The high-temperature plastics market is projected to witness a CAGR of 4.85% during the forecast period to grow from US$32.991 billion in 2020 to US$45.962 billion in 2027.
Plastics that are employed in high-temperature applications are known as high-temperature plastics. Due to their inadequate use and high cost, HTPs are classed as speciality polymers. These plastics are produced in small quantities (less than 1% of the total plastics market) for their applications. Durability and high mechanical qualities are also provided by HTPs at high temperatures. HTPs should be used at temperatures of 1500 degrees Celsius or higher. These materials are in high demand because they are more dimensionally stable and have superior mechanical qualities for people who have been exposed to a wide range of temperatures. Abrasion and hardness, wear and UV resistance, chemical resistance, and fire resistance are all important characteristics of high-temperature plastics.
On the other hand, the increasing price of high-temperature plastics is expected to stifle the market's expansion throughout the projected period. Furthermore, increased demand in developing countries will create further prospects for this sector to grow in the years ahead. However, the difficulty in manufacturing high-temperature plastics may present a severe hurdle to the market's growth in the near future.
High-Temperature Plastics Market Trends
The growth in the replacement of traditional materials and the growth of the market in the aerospace and automotive industries are projected to drive the growth of the high-temperature plastics industry in the predicted future. Furthermore, the improved economic conditions are anticipated to support the high-temperature plastics market forward. Furthermore, the market for high-temperature plastics is expected to benefit from the particular properties of these materials.
High-Temperature Plastics Market Growth
The increased demand for plastics in the automotive, electronics, and construction industries is helping the market to grow over a forecast period. Polyimides are high-performance polymers with excellent thermal and electrical resistance and high strength. They're common in the automotive and transportation industries, as well as consumer goods and electrical and electronic applications. Polypropylene's high-temperature capability will fuel the growth of the market plastic. Fluoropolymers will become more popular as the packaging industry grows in demand. Fluoropolymers are omnipresent in modern life, appearing everywhere from packaged foods to non-stick cooking pan coatings. Fluoropolymers have been shown to be versatile materials that can meet a variety of industrial demands.
The growth of the automobile industry for high-temperature polymers during a forecast period. The substance is used as an insulator for passenger seats, circuit boards, automobile roofs, and external laminating panels inside the automotive and manufacturing industries. The marketplace for vehicle applications is expanding, and with greater performance and stricter environmental restrictions, the market is projected to expand much more in the future.
The rising utilization of plastic as a replacement for metals in various machine parts, such as gears and pulleys, is likely to help the market develop significantly over the forecast period of the report. However, as manufacturers increasingly use high-temperature polymers to construct engine parts, market consumption is expected to grow rapidly.
High-Temperature Plastics Market Restraints
While using high-temperature plastics in clinical applications, it is important to note that polymers are brittle and difficult to work with. Medical equipment is frequently heated, but it also faces a variety of environmental threats such as abrasions, cuts, and pressures. Furthermore, high-temperature plastic is more expensive, making it unsuitable for many healthcare uses. This is among the most significant obstacles to overcome when employing high-temperature plastics in therapeutic diagnostics. Considerable-temperature plastics are also difficult to form into complicated shapes and are typically brittle and stiff, making them unsuitable for applications requiring high flexibility and strength.
High-Temperature Plastics Market Segmentation
Based on the type, the market is divided into Polyphenylene Sulphide, Fluoropolymers, Polyimides, Polysulfones, and Others. Fluoropolymers are the most common sort of high-end plastic, with the fastest growth rate throughout the forecast period. Despite the fact that progress in this huge sector is likely to lag behind the standard, products that can be produced will strive to bring the strongest growth chances due to their market size. Overall benefits will be aided by the extensive usage of polytetrafluoroethylene in the large industrial market, especially as possibilities in applications such as chemical synthesis and commercial filtration continue to emerge.
Based on the end-user, the market is divided into transportation, industrial, electrical & electronics, and medical, and others. The global downturn and the installation of higher emission rules are currently posing challenges to the automotive industry. However, both advanced and emerging markets are likely to see significant growth by the end of the global automotive market.
During the projected period, Asia-Pacific will be the most prominent market for high-temperature plastics. The strong expansion in the automotive and aerospace industries, combined with a transfer of production hubs from western areas to Asia-Pacific, is propelling the HTP market in Asia-Pacific. The rising demand for passenger automobiles in emerging economies like India, China, Japan, and South Korea is stifling the market for high-temperature plastics.
The global demand for high-temperature polymers has been impacted by the reduced demand from end-use sectors during the COVID-19 lockout. Demand for high-temperature plastic has been 40-50 percent lower than typical around the world. Hard PVC, polypropylene plastic materials, polycarbonate, and have been the most damaged. This has resulted in the closure of big plants that create barrels and other equipment, causing numerous plastics companies to temporarily lose capacity. Additionally, the global economic shutdown has contributed in a prolonged business disruption for numerous plastic product providers, resulting in the temporary closure of many significant plastic enterprises.
A competitor's details are provided in the high-temperature plastics market competitive marketplace. Company overview, financials, income generated, economic feasibility, investment in R&D, emerging market approaches, a worldwide brand, production sites as well as facilities, capacity utilization, company advantages and disadvantages, successful launch, product circumference and comprehensiveness, and application dominance are among the details included. Some major market players are Solvay, DuPont, SABIC Innovative Plastics, Celanese Corporation, and Victrex. For instance, SABIC will advance thermoplastic solutions for essential EV battery technologies in April 2021.
|Market size value in 2020||US$32.991 billion|
|Market size value in 2027||US$45.962 billion|
|Growth Rate||CAGR of 4.85% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, End-Use Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Solvay, DuPont, SABIC Innovative Plastics, Celanese Corporation, Victrex Plc.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the high-temperature plastics market size by 2027?
A1. The high-temperature plastics market is projected to reach a total market size of US$45.962 billion by 2027.
Q2. What is the size of the global high-temperature plastics market?
A2. High-Temperature Plastics Market was valued at US$32.991 billion in 2020.
Q3. What are the growth prospects for the high-temperature plastics market?
A3. The global high-temperature plastics market is projected to witness a CAGR of 4.85% during the forecast period.
Q4. What factors are anticipated to drive the high-temperature plastics market growth?
A4. The increased demand for plastics in the automotive, electronics, and construction industries is helping the high-temperature plastics market to grow over a forecast period.
Q5. Which region holds the largest market share in the high-temperature plastics market?
A5. The Asia-Pacific will dominate the high-temperature plastics market.
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