Global high-performance thermoplastics market is expected to witness significant growth over the next seven years owing to surging demand in electronics and automotive industries. High-performance thermoplastics include polyether ketone (PEK), polyether ether ketone (PEEK), polyphenylene sulfide (PPS), polyethersulfone (PES), polysulfone (PSU), polyphenylsufone (PPSU) and polyetherimide (PEA). These thermoplastics are used in printed injection molded connectors and circuit boards along with the manufacturing of structural automotive and electrical components. Superior properties such as radiation, flame, and chemical resistance along with temperature tolerance are anticipated to fuel high-performance thermoplastics demand over the forecast period. Enhanced mechanical properties including fatigue, wear, creep, toughness, strength, and stiffness are presumed to augment high-performance thermoplastics demand in durable applications over the foreseeable future. Volatile petrochemical prices are expected to be a major challenge faced by industry participants over the forecast period. Stringent government norms and regulations regarding manufacturing processes coupled with thermoplastics biodegradability issues are anticipated to hinder market growth over the next seven years. Technological advancements coupled with shifting focus towards the development of application-specific advanced thermoplastics for flame and abrasion resistant with enhanced durability is estimated to create lucrative opportunities for high-performance thermoplastics market participants.
On the basis of products, high-performance thermoplastics industry has been classified as polyamide (PA), polycarbonate, PEEK (Polyether Ether Ketone) and nylon 66. Polyamide was the dominant product segment in 2014 and the trend is expected to continue over the forecast period. Polyamide is used in wide host of industrial applications including consumer goods, sports equipment, construction, and electronics. Polyamide 6 and polyamide 66 are most dominant synthetic polyamide polymers used in fiber production. Bio-based polyamides derived from castor oil are anticipated to witness significant growth over the forecast period owing to increasing consumer preference towards environmentally friendly polymers. Polycarbonate is anticipated to witness considerable market growth amongst high-performance thermoplastics owing to superior properties including high thermal stability and tensile strength. PPSU and PSU are significantly niche markets and are expected to witness above-average growth rates over the foreseeable future on account of increasing application scope in building & construction materials and the medical industry. Nylon 66 is anticipated to witness average market growth owing to increasing applications in textiles, molded parts, and carpets industry.
Asia Pacific dominated the high-performance thermoplastics market in 2014 and the trend is expected to continue over the foreseeable future owing to increasing investments especially in the consumer goods industry. China is anticipated to emerge as the leading high-performance thermoplastics producer and consumer region owing to increasing construction and textile industry demand over the forecast period. Other significant markets in the region include emerging economies including India, Vietnam, and South Korea owing to growing downstream industrial demand. North America's high-performance thermoplastics market is anticipated to witness above-average growth on account of growing demand especially in the automobile industry in the region. U.S. is projected to be the leading consumer market owing to technological advancements coupled with increasing R&D in manufacturing processes in the region. Europe high-performance thermoplastics market is presumed to witness average growth over the forecast period owing to stringent government norms and regulations regarding manufacturing processes and degradability of thermoplastics. Latin America high-performance thermoplastics market is projected to witness significant growth over the foreseeable future on account of economic developments coupled with increasing consumer disposable income in the region.
Major companies operating in the global high-performance thermoplastics market include BASF, DuPont de Nemours and Company, Greene Tweed, Ascend Performance Material, Honeywell International Inc., Quadrant and Sumitomo Chemicals. Innovative product development is anticipated to be a key strategy followed by industry participants over the forecast period to increase their market share. Development of bio-based alternatives along with efficient advertisement and marketing of the existing and the new ones are anticipated to be major strategy followed by industry players especially in the less consumer sensitive Asia Pacific and Latin American regions. Developing effective distribution channels along with partnerships, M&A and JV’s are presumed to be major strategic tools by industry participants to increase their market presence.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.