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High Performance Polymers Market

High Performance Polymers Market

High Performance Polymers Market Analysis By Product Type (Polyphenylene Sulfide (PPS), Polyphthalamide (PPA), Polyamide (PA) PA46 & PA4T), By Application (Powertrains & Engines, Electrical Components), By Region - Global Insights 2031

High Performance Polymers Market
FACT5939MR

Market Outlook for High Performance Polymers

The global high performance polymers market is projected to expand at an impressive CAGR of close to 8% from 2021 to 2031, with polyphthalamide (PPA) enjoy a major chunk of the market share.

High performance polymers are widely known polymer materials for their desirable characteristics such as enhanced chemical stability, mechanical stability, temperature stability when exposed to harsh environments. High performance polymers are being used in place for traditional materials such as polymers and metal & alloys especially in the automotive industry attributed to their lightweight characteristics.

Additionally, weight reduction, low wear & tear and corrosion resistance are some other desirable properties bolstering the demand for high performance polymers.

Moreover, end-use industry such as automotive industry is being seen as the major market driver for the high performance polymers demand globally. For instance, high performance polymers are being extensively used in automotive components such as bushings, gears, thrust washers, seal rings etc. OEMs (Original Equipment Manufacturer) are replacing traditional polymers and metals with high performance polymers in engines, powertrain components and transmissions to withstand harsh conditions and temperature.

Above stated factors are projected to bolster the demand for high performance polymers in the forecast period (2021-2031).

The foremost objective of the report by Fact.MR is to pitch insights on the market scenario, demand generators, and technological advancements in this space. The report provides a taxonomy elaborating on key segments. The report also outlines visionary insights on the dynamics of the market, including the drivers, restraints, opportunities, trends and pricing analysis, along with key success factors. Market trends have been tracked in 20+ high-growth countries, pointing towards countries in North America, Europe, and East Asia holding the bulk of the market share.

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Historical Trends Vs Future Market Projections

The high performance polymers market in the past half-decade has grown with a modest CAGR pertaining to the rise in demand for lightweight polymers for automotive applications such as the manufacture of interior body parts, exterior body parts, steering wheels, structural components etc.

Additionally, since the past half-decade automotive companies have been focusing on developing emission reduction technologies that meet CO2 emission standards.

Moreover, an increase in demand for lightweight automotive parts coupled with government-mandated policies to reduce carbon footprint is projected to drive the market growth for high performance polymers in future.

Owing to these factors, demand over the long-term forecast period can be estimated by breaking the forecast timeline into three parts.

  • Short-run: Automotive industries were hit badly due to the COVID-19 pandemic owning to the shutdowns and homestay orders which is anticipated to shrink the overall demand for high performance polymers.
  • Medium run: With relaxations in COVID-19 norms auto plants will be back on track and orders for engineering polymers would be received. Additionally, demand for high performance polymers is set to be observed with price normalization.
  • Long run: High performance polymers market is set to grow at a CAGR of 8% over the forecast period (2021-2031).

What are the Primary Applications that Generate Demand for High Performance Polymers?

High performance polymers mainly find their application in the automotive industry, as a replacement for traditional components. For example, powertrain system and engine components composed of high performance polymers increase the overall power output of engines with a significant reduction in high-level noises, vibrations and harness.

Additionally, the applicative properties of high performance polymers have made their use possible in weight reduction, engine-downsizing and reducing fuel consumption. Moreover, OEMs and automotive companies are coming up with innovative solutions to meet city regulations and customer expectations.

Additionally, companies are working on making safe and clean cars to enhance the mobility experience for consumers. For instance, Victrex a high performance polymers company has come up with a reliable hardware solution for autonomous and connected vehicles. These trends are expected to drive the growth of high performance polymers sales in the coming decade.

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Which Region Offers Great Potential for High Performance Polymer Manufacturers?

Asia Pacific region dominated the high performance polymers demand in 2019 attributed to the presence of a large number of automotive manufacturing companies and OEMs in the region. Additionally, the increasing EV market in China is fuelling the growth for high performance polymers demand in the region.

The North American region is expected to show impressive growth for the high performance polymers market pertaining to a well-established and mature automotive industry. Moreover, strict government regulations in U.S such as CAFE standards for the automotive industry in order to reduce fuel consumption has been projected to give a major boost to the high performance polymers demand.

Europe has been identified as a key market for high performance polymers owning to the strict environmental guidelines and reduction in fuel consumption. Additionally, governments are promoting the use of electric vehicle which is a major factor for the growth of high performance polymers sales.

high performance polymers market region

Country-wise Analysis

What Makes China the Growth Epicentre for High Performance Polymers?

China is the largest emerging market, in addition to being the largest automotive manufacturing hub in the world. Additionally, more and more people in the region are opting for lightweight and fuel-efficient cars which are driving the growth for high performance polymers demand. For instance, 30% of the global car sales in 2020 were from China.

Moreover, the EV market in China is booming with huge investment in charging infrastructure and innovation. For instance, a record 1.3 million EVs were sold in China in 2020. All these factors have led to a significant rise in the demand for high performance polymers in China.

What Potential Does India Hold for High Performance Polymer Sales?

India is a manufacturing hub and the automotive industry has seen a huge surge in terms of revenue in the past few decades. The automotive industry growth in India can be attributed to the increase in consumer spending and the increase in the number of people entering the middle-income class.

Additionally, new government policies pertaining to reduction in fuel consumption to meet global CO2 standards have increased the demand for lightweight vehicles, engine downsizing coupled with the development of emission reduction technologies paving the way for high performance polymers demand in India.

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Category-wise Insights

Which High Performance Polymer Type Accounts for Highest Demand?

Based on product, polyphthalamide (PPA) dominated the global high performance polymers demand automotive industries in 2019. For instance, extensive use of PPA for manufacturing various vehicle parts such as tubing systems, brake systems, powertrain, fuel line connectors etc. has been behind the growth of PPA polymers. Moreover, the rise in demand for lightweight vehicles coupled with technological development will provide an additional push to the PPA segment.

Which Component Will See High Growth Based on Application?

Based on application, the powertrain & engine segment is estimated to dominate the high performance polymers market in the automotive industry for the forecast period (2021-2031). Using high performance polymers in the powertrain & engine helps in reducing the weight of powertrain systems and increases the overall fuel efficiency. Additionally, lightweight powertrain systems reduce the vehicle weight increasing fuel efficiency and reducing the overall cost of the system.

high performance polymers market competition

Competitive Landscape

The aforementioned players have mainly relied on organic growth strategies to expand their business in the market. These strategies mainly include product launches for strengthening of regional and global distribution networks.

  • For instance, BASF SE in March 2020 has announced that it has developed the world's first plastic spin-on oil filter module to be used in cars and which is reusable, by partnering with Hengst. Blue.on providing a sustainable alternative to the conventional spin-on modules made up of metal.

Similarly, recent developments related to companies manufacturing high performance polymers have been tracked by the team at Fact.MR, which is available in the full report.

Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value and Kilo Tons for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • the Middle East & Africa

Key Countries Covered

  • U.S.
  • Mexico
  • Venezuela
  • Germany
  • U.K.
  • Russia
  • BENELUX
  • China
  • Japan
  • India
  • GCC

Key Segments Covered

  • By Product Type
  • By Application
  • By Region

Key Companies Profiled

  • 3M
  • Arkema
  • BASF SE
  • Celanese Corporation
  • DAIKIN INDUSTRIES, Ltd.
  • Dow
  • DSM
  • Evonik Industries AG
  • Kuraray Co., Ltd.
  • LANXESS
  • Mitsui Chemicals, Inc.
  • Nemours, Inc.
  • SABIC
  • Solvay S.A.

Key Market Segments Covered

  • By Product Type

    • Polyphenylene Sulfide (PPS)
    • Polyphthalamide (PPA)
    • Polyamide (PA) PA46 & PA4T
    • Liquid Crystal Polymers (LCPs)
    • Polyether Ether Ketone (PEEK)
    • Polyaryletherketone (PAEK)
    • Polyvinylidene Fluoride (PVDF)
    • Others (including Polyether Imide and Fluoropolymer)
  • By Application

    • High Performance Polymers for Powertrains & Engines
    • High Performance Polymers Electrical Components
    • High Performance Polymers Interior & Exterior Furnishings
    • High Performance Polymers Under-the-Hood Components
    • High Performance Polymers Structural Components
    • Others (including Tires)
  • By Region

    • North America

      • U.S.
      • Canada
    • Europe

      • Germany
      • France
      • U.K.
      • Italy
      • Spain
      • Russia & CIS
      • Rest of Europe
    • Asia Pacific

      • China
      • Japan
      • India
      • ASEAN
      • Rest of Asia Pacific
    • Latin America

      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa

      • GCC Countries
      • South Africa
      • Rest of Middle East & Africa

- FAQs -

Market to register a CAGR close to 8% across the 2021-2031 assessment period. Higher penetration in the automotive industry will bolster demand over the coming years.

China is expected to hold a pivotal role in driving demand for high performance polymers. Surge in demand from automotive industries is set to be observed across the country.

Prominent players manufacturing high performance polymers include BASF SE, Dow, SABIC, 3M, Mitsui Chemicals, Inc., Solvay S.A., Nemours, Inc., LANXESS, DSM, Evonik Industries AG, Kuraray Co., Ltd., Celanese Corporation, DAIKIN INDUSTRIES, Ltd., and Ark

A major advancement has been the development of electroactive polymers that find prominent use in the biomedical and automotive market.

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