Global High Performance Thermoplastic Market size is anticipated to surpass an overall valuation of $64.52 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
High performance thermoplastics, commonly referred to as HPTPs, are classified as advanced polymeric solutions that address the demands of numerous industry-specific applications. The global market landscape is primarily driven by growing investments in production of both exterior and interior automotive and aerospace structures.
The material is used extensively across areas that demand specific applications, primarily on account of the exceptional properties it showcases including high chemical resistance, high temperature resistance, as well as superior mechanical properties in taxing environments.
HPTPs are used extensively in aircraft structures, where only three decades ago, 60% to 70% aircraft constituted of aluminum. Aluminum components are now being replaced by high-performance carbon fibers and high-performance plastics components. These materials boast of resistance to high-temperature environments and are light in terms of weight, making them extremely fuel efficient.
HPTPs are also utilized across large-scale industries like industrial and electrical & electronic applications. The thermoplastic has experienced an elevated demand across the rapidly growing electrical & electronics industry, particularly across developing economies such as China and India. An increased demand for consumer electronics has made a substantial contribution to the segment’s growth prospects.
Increasing population levels worldwide, when coupled with the rise in disposable incomes, have significantly influenced demand for these products, especially in end-use industries that offer lucrative growth parameters for the HPTPs industry.
Growing urbanization, specifically among middle-income groups has augmented the demand for advanced as well as modern automotive & electrical products. Product advancements and lower commodity cost for consumers has also made substantial contributions towards the rapid growth of HPTPs industry.
From a regional perspective, the Asia Pacific is classified as a strong regional contender in HPTP market on account of the industrial and economic growth of several developing nations. Across the Asia Pacific, Japan is the fastest growing nation with regards to the electrical & electronics industry for fueling HPTP market demands.
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Meanwhile, North America and Europe are also slated to witness sizable growth owing to their respective advanced automotive and aviation industries. Additionally, economic growth across few African and Middle Eastern nations is also favoring market outlook.
The prominent players across the high performance thermoplastics market include multinational firms with substantial experience in the field of polymer manufacturing and processing. Some small-scale players that boast of a narrow product portfolio are also playing a prominent role in the market landscape.
Major point of competition among industry players is the modification of current polymer type through extensive processing techniques as well as research & development. Some prominent market players include DowDuPont, Solvay, SABIC, Royal DSM, Victrex, DIC Corporation, Asahi Kasei, Honeywell International Inc., and BASF.