Blog - High-Performance Plastics Market Size Share Analysis 2022-2029

2021-02-12

Global High-Performance Plastics Market is segmented by Type (Fluoropolymers, Polyamides, Sulfone Polymers, Polyphenylene Sulfide, Liquid Crystal Polymers Others), by End-user (Transportation, Automotive, Aviation, Medical Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

The need for shorter product life cycles and faster product development lifespan are endless challenges for the manufacturers, especially automotive manufacturers. To reduce this cause of concern, high-performance plastics are being increasingly used for demanding applications because of their superior characteristics properties. High-performance plastics provide weight reduction, better operational capabilities in compact product sizes, environmental regulations and legislation, and enhanced energy efficiency. One of the superior properties driving high-performance plastic usage in various applications is its excellent chemical resistance.

High-performance plastics usually have an enduring operating temperature of more than 150°C. These material characteristics bring polymers' superior properties - such as gliding friction characteristics, weight-saving, and chemical resistance-to bear, especially a high permanent operating temperature. Using unique reinforcing materials such as glass fiber, glass beads, or carbon fiber, heat distortion resistance and rigidity can be increased even further. Additives such as PTFE, graphite, and aramid fibers considerably improve the sliding friction characteristics, and the addition of metal fibers and carbon black provides improved electrical conductivity.

The production of lightweight automotive equipment is one of the foremost driving factors stimulating high-performance plastics' growth. The automotive segment has been providing a stable demand for high-performance plastics due to the high demand for lightweight transportation in the sector. The market is driven by governmental regulations and strengthened by the major players focusing on improving design and weight to further fuel efficiency.

According to the Corporate Average Fuel Economic legislation, the US's automotive manufacturers are trying to achieve the set average fleet fuel efficiency target of 35 to 36.6 miles per gallon by 2017 and 54.5 miles per gallon by 2025. Plastic-metal hybrid and composites technologies are gaining acceptance and are further assisting key players in attaining the above set targets.

The accumulation of mismanaged plastic waste (MPW) in the environment is a global rising cause of concern. The policies to mitigate can be implemented by identified by prioritizing the areas of waste generation precisely. According to a study done by Springer Nature, by utilizing country-level data on waste management coupled with high-resolution distributions and long-term projections of population and the gross domestic product (GDP), it projected a global MPW generation at ~1 km resolution from now to 2060. It estimated between 60 and 99 million metric tonnes (Mt) of MPW were produced globally in 2015. In the case of business-scenario, this figure could triple to 155–265 Mt y−1 by 2060. 

The future MPW load will continue to be disproportionately high in African and Asian continents even in the forthcoming years. However, this growth in the plastic waste can be reduced if developing economies invest in waste management infrastructures as their GDP grows in the future and if efforts are made internationally to reduce the fraction of plastic in municipal solid waste. 

These factors vary differently from developed to developing and also into underdeveloped economies. HPP or Plastic manufacturing in each case is directly proportional to the waste produced. In the developed and developing nations, the production part is smartly utilized in recycling and re-usage. In contrast, developed countries are still struggling with the models to fight plastic waste and curtail this problem on a societal level to build a clean and pollution-free society in their surroundings.

Evolving sustainable technologies to create a circular economy for plastics, including the HPP material, has become increasingly important in the industry over the past few years. Increasing consumer alertness of polymers' environmental effect with lifespans of several hundreds of years and a global modification in attitudes towards carbon dioxide emissions from the use of petrochemicals to create new plastics has stemmed in a renewed focus on polymer recycling and waste management technologies. Existing technologies have depended upon mechanically sorting and melting plastic waste, which has frequently resulted in "down-cycling" of materials due to high levels of adulteration. The disputes with current recycling processes are so severe that countries formerly mass importers of waste for recycling have closed their doors, leading to significant polymer waste collection. New technologies for recycling contaminated or otherwise unrecyclable polymers are now required to solve the growing mountain of waste.

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