High Performance Plastics Market to Reach $58.0 Billion, Globally, by 2032 at 9.5% CAGR: Allied Market Research
PORTLAND, OREGON, UNITED STATES, April 10, 2024 /EINPresswire.com/ — Allied Market Research recently released a report titled “High Performance Plastics Market” covering various types such as Fluoropolymers, High-Performance Polyamides, Polyphenylene Sulfide, Liquid Crystal Polymers, and Polyimides, along with their applications across different industries like Transportation, Medical, Industrial, Electrical and Electronics, Defense, Building and Construction, among others. The report projects significant growth in this market, estimating its value to reach $58.0 billion by 2032, with a Compound Annual Growth Rate (CAGR) of 9.5% from 2023 to 2032, starting from a valuation of $23.6 billion in 2022.
High-performance plastics are characterized by their ability to withstand operating temperatures exceeding 150ยฐC, offering advantages such as reduced sliding friction, weight reduction, and resistance to chemicals, particularly under high temperatures. Incorporating specialized reinforcing materials such as glass fiber, glass beads, or carbon fiber can enhance their properties further. Additionally, additives like PTFE, graphite, and aramid fibers improve sliding friction characteristics, while metal fibers and carbon black enhance electrical conductivity.
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Key Growth Drivers:
The surge in demand for high-performance plastics from the healthcare and medical industry.
Increasing applications across various sectors such as automotive, defense, aerospace, and construction due to their unique characteristics including chemical stability, superior mechanical properties, and high thermal resistance.
Opportunities for market expansion due to increasing focus on enhancing industrial equipment.
Impact of the Russia-Ukraine War:
The Russia-Ukraine war has complex and multifaceted impacts on the high-performance plastics market, disrupting supply chains and causing shortages of key raw materials. This disruption has led to price volatility and trade restrictions, affecting industries heavily reliant on high-performance plastics like aerospace, automotive, electronics, and medical devices.
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Polyimides Segment Growth:
The polyimides segment is projected to exhibit the highest growth rate during the forecast period, attributed to their extensive applications in aerospace, electronics, automotive, and industrial sectors. Polyimides excel in extreme conditions, making them suitable for various components such as engine parts, electronic substrates, insulation materials, and protective coatings.
Transportation Segment Dominance:
In terms of end-use industries, the transportation segment held the highest market share in 2022 and is expected to maintain its dominance throughout the forecast period. High-performance plastics have revolutionized the transportation industry by offering lightweight, durable, and corrosion-resistant solutions, benefiting aerospace, automotive, and marine sectors.
Asia-Pacific Market Dominance:
Asia-Pacific accounted for the highest revenue share in 2022 and is expected to maintain its dominance by 2032, with the fastest CAGR of 9.9%. This growth is attributed to the expanding electrical and electronics sector in countries like India and China, driven by increasing demand due to population growth.
๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ข๐ง ๐๐ซ๐จ๐๐ฎ๐ซ๐ข๐ง๐ ๐ญ๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ? ๐๐ข๐ฌ๐ข๐ญ ๐๐๐ซ๐: https://www.alliedmarketresearch.com/high-performance-plastics-market/purchase-options
Key Market Players:
The report highlights key players in the global high-performance plastics market, including DAIKIN INDUSTRIES, LTD., EVONIK INDUSTRIES AG, KURARAY CO., LTD., 3M COMPANY, MITSUI CHEMICAL INC, LANXESS, SOLVAY, BASF SE, DOW INC., and SABIC. These players have adopted various strategies such as new product launches, collaborations, expansions, joint ventures, and agreements to increase their market share and maintain dominance in different regions.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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