High Performance Plastics Market - Forecast(2023 - 2028)

High Performance Plastics Market size is forecast to reach $31.98 billion by 2025, after growing at a CAGR of 9.30% during 2020-2025. High performing plastics are specially designed polymers with high mechanical strength, chemical resistance, and, all-importantly, temperature resistance. Stability at high temperature is the main criterion used to differentiate high performance plastics from regular plastics. Most of the high performance polymers are produced by the polycondensation process as amorphous, semi-crystalline or liquid crystalline polymers. The major types of HPPs are fluoropolymers, high performance polyamides, polyphenylene sulfide, sulfone polymers, liquid crystal polymers, aromatic ketone polymers, and poly-imide.

The report: “High Performance Plastics Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the High Performance Plastics Market Industry.

By Type: Fluoropolymers, High Performance Polyamide, Polyphenylene Sulfide, Liquid Crystal Polymers, Polyimides and Others 

By End Use Industry: Transportation, Medical, Industrial, Electrical & Electronics, Defense, Building & Construction and Others.

By Geography: North America, South America, Europe, APAC, and RoW

Fluropolymers segment held a significant share in high performance plastics market in 2019. Fluoropolymers are fluorocarbon-based, high-performance plastics used in many unique, highly specialized applications. Fluoropolymers such as FEP, PFA and PTFE belong to the category of high performance plastics. These fluoropolymers are very resistant to nearly all chemical compounds and solvents. Distinguishing features of FEP, PFA and PTFE are their excellent sliding characteristic and very good biocompatibility. With unmatched temperature and chemical resistance, unique electrical performance and decreased friction, fluoropolymers are high-performance plastics that help manufacturers produce lighter-weight vehicles that are extremely reliable.

Transportation segment held a significant share in high performance plastics market in 2019 growing at a CAGR of 9.41% during the forecast period. High performance plastics help achieve transport solutions that combine high performance, competitive pricing, safety, strength and minimal environmental impact. Advancements in engineered plastics and composites have led to significant improvements in fuel efficiency and safety of mass transit vehicles, including trains and buses. High performance plastics have long been one of the most popular materials used in the manufacturing of mass transit vehicles due to desired qualities such as high strength to weight ratio, high wear and corrosion resistance, and fire and flame resistance.

The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics.

North America dominated the high performance plastics market with a share of more than 41%, followed by Europe and Asia Pacific. The rising demand for high performance plastics in this region is mainly driven by its increased use in electrical & electronics and medical industries. Europe is the second-largest consumer and manufacturer of high performance plastics, globally. The market in this region is mainly driven by the growing opportunities from the transportation industry. The automotive and consumer electronics industries in these regions are also dominant in the respective global markets, which is a key factor enabling steady growth of the high performance plastics market in the forecast period.

A major growth driver for the high performance plastics industry has been the cost effectiveness and lighter weight advantage given by the high performance plastics. Due to these characteristics added with high thermal and chemical stability and superior mechanical properties, high performance polymers have found their way into expansive industries such as construction, automotive, aerospace and defense. These industries require lighter material with the same or superior properties to that of metals so as to make their products more cost effective without reducing quality. The high performance polymer market has been a great advantage for these industries which has been driving the growth for High performance polymers. 

Factors such as high price of raw materials, shift of end-use market from developed countries to the emerging countries, and rising cost of production hinder the growth of the market, globally. Another challenge faced by the high performance plastics industry is the lack of appropriate testing standards within the industry for high performance plastics specifically. The lack of standardized testing methods for high performance plastics the industries have been having a tough time in quality checking and quality assurance with many using in-house methods for the testing.

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the high performance plastics market. In 2019, the market of high performance plastics has been consolidated by the top five players accounting for xx% of the share. Major players in the high performance plastics market are Sekisui Chemical Co., Ltd., Saint-Gobain Performance Plastics Corporation, Röchling-Group, Quadrant Group of Companies, Ensinger India Engineering Plastics Private Ltd., Grindwell Norton Ltd., Dover High Performance Plastics, A. Schulman Inc., Quantum Polymers, CoorsTek, Inc., BASF SE, Murtfeldt Kunststoffe GmbH & Co. KG, DuPont, and TriStar Plastics Corporation. among others.