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Pune, India, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The global high performance plastics market size was valued at USD 20.93 billion in 2021. The market is projected to grow from USD 22.71 billion in 2022 to USD 42.08 billion by 2029, exhibiting a CAGR of 9.2% during the forecast period.
This information is presented by Fortune Business Insights , in its report titled,“ High-Performance Plastics Market, 2022-2029 .”
Innovative Product Launch Announcement by Key Players to Bolster High-Performance Plastics Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster their brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
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List of Key Players Mentioned in the Report:
Solvay (Belgium) BASF SE (Germany) Arkema (France) Evonik Industries (Germany) DuPont (U.S.) SABIC (Saudi Arabia) DAIKIN INDUSTRIES, Ltd (Japan) Victrex plc (U.K.) Saint-Gobain Performance Plastics (France) DSM (Netherlands)
Key Industry Development:
July 2022: To facilitate the recycling of plastics, BASF introduced the PuriCycle array of adsorbents and catalysts. The most complex waste plastic pyrolysis feeds can be purified with these cutting-edge, high-performance products.
The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report.
Report Scope & Segmentation:
| Report Coverage || Details |
| Forecast Period || 2022-2029 |
| Forecast CAGR || 9.2 % |
| 2029 Value Projection || USD 42.08 Billion |
| Base Year || 2021 |
| High Performance Plastics Market Size in 2021 || USD 20.93 Billion |
| Historical Data || 2018-2020 |
| No. of Pages || 195 |
| Segments Covered || By Type, End-user and Regional Insights |
| High-Performance Plastics Market Growth Drivers || Asia Pacific to Lead Backed by Rise in the Electrical & Electronics Industry |
| Transportation Segment Accounted for the Largest Revenue Share |
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Drivers and Restraints:
Special Characteristics of High-Performance Plastics to Aid Market Growth
The advantages of high-performance plastic in terms of cost-effectiveness and lighter weight are major development drivers for the business. Plastics have been used in a variety of industries, including automotive, defense, aerospace, and construction due to their excellent mechanical and high thermal qualities and chemical stability. To reduce costs without compromising quality, these end-use sectors need lighter materials with the same or better qualities as metals. These industries have greatly benefited from the high-performance plastics industry, which is expected to fuel global expansion.
Asia Pacific to Lead Backed by Rise in the Electrical & Electronics Industry
The Asia Pacific region has the biggest high-performance plastics market share and is expected to continue to rule the industry in the coming years. The expansion of the electrical and electronics industry is related to the region's growth.
By 2029, North America is anticipated to experience a significant growth rate. The region's strong product demand is the cause of consumers' preference for premium raw resources and high disposable income.
The rapid expansion of the automotive sector, which is important to the economies of European nations, is linked to the market expansion in Europe. The largest investments are found in the automotive sector, which also has some of the most creative automakers and best-in-class engine efficiency in the region.
Fluoropolymers to Surge Demand due to their Dominant Use in End-use Industries
Based on type, the market is segmented into fluoropolymers, polyamides, polyphenylene sulfide (PPS), sulfone polymers (SP), liquid crystal polymers (LCP), and others.
The demand for fluoropolymers is comparatively high due to their massive performance in industries.
The transportation Segment Accounted for the Largest Revenue Share
Based on end-use industry, the market is segmented into transportation, electrical & electronics, industrial, medical, and others.
The growth of the transportation segment is associated with the dominant use of high-performance plastic in automobile parts manufacturing and insulation.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Supply Chain Disruptions Due to Lockdown Restrictions Hampered Market Growth
Since the COVID-19 pandemic began to spread in the fourth quarter of 2019, various nations, including China, Japan, the U.S., India, Germany, Italy, and Canada have announced lockdowns that have restricted the flow of goods and resources. Since the distribution of finished items and the supply of raw materials were both impacted, COVID-19 has severely harmed the income generation of plastic manufacturers.
Browse Detailed Summary of Research Report with TOC:
Detailed Table of Content:
Research Scope Market Segmentation Research Methodology Definitions and Assumptions Executive Summary Market Dynamics
Market Drivers Market Restraints Market Opportunities Key Insights
Key Trends Key Developments Insights on Regulatory Scenario Latest Technological Advancements Porters Five Forces Analysis Qualitative Insights – Impact of COVID-19 on Market
Supply Chain Challenges Steps taken by Government/Companies to overcome this impact Potential opportunities due to COVID-19 outbreak Global High Performance Plastics Market Analysis, Insights and Forecast, 2018-2029
Key Findings / Summary Market Size Estimates and Forecast, By Type (Value/Volume)
Fluoropolymers Polyamides Polyphenylene sulfide (PPS) Sulfone Polymers (SP) Liquid Crystal Polymers (LCP) Others Market Size Estimates and Forecast, By End-use Industry (Value/Volume)
Transportation Electrical & Electronics Industrial Medical Others Market Size Estimates and Forecast, By Region (Value/Volume)
North America Europe Asia Pacific Latin America Middle East & Africa
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