New York City, 20 February 2019: Global High-Performance Thermoplastic Market is estimated to reach USD 64.52 billion by 2026 according to a new report published by Polaris Market Research. High-performance thermoplastics (HPTPs) are advanced polymeric solutions that cater to the demand of industry specific applications. Its global market is primarily driven by the increased investments in the manufacturing of both interior & exterior aerospace and automotive structures. HPTPs are used extensively in areas demanding specific applications on account of the excellent properties the material showcases including high temperature resistance, high chemical resistance, and superior mechanical properties in severe conditions.
HPTPs are extensively used in aircraft structures currently in the industry where over thirty years back, 60-70% of the aircraft constituted of aluminum. This aluminum is now getting replaced by high performance plastics and high-performance carbon fibers. These high-performance thermoplastics are lightweight and have resistance to high temperatures leading to fuel efficiency.
High-performance thermoplastics are also used in other large industries such as electrical & electronics and industrial applications. This thermoplastic has witnessed increased demand in the growing electrical & electronics industry, especially of the developing countries such as India and China. Increased demand in consumer electronics products has significantly contributed to the application growth prospects of this market.
Rising population worldwide along with the growth in disposable incomes has influenced demand for these products in end-use industries that include lucrative and growth parameters for the HPTPs market. Increasing urbanization especially among the middle-income groups has increased the demand for advanced and modern electrical & automotive products. Product advancements and lower commodity cost for consumers has significantly contributed to the rapid growth of the high-performance thermoplastics.
Asia Pacific is the largest regional player for the high-performance thermoplastics on account of economic and industrial growth of its developing countries. Japan is the most advanced and fastest growing country for the electrical & electronics industry of the Asia Pacific region for HPTPs. Europe and North America are also anticipated to witness significant growth due to the advanced automotive and aircraft industries. Economic growth in the few Middle East & African countries has also showcased positive scenarios for the market.
The major players in the global high-performance thermoplastics market are large multinational companies with immense experience in polymer processing and manufacturing. Some of the small players with a narrow product portfolio have also played significant role in the industry.
Major competitiveness factor among the players is shift towards the modification of existing polymer type via extensive R&D and processing techniques. Some of the key market players include BASF, DowDuPont, SABIC, Solvay, Victrex, Royal DSM, Asahi Kasei, DIC Corporation, and Honeywell International Inc.
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