The latest market report published by Credence Research “Global High Performance Plastic Compounds Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global High Performance Plastic Compounds market reported a revenue of around USD 13,000 million in 2020 and projected to grow at a CAGR of over 5.8% during the forecast period from 2021 to 2027 to reach a value of around USD 25,800 million in 2027.
Global High Performance Plastic Compounds Market, 2020 – 2027 (USD Million)
High performance plastic compounds are an excellent alternative to metal, glass or even ceramics, which are increasingly finding place in most challenging applications owing to their mechanical strength, heat resistance, and chemical attack resistance properties. They have found exceptional potential in applications such as automotive and industrial, renewable energy, medical technology and transport.
Key Trends in Global High Performance Plastic Compounds Market
Replacement of Metals by High Performance Plastic Compounds in Several Industries
There is a continuous development & property upgradation in the polymer industry which is enabling them to overtake the applications where in metals and glass are continuously being used. For instance, several manufacturers have replaced metal automotive gear shift module with polyamides because of their lightweight and high-strength properties. With the paradigm shift to reduce vehicle weight, easy integration of parts, and decrease in total manufacturing costs there has been tremendous changes seen for metal replacement. High performance plastic compounds can also be used in electrical components of hybrid electric cars on the account of their promising chemical and physical properties including ability to withstand high heat resistance.
Impact of COVID 19 on Global High Performance Plastic Compounds Market
With the current covid-19 situation the demand for polycarbonate, PMMA, TPE and Polyamide compounds has risen in medical industry, this is acting as an added advantage for the companies to enhance their product offerings and expand their market shares. Expanding product portfolio in medical applications will not only expand earnings of the company but will also help them to make contribution to the society thereby uplifting their image and social recognition. Below are some of the applications examples for various high-performance plastics that are being widely recognized in the medical industry:
Polyoxymethylene (POM): Medical devices such as insulin pens, inhalers or atomizing systems, device components such as spring elements, snapfits, gearwheels, bearings, sleeves, valves or nozzles
Polybutylene Terephthalate (PBT): Drug delivery systems such as insulin pens, inhalers or metering devices, device components such as sleeves, valves, manifolds, plungers, screws, lancets or caps
Polyamides (Nylon): Catheters, Fluid dispensing, Laboratory use, Suction, Drainage, Feeding tubes, Dialysis
Global High Performance Plastic Compounds Market by Type Insights
On the basis of Type, High Performance Plastic compounds market are segmented into PC Compound, PA Compound, PMMA Compound, POM Compound, PBT Compound, ABS Compound, SAN Compound, TPE Compound and several others. In the last twenty years and longer, the miniaturization of components, or reduced size, at all scale, from electronic to cars, has put the resistance to higher temperatures as one of the most important requirements. One of the major factors contributing to the growth of engineering plastics is the need for heat-dissipating plastics for the coming 42 volts in cars, instead of the classic 12 volts.
Polycarbonate Compound Segment to Dominate the global High Performance Plastic Compounds market
Global High Performance Plastic Compounds Market by Type, 2020
Global High Performance Plastic Compounds Market by Application Insights
On the basis of Application, high performance plastic compounds market is segmented into automotive, aerospace, electrical & electronics, building & construction, consumer goods & appliances, medical and several others. The high-performance plastic compounds are majorly used in automotive and electrical industry in broad sense coupled with wide range of very demanding industrial applications. These industrial applications include consumer goods, POM in sports, pens and lighters, and PTFE for coating of pots and pans.
Global High Performance Plastic Compounds Market Share by Product Application, 2020
Global High Performance Plastic Compounds Market by Regional Insights
Asia Pacific region is predicted to hold the largest share in the high performance plastics compound market owing to rapidly growing economies such as China and India, and ASEAN countries including Malaysia and Thailand. The increasing population in Asia Pacific is boosting the demand in end-use industries, such as automotive & transportation, electrical & electronics, consumer appliances, and building & construction. The growth of the automotive industry has resulted in increased demand for high performance plastics compound. The booming electrical & electronics sector is also driving the growth of the high performance plastics compound market.
Global High Performance Plastic Compounds Market Competitive Landscape
Most prominent players in the global High Performance Plastic Compounds market include BASF SE (Germany), Covestro (Germany), Celanese Corporation (US), Idemitsu Kosan Company, Ltd. (Japan), SABIC (Saudi Arabia), Polyplastics Co. Ltd. (China), Lanxess (Germany), and Mitsubishi Engineering Plastics (Japan), among others. The report covers very detailed profiles of these key players.
Global High Performance Plastic Compounds Market, Company Distribution Network, 2020
Global High Performance Plastic Compounds Market by Type, 2015 – 2027
· Polycarbonate (PC)
· Polyamide (PA)
· Polymethyl Methacrylate (PMMA)
· Polyacetal/Polyoxymethylene (POM)
· Polybutylene Terephthalate (PBT)
· Acrylonitrile Butadiene Styrene (ABS)
· Styrene–Acrylonitrile (SAN)
· Thermoplastic Elastomer
· Others (UHMWPE, LCP ASA, PI, PVDF, etc.)
Global High Performance Plastic Compounds Market by Application, 2015 – 2027
· Electrical and electronics
· Building and construction
· Consumer goods and appliances
· Others (Packaging, Industrial applications including abrasion-resistant and corrosion-resistant liners, etc.)
Global High Performance Plastic Compounds Market by Region, 2015 – 2027
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Global High Performance Plastic Compounds Market: Key Players
· BASF SE
· Idemitsu Kosan Company Ltd.
· Asahi Kasei Advance Corporation
· Lanxess AG
· Covestro AG
· Elix Polymers
· Celanese Corporation
· Suzhou Siko New Material Technology Co., Ltd.