysis
The global high-performance plastics market is bifurcated by end-user into transportation, automotive, aviation, medical, and others (electrical & electronics). The Aerospace industry dominates the market owing to being lightweight compared with other industrial materials.
Leading aerospace companies like Bombardier, BAE Systems, Raytheon, GE Aviation, and Lockheed Martin have also leaned into using High-performance thermoplastics and composites in their aircraft and defense-related systems.
These companies are using lightweight plastics to keep passengers comfortable, protect vital electronics, and improve the reliability of the mission.
However, polymer composites have a relatively low electrical conductivity. As a result, an extra layer of the copper mesh must be added to the fuselage of the Boeing 787 to dissipate the electricity from lightning strikes.
Currently, there is a growing interest in using thermoplastic carbon-fiber composites, such as those based on PEEK, to increase manufacturing productivity and satisfy growing demands for an ever-faster aircraft build rate. For instance, Victrex recently launched a joint-venture with Tri-Mack Plastics Manufacturing Corp. to accelerate the commercial adoption of polyaryletherketone (PAEK) composite applications in the aerospace industry.
Regional, Country-level Analysis
The global high-performance plastics market business is geographically into North America, South America, Europe, Asia Pacific, and RoW. Asia-Pacific is the fastest-growing region for high-performance plastics regarding value and volume.
Among the key factors that are expected to fuel this growth are the high economic growth rate, growing manufacturing industries, cheap labor, increasing foreign investments, and a rise in applications of high-performance plastic across medical, transportation, and electronic industries.
Countries such as China, South Korea, and Taiwan—the significant hubs for producing electronic components, are expected to drive this market’s growth.
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Competitive Trends
The analysis of major companies in the high-performance plastics industry considers the strategy adopted, merger, financial revenues, and the latest developments in the market. Some of the leading players in the global high-performance plastics market covered include Dow Chemical, LANXESS, Royal DSM, Saint-Gobain, EYYonMobil, Solvay S.A., BASF SE, Celanese Corporation, Victrex Plc, Nylacast Limited Company, and Ensinger. For instance,
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