High-Performance Plastics market Worth USD 6,979 million in 2021, growing at a CAGR of 6.1%

New analysis from GMI Research, expects the revenue for the High-Performance Plastics market is projected to reach USD 6,979 million in 2021, growing at a CAGR of 6.13% during 2016-2021. The major factor contributing towards the growth of the Global High Performance Plastics market includes the increasing usage of high performance plastics in the automotive & aviation industry at the global level.

The increasing number of government initiatives to promote environmental awareness among the consumers will drive the demand for high performance plastics across the globe. Moreover, the rising demand for plastics with higher temperature stability, chemical resistance and better mechanical properties, will positively influence the demand of the market over the coming years.

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Based on Type, the Global High Performance Plastics market is segmented into polyphenylene sulfide, polyketones, fluoropolymers, thermoplastic polyimides, and high performance polyamides. The high performance polyamides segment is anticipated to lead the market during the forecast period owing to the increasing adoption of these plastics driven by its exceptional benefits such as high mechanical strength, rigidity, chemical resistance, and good stability under heat. The high performance polyamides are also used in manufacturing of products for electrical insulation, specialty membranes, gaskets and packaging/insulation/sealing.

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Based on Application, the Global High Performance Plastics market is segmented into automotive, aviation, railways, and marine. The automotive segment is expected to grow at a higher CAGR during the forecast period due to the increasing demand of high performance plastic by the automotive manufacturers across the globe. The High performance plastics reduces the total weight of vehicle, decreases the fuel consumption and emits less amount greenhouse gases into the environment. Moreover, the excellent flame retardant and corrosion resistance capabilities of high performance plastics makes it suitable for interior application in the vehicles. The Aviation segment is anticipated to lead the market during the forecast period owing to the extensive usage of high performance plastics in the composition of aircraft structure driven by its light weight feature.

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Based on the region, Europe is anticipated to lead the market during the forecast period owing to the supportive government policies & regulations, coupled with the increasing demand for high performance plastics across the transportation industry. Major economies such as Germany and France have the highest consumption of high performance plastics due to the large presence of automotive and aircraft manufacturers in these countries. The North America region is expected to grow at a higher CAGR during the forecast period due to the growing demand for high performance plastics among the automotive and aircraft manufacturers. The Asia-Pacific region is expected to grow at a higher CAGR during the forecast period owing to the rising adoption of high performance plastics by the key market players of the automotive industry in this region. China and Japan are major countries in the region in terms of production and consumption of high performance plastics, with China being the chief manufacturer of PPS with 30% of global production capacity.

The Global High Performance Plastics market has been segmented based on Type, Application, and Key Region. Based on Type, the market is segmented into polyphenylene sulfide, polyketones, fluoropolymers, thermoplastic polyimides, and high performance polyamides. Based on the Application, the market is segmented into automotive, aviation, railways, and marine.

Various notable players operating in the market include Solvay, BASF SE, Victrex, Arkema, DuPont, Evonik, Sabic, Daikin Industries, Dyneon, Dow Chemical Company, DSM, Celanese Corporation, EMS Group, and Kuraray Europe GmBH, among others.

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GMI Research leverages its industry expertise and experience to identify the industry trends, big opportunities and potential growth areas across industries. Our Syndicated reports provide actionable insights and covers industry trends, market drivers & restraints, macroeconomic factors, market estimates & forecasts, competitive landscape etc. which helps our clients to strengthen its market position by deploying specific strategies and actions that will lead to higher growth.

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