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Polyphenylene Market Trends 2024-2033: Outlook and Insights
Polyphenylene Market Trends
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According to The Business Research Company's, The polyphenylene market size has grown strongly in recent years. It will grow from $4.43 billion in 2023 to $4.84 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to chemical resistance requirements, advancements in polymer chemistry, replacing traditional materials, growth in electronics and electrical industries, demand for lightweight materials, expansion of chemical processing, investments in research and development.
The polyphenylene market size is expected to see strong growth in the next few years. It will grow to $6.9 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to emergence of specialized applications, advancements in polymer processing, increasing demand in medical devices, growth in renewable energy, expansion of aerospace applications, bio-based polyphenylene development, adoption in water treatment systems. Major trends in the forecast period include technological advancements in production processes, emphasis on flame retardancy, strategic collaborations and partnerships, focus on high-performance grades, .
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Market Drivers and Trends:
The growing demand for the automotive industry is expected to propel the growth of the polyphenylene market going forward. The automotive industry refers to the collection of companies, organizations, and activities involved in the design, development, manufacturing, marketing, sale, and maintenance of motor vehicles. Polyphenylene is used in the automotive industry for its high temperature resistance, mechanical strength, light weight, electrical insulation, durability, and customization, which makes it a valuable material in this sector. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based automobile manufacturers association, in 2022, the global production of motor vehicles reached 85.4 million units, reflecting a notable increase of 5.7% compared to 2021. Furthermore, according to Brand Finance plc, a UK-based brand valuation company, in 2022, the automobile sector achieved approximately 78 million unit sales, marking a substantial 10% increase compared to both 2021 and 2020. Therefore, the growing demand for the automotive industry is driving the growth of the polyphenylene market.
Product innovations are a key trend gaining popularity in the polyphenylene market. Major companies operating in polyphenylene are focused on developing innovative product solutions to strengthen their position in the market. For instance, in July 2022, Saudi Basic Industries Corporation (SABIC), a Saudi Arabia-based company operating in polyphenylene, launched a new resin NORYL NHP8000VT3, for the insulation films in EV battery modules, which is a polyphenylene ether (PPO)-based resin. NORYL NHP8000VT3 resin had the ability to meet the UL94 V0 standard at 0.25 mm with unique features such as providing a high level of flame retardance at a thinner film gauge.
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Major Key Players of the Market:
Toray Industries Inc., Solvay SA, Tosoh Corporation, DIC Corporation, Kureha Corporation, LG Chem, Celanese Corporation, Saudi Arabia Basic Industries Corporation, China Lumena New Materials Corporation, Ensinger Group, Chevron Phillips Chemical Company LLC, Asahi Kasei Corporation, Biesterfeld AG, Compagnie de Saint-Gobain SA, PolyOne Corporation, Emco Industrial Plastics, Initz Co. Ltd., LyondellBasell Industries N.V., Mitsubishi Chemical Advanced Materials, Nagase America LLC, RTP Company, Lehmann & Voss & Co. KG, AGC Chemicals Americas, Zyex Ltd., Guangzhou Engineering Plastics Industries, BASF, Saint-Gobain Performance Plastics, Sumitomo Bakelite Co. Ltd., Lion Idemitsu Composites Co. Ltd., SK chemicals, Chengdu Letian Plastics Co. Ltd.
Polyphenylene Market 2024 Key Insights:
• The polyphenylene market size is expected to see strong growth in the next few years. It will grow to $6.9 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• Growing Demand For Polyphenylene As A Sustainable Alternative To Conventional Materials Drives Market Growth
• Innovative Product Solutions In The Polyphenylene Industry
• Asia-Pacific was the largest region in the polyphenylene market in 2023
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