Growing demand for plastic materials in the electronics, automotive and packaging industries is likley to be one of the majo factor which will enhance the market growth. Polyimides are high-performance plastics that exhibit electrical resistance and high temperature and high strength. They are extensively used in consumer goods, automotive and transportation markets and electrical and electronics applications. Morover, with the increasing demand of packaging sector, the demand for fluoropolymers will grow. Fluoropolymers are a universal part of modern life which is used in all from food packaging to t non-stick coatings on kitchen pans.
According to Data Bridge Market Research the High Temperature Plastics Market accounted for USD 38.63 billion in 2021, and expected to reach USD 62.54 billion by 2029. The market is expected to grow with a CAGR of 5.50% in the forecast period of 2022 to 2029.
“Growing demand of high temperature plastics from the automotive sector”
The high-temperature plastics is one of the major and significant component for the automotive sector. This product is used in the transportation and automotive industry as an insulator car roofs, for passenger seats, instrument panels and exterior cladding panels. The market for automotive applications is increasing rapidly, and with the implementation of stringent environmental regulations and improved performance, the market is anticipated to grow considerably in upcoming period. The number of vehicles sold in 2020 in the Asia-Pacific region reached 742 million units as compared to 591 million units in 2019. This growth is attributed to large-scale development programs and increasing incomes in China and India.
What restraints the growth of High Temperature Plastics Market?
“High temperature plastics are brittle and hard and highly expensive”
The first and majorchallenge for using high temperature plastic in medical purposes is that these plastics are relatively hard and brittle in nature. The medical devices or equipments often need to bear high temperatures, but they are subject to many stresses from the environment, such as cut, abrasions and forces. Furthermore, the premium price of high temperature plastic makes them too expensive for numerous healthcare applications. Thus, these are some of the foremost and major challenges that can be faced for using high temperature plastics in medical applications.
Segmentation: High Temperature Plastics Market
The high temperature plastics market is segmented on the basis of type and application.
- On the basis of type, the high temperature plastics market is segmented into polysulfones, polyimides, polyphenylene sulfide, fluoropolymers, others.
- Based on application, the high temperature plastics market is segmented electrical & electronic, transportation, industrial, medical, and others.
Regional Insights: Asia-Pacific is expected to dominate the High Temperature Plastics Market
Asia-Pacific is expected to dominate the market and grow significantly due to increasing demand for high temperature plastics for passenger vehicles in developing economies such as India, South Korea, China and Japan and. Furthermore, the shifting hub from Western region to the Asia-Pacific. Asian countries such as South Korea, Taiwan, Japan will play a vital role in the growthand expansion of the market.
- In addition, the North America region is likely to register the highest growth rate during the forecast period of 2022 to 2029 owing to growing government spending in the aerospace industry to advance novel materials. Moover, presence of prominent manufacturers rising preference for high temperature plastic injection molding services and increasing machinable high temperature plastics demand are anticipated to boost the salesof high temperature plastic sheet in coming years in this region.
To know more about the study visit, https://www.databridgemarketresearch.com/ko/reports/global-high-temperature-plastics-market
Recent Developments in Temperature Plastics Market
- In 2019, SABIC industries introduced Xenoy HTX which is a breakthrough high heat resin series for lightweight electrification advancements in automobile applications.
- In 2019, Solvay signed a long term contract with Safran for the supply of high temperature adhesives and composites . Safran will use these materials on numerous of their important engine components.
The Prominent Key Players Operating in the High Temperature Plastics Market Include:
- 3M (U.S.)
- Arkema (France)
- BASF SE (Germany)
- Celanese Corporation (U.S.)
- Chevron Phillips Chemical Company LLC. (U.S.)
- Covestro AG (Germany)
- Daikin Industries LTD, (Japan)
- DowDuPont (U.S.)
- DSM (Netherlands)
- EMS-Grivory (Switzerland)
- Evonik Industries AG (Germany)
- Kuraray Co. Ltd. (Japan)
- Mitsui Chemicals, Inc. (Japan)
- Polyplastics Co, Ltd. (Japan)
- SABIC (Saudi Arabia)
- Solvay (Belgium)
- Sumitomo Chemical Co. Ltd (Japan)
- Toray Industries Inc, (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of High Temperature Plastics Market companies contact, https://www.databridgemarketresearch.com/ko/reports/global-high-temperature-plastics-market
Research Methodology: Global High Temperature Plastics Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
