Global demand High-Temperature Plastics Market was valued at approximately USD 81.78 Billion in 2019, and is expected to generate revenue of around USD 123.78 Billion by end of 2026, growing at a CAGR of around 6.1% between 2020 and 2026
High-Temperature Plastics Market
According to the report, global demand high-temperature plastics market was valued at approximately USD 81.78 Billion in 2019, and is expected to generate revenue of around USD 123.78 Billion by end of 2026, growing at a CAGR of around 6.1% between 2020 and 2026.
Global High-Temperature Plastics Market: Overview
Plastics which are capable of sustaining temperature that is above 150°C and are widely used in the industrial applications is known as high-temperature plastics. These plastics are dimensionally more stable and possess excellent mechanical properties and are even able to withstand temperatures of different ranges. High-temperature plastics holds some prominent characteristics such as resistance to wear and ultraviolet exposure, resistance to fire, abrasion, chemical resistance, hardness, and others. Polytetrafluorethylene, polyamides, PPS, LCP's are the broadly used polymers in the manufacturing of coatings, injection-molded parts, and films. Also, they are used in various applications such as insulation, connectors, PCBs, relays, bobbins, switches, sockets, and others.
Global High-Temperature Plastics Market: Growth Factors
The favorable growth in the industries such as automobiles, aerospace, electrical & electronics, and others contribute to the high demand for high-temperature plastics market. There is a higher demand from the coating industry thus anticipating opening up new gateways for growth opportunities in the global market. Growing preferences of the manufacturers towards lightweight materials in construction and aerospace industry may drive the global high-temperature plastics market growth. High-temperature plastics are used as a replacement to metals in the various machine parts such as gears, pulley, and others; hence, showing a considerable market growth in the future. Automakers are extensively using high-temperature plastics in the manufacturing of body parts of the vehicles thus anticipating the market growth at a high pace. However, higher cost of high-temperature plastics may hamper the global market growth.
Global High-Temperature Plastics Market: Segmentation
The global high-temperature plastics market is classified based on the application, types, and geography. The application segment comprises medical, transportation, industrial, electrical & electronics, and others. Of these, electrical & electronics is the dominant application segment among others. On the basis of the type, the global market is segregated into polyimides, fluoropolymers, polysulfone, polyphenylene sulfide, and others. The fluoropolymers segment leads the high-temperature plastics market. The geographical segmentation of the global market includes North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Global High-Temperature Plastics Market: Regional Analysis
Asia-Pacific and North America has emerged as the leading consumers of the high-temperature plastics market. Rising demand from the countries such as the US and China expects to emerge as major revenue generator of the global market owing to industrial growth and rise in demand. The major manufacturing hubs are getting shifted from Western regions to the Asia-Pacific which is the key factor that is driving the market. Japan, South Korea, Taiwan, and other Asian countries have made developments in the electrical and electronic sector thus boosting the demand of high-temperature plastics market. Prominent growth in the automotive and aerospace industry in the European region fuels the demand of the market.
Global High-Temperature Plastics Market: Competitive Players
The major companies that are operating in the global high-temperature plastics market are Bayer Material Science AG, Daicel Chemical Industries Ltd., BASF SE, The Dow Chemical Company, Celanese Corporation, Rhodia Engineering Plastics, Arkema SA, and Eastman Chemical Company.
Global High-Temperature Plastics Market: Regional Segment Analysis
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