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High Performance Thermoplastics Market Volume Analysis, size, share and Key Trends 2014 - 2020
High Performance Thermoplastics Market
Polyamide is among dominant high performance thermoplastic with applications in various end user industries including automotive, electronics, construction, sports equipment and other consumer goods. Polyamide, also known as nylon occurs in nature in form of silk and wool and can be produced artificially through polymerization. Polyamide 66 and polyamide 6 are among the most dominant artificially made polyamide employed mainly in the production of fibers. Polyamides such as polyamide 11, polyamide 12 are employed primarily as engineering plastics. Although polycarbonate posses high tensile strength and thermal stability, it has low scratch resistance that has restrained market growth for polycarbonate. Polycarbonate is primarily employed in the automotive application segment.
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Bio degradability issues and environmental hazards associated with production of several high performance thermoplastic including polyamide and PEEK has restrained market growth for the plastics. On account of which there has been surge in research and development activities to develop bio based thermoplastics. Udecanoic acid and sebacic acid derived from castor oil are among the most dominant raw materials used in the production of bio based polyamide. Automotives is the largest application segment for high performance thermoplastics and the trend is expected to continue in the near future. Demand for high performance thermoplastics in packaging applications is expected to outdo other application segments in terms of growth rate during the forecast period.
Several end user industries for high performance thermoplastics include consumer goods hence, GDP growth rate and increasing disposable income of people in a region are some of the important determinants for high performance thermoplastics demand in a region. Characteristics such as light weight, abrasion resistance and chemical resistance of high performance thermoplastics make it suitable for transportation applications. Transportation applications have been a major factor driving demand for high performance thermoplastics. Growing investment in the emerging economies of India, China and Brazil is expected to drive market growth during the forecast period. Petroleum based products are used in the production of several high performance thermoplastics. Therefore, volatile pricing of raw material has been a major restraint for these polyamides. Increasing research and development activities to improve efficiency of bio based high performance thermoplastics is expected to offer huge growth opportunity in the market.
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Asia Pacific dominates the global demand for high performance thermoplastics and the trend is expected to continue during the forecast period. Increasing industrial investment and high economic growth rate in the emerging economies of India and China has been a major factor driving demand for high performance thermoplastics in the region. China dominates the global high performance thermoplastics both in terms of production and consumption. North America is the second largest consumer for high performance thermoplastics. Demand for bio based high performance thermoplastics in North America and Europe is anticipated to grow at a better pace in the near future primarily owing to government support. Emerging economies in South America are anticipated to drive the demand for polyamide in the RoW region.
Some of the major players in high performance thermoplastics market include Ascend Performance Materials Inc., E. I. du Pont de Nemours and Company and Honeywell International Inc., among others.
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