Over the last couple of decades, plastics have emerged as an inseparable part of humankind, finding application in every fathomable part of daily life. Increased living standards, growing environmental awareness, and sustainable development thinking are driving demand for new and innovative material plastics. High performance plastics are used mainly in high temperature and high pressure applications. These plastics show excellent performance and effectiveness even when exposed to highly reactive chemicals. Due to their high chemicals resistance, low coefficient of friction, superior performance at high temperature, high strength, and high quality electrical resistance, these plastics are highly sought as compared to standard or engineering plastics. These plastics are more expensive and are usually used in very small quantities.
Fluoropolymers, high performance polyamides, sulfone polymers, liquid crystal polymers, polyketones, and polyimides are among the most commonly used high performance plastics. These materials are used in various end-use industries such as transportation, medical, and electrical & electronics.
High Performance Plastics Market Taxonomy
On the basis of form type, the global market is segmented into:
On the basis of product type, the global market is segmented into:
On the basis of application, the global market is segmented into:
The transportation segment, which includes automotive, and aviation is the largest end-use segment in global high performance plastics market. This growth is due to high demand for these plastics in manufacturing exterior and interior components used in the aerospace and automotive industries. Superior mechanical properties, high heat stability, and superior chemical resistance of high performance plastics are key factors for extensive use of these plastics over other standard plastics in such key applications. Polyketones is the fastest-growing product type segment in the global high performance plastics. This is due to their unique properties that make them suitable for manufacturing components for various applications such as induction systems, fuel systems, coolant systems, powertrain, engine components, brake systems, shaft seals, pumps & valves, shaft seals, surgical equipment, sockets, biotechnology, and transmission components.
High Performance Plastics Market Outlook – Asia-Pacific is the largest, and fastest-growing region, globally
Asia-Pacific is the largest, and fastest-growing region in the global high performance plastics. This is due to the growth in electrical & electronics industries in countries such as China, Taiwan, and South Korea, as they are among the largest manufacturers of electrical & electronics components. The key factors such as growing manufacturing plants of key major players in the region, high economic growth, cheap labor, and increasing FDI in emerging economies such as India and China are fueling growth of high performance plastics market in the region. The growing end-use applications of high performance plastics in automotive, aviation, medical, and industrial are also the key drivers for the growth of high performance plastics in the Asia-Pacific region.
High manufacturing cost leads to the high price of these plastics, which in turn inhibits market growth. Some of the major companies operating in the global high performance plastics materials market are BASF SE, Daikin Industries, Ltd., Celanese Corporation, Solvay S.A., Arkema SA, Evonik Industries AG, Kuraray Co., Ltd., E. I. duPont de Nemours and Company, SABIC, and Victrex Plc.
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