High-Performance Plastics Market Size
Global High-Performance Plastics Market reached USD 22.0 billion in 2022 and is expected to reach USD 46.1 billion by 2031, growing with a CAGR of 9.9% during the forecast period 2024-2031. High-performance plastics have grown in recent years, driven by new technology innovations such as plastics with antimicrobial properties and disinfectant compatibility, also their applications range from aerospace interiors to retail fixtures.
Furthermore, the innovations in transparent polymer sheets provide extended durability and security. Furthermore, novel high-performance polymers exhibit remarkable strength and resilience, finding homes in extreme environments like aerospace and electronics.
North America is the largest market for high-performance plastic where the U.S. accounts for the largest share with increased technology like 3D printing. Also, the plastic industry account for the third largest manufacturing industry in the U.S. The growing plastic sector in the region increasing the space for new developments in high performance plastic industry. The expanding plastic sector across the region is fostering an atmosphere ripe for novel developments in the high-performance plastics sector.
Market Scope
| Metrics | Details |
| CAGR | 9.90% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Raw Material, Packaging Material, Application and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | North America |
| Largest Region | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Equipment Type launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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High-Performance Plastics Market Dynamics
Technology Advancements in Different Segments
The high-performance plastic market is experiencing significant growth, expected to be driven by advancements in automotive, electronics, and medical usage products. In the transforming automotive world with EVs, there is a surging demand for lightweight components. High-performance plastics provide efficient technical capacity to replace heavier metal parts without compromising strength.
Furthermore, the advanced plastic material is used by companies to decrease the extra weight in vehicles, for instance, researchers recreated the liftgate of a 2020 Volkswagen Atlas using sheet molding compound, a type of fiberglass-reinforced plastic. This remarkable weight reduction provides an impressive 35% decrease, holding the potential to significantly enhance the range of electric vehicles. The Innovation Hub's pilot project aims to replace the conventional steel frame that encases the EV battery pack with a lighter alternative.
High Performance with Heat Resistance Material
The high-performance plastic market growth is expected to rise by improving performance and heat resistance properties with the challenges of external factors. Additives such as PTFE, graphite, and aramid fibers can significantly improve sliding friction characteristics, while the inclusion of metal fibers and carbon black can enhance electrical conductivity.
Furthermore, heat-resistant plastic materials are being increasingly utilized in both traditional and high-end industrial applications to enhance performance and durability. For instance, researchers at KTH Royal Institute of Technology have developed a high-performance plastic foam with the use of whey proteins that provide high heat resistance as compared to traditional petroleum-based thermoplastics. This innovative material has the potential to find applications in various industries, including catalysis for automobiles, fuel filters, and packaging foam.
Environmental Concerns
The environmental concerns regarding plastic chemicals and toxicants are the major drawback factor that can eventually restrain the growth of the high-performance plastic market. High-performance plastics offer remarkable properties and advantages but their environmental impact is a critical issue that is gaining more attention. The negative consequences of plastics have led to heightened discussions about the need for more sustainable and environmentally-friendly alternatives.
Furthermore, companies are focusing on the use and advancements in eco-friendly material usage in high performance. For instance, Exxonmobil a major plastic manufacturer company spearheading the Alliance to End Plastic Waste, a collaborative initiative comprising over 90 member companies, partners, and supporters committed to allocating a big amount towards the development of innovative solutions for plastic waste reduction on a global scale.
High-Performance Plastics Market Segmentation
The global high performance plastic market is segmented based on raw material, type, application and region.
Applications in Aerospace Segment
The aerospace segment is expected to hold the major share in high performance plastic market with the increasing application and the production of high-strength and lightweight injection-molded components. The specialized plastic materials, often reinforced with glass or carbon fibers, are designed to withstand harsh and critical environments, making them ideal for mission-critical aerospace parts.
Furthermore, A prominent example of a high-performance plastic used in aerospace is polyetheretherketone (PEEK). For instance, VESTAKEEP's Polyether ether ketone (PEEK) plays a crucial role in aerospace manufacturing. It meets the stringent requirements for various components in aircraft, both interior and exterior, due to its inherent flame retardant properties, high-temperature resistance, excellent mechanical characteristics, corrosion and chemical resistance, and tight tolerance capabilities.
High-Performance Plastics Market Geographical Share
North America’s Growing Plastic Industry
The North American market holds the largest market share in the high-performance plastic industry with the increased production of plastic products and the EV industry in the region. The plastic industry in the U.S. is the major manufacturing industry with the increased shipment of plastic products and increased demand for eco-friendly high-performance plastic materials.
Furthermore, in Canada, the plastic industry is experiencing growth and expansion, with innovation, science, and economic development. Also, EV growth in the U.S. is the major factor in the increased demand for high-performance plastic materials. For instance, Avient Corporation has launched two new reSound REC Recycled Content Thermoplastic Elastomers (TPEs), targeting automotive interior applications. Also, the automotive and aviation sector are one of the dominating markets in U.S. which providing an edge for the growth of high performance plastic market.
High-Performance Plastics Companies
The major global players include Dow Chemical, Solvay S.A., Lyondellbasell, Arkema, Dupont, Daikin Industries, Ltd., SABIC, Evonik Industries, BASF, and DSM.
COVID-19 Impact Analysis
COVID-19 made a significant impact on the high-performance plastic industry, during pandemic single-use plastics, including various types of polymers like LDPE, HDPE, PET, PS, EPS, and PP, have become a significant part of the waste stream, contributing to pollution and environmental degradation.
Furthermore, lockdowns, restrictions, and transportation complications led to disruptions in the worldwide supply chain, causing delays in the production and distribution of high-performance plastics. This situation posed difficulties for individuals seeking crucial supplies, leading to the shutdown of new supply chains and limited product accessibility for enthusiasts.
Russia - Ukraine War Impact
The ongoing conflict can create economic instability in the region. Uncertainty and disruptions in trade and commerce can impact companies' confidence which have their manufacturing unit in the region. As a result, individual companies may prioritize essential locations over non-essential manufacturing locations.
Furthermore, during times of uncertainty, companies may shift their preferences towards more essential plastic products, diverting their discretionary spending away from the raw material coming from the region like high performance plastics. The change in consumer behavior has potentially reduced demand in the market.
Key Developments
- In January 2023, Bertone Inc., an Italian automotive manufacturer, unveiled an innovative and eco-conscious creation - the GB110 hypercar. The GB110 became the first high-performance car to be fueled by plastic waste.
- In September 2021, Essentium launched its new Essentium PEKK 3D printing filament. The filament is ideal for applications requiring durability, such as aerospace components, and is being showcased on Essentium's HSE 280i HT IDEX 3D printer at the Rapid + TCT event.
- In March 2023, Invibio Biomaterial Solutions introduced the Peek-Optima Am filament, a polyetheretherketone (PEEK) polymer designed for 3D-printed medical devices.
Why Purchase the Report?
- To visualize the global high performance plastic market segmentation based on raw material, type, application and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of high performance plastic market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global high performance plastic market report would provide approximately 61 tables, 62 figures and 181 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
