High-performance plastics are used majorly in the automotive and transportation segment, owing to their characteristics properties, which can bear high temperature, chemical, and mechanical resistance. Fluoropolymers, a type of HPPs, form amongst the fastest growing segments during the forecast period. Its characteristics and properties of high chemical and mechanical resistance make it accessible to manufacture various components used in several end-user industries, including automotive, medical, and others.
Market Dynamics
Drivers
- Demand for lightweight automotive equipment
- Superior characteristics properties of high-performance plastic
Restraints
- The high initial cost of the high-performance plastic materials (HPPs)
Market Segmentation
The fluoropolymer market is estimated to grow at a CAGR of 9.62% during the forecast period (2020-2027).
The fluoropolymers are estimated to account for a share of approximately 26.08% of the Global High-Performance Plastic Market by 2019. The various type of fluoropolymers available in the market includes PTFE, FEP, PVDF, Fluoroelastomer, PVF, PFA, ETFE, and others. Depending on the application, the fluoropolymers market consists of film, tube, sheet, pipe, membrane, sealant, roofing, additives, etc.
The rising demand for the polymer from several end-use industries due to its innovative application development and increasing use in PV installations are major driving factors for the high-performance fluoropolymers market growth. Fluoropolymers have various advantageous properties. They are highly emollient, biocompatible, and have excellent dielectric uses. They are thus gaining attention in the medical sector, specifically for medical surgery. It is currently common to use plastic equipment in many different surgical procedures, such as corneas or heart valves. This made the use of fluoropolymers in such medical procedures extremely attractive.
Geographical Analysis
South America is growing at a CAGR of 9.73% during the forecast period (2020-2027).
The launch of green vehicles as a significant to future growth is expected to increase the market's growth prospect. Polyethylene terephthalate (PET) is a thermoplastic polyester high-performance resin used extensively in the region. PET resins are known for their outstanding melt flow characteristics, close molding tolerances, and high productivity from multi-cavity molds.
PET is often used to replace metals in motor housings, switches, sensors, and other electrical applications due to its wide-ranging mechanical and electrical properties. The growth of PET high-performance plastics in the region is increasing due to the increase in the demand for beverage packaging and a lack of better PET resin for this application. The need for PET is anticipated to increase over the calculation period.
Competitive Landscape
The major players are using acquisitions, new product development, further market expansion, partnership, and joint venture for holding their market position
For instance, In January 2020, Saint-Gobain acquired High Tech Metal Seals (HTMS), a designer and manufacturer of engineered metal seals for the industrial, energy, and aerospace markets. It completes the Group’s product range in offering tailor-made solutions in the sealing industry, after acquiring American Seal and Engineering Co., a leader in technical sealing solutions also used in the energy and aerospace industries as well as in transportation, at the start of 2019.
In October 2019, Solvay opened two innovation centers focused on thermoplastic composites in the United States and Europe, strengthening its research and innovation (R&I) capabilities and engagement with customers in high-performance materials aerospace, automotive, and oil & gas markets.
In September 2018, LANXESS announced its new production plant for high-performance plastics in Krefeld-Uerdingen, Germany.
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