Global High Performance Plastics Market - 2023-2030

Global High Performance Plastics Market - 2023-2030

Global High Performance Plastics Market reached US$ 22.0 billion in 2022 and is expected to reach US$ 46.1 billion by 2030, growing with a CAGR of 9.9% during the forecast period 2023-2030.

High performance plastics are more advanced than simple plastic based on their thermal stability, chemical resistance, and product quality. The market growth for high performance plastic is driven by new technology enhancements such as advanced plastics that are compatible with radio frequency signals, self-lubricating plastics, and high-impact and durable plastics.

Asia-Pacific's high performance plastic is the fastest growing market with the rising growth in plastic industry as the increasing population and changing lifestyles propel the demand for plastic use. China's plastic industry holds around 1/5 of the global market share. Also, according to the Press Information Bureau India's plastic industry accounts for 12 billion dollars and is on continuous growth which indicates the investment and growth in the high performance plastic market.

Market Dynamics

New Technology Advancements and Trends

The high performance plastic market growth is expected to be driven by new technological innovations and trends such as advanced manufacturing techniques for automotive systems, electrification, advanced manufacturing, material innovation, and digitalization. Also, high performance plastics play a pivotal role in aiding mobility providers to achieve lightweight construction and emission reduction objectives.

Furthermore, high performance plastics provide their diverse technology integration in different industries, making them one of the cutting-edge technologies for every sector. For instance, BASF's Ultramid Advanced N, which is rooted in long alkyl chain polyphthalamide are exceptionally suitable for demanding applications across industries where mechanical integrity, resistance to heat, humidity, media, and abrasion are critical.

Growing Automotive Industry

Advanced polymers, engineered for high-temperature applications, are replacing traditional metal components in powertrain and transmission systems, resulting in benefits like reduced friction, lower wear, and significant weight savings.

Furthermore, the growing EV sector drives the demand for advanced high performance plastic, as companies are focusing to provide their vehicles with more cutting-edge technology. For instance, the E0711-11 EVO, an electric racing car, has harnessed the power of high performance polymers through over 90 3D printed components.

High Product Cost

The high performance plastic market growth is restrained by its high component cost, affected by highly complicated production processes. They often come at a significantly higher price compared to common thermoplastics like PLA and ABS. High performance polymers like PEEK or PPS can be more than 20 times more expensive than conventional thermoplastics due to their specialized properties and limited production quantities.

Furthermore, the companies are increasing their product cost with rising energy, raw material, and transportation costs. For instance, Evonik's decision to raise the prices of its VESTAMID, VESTOSINT, VESTAMELT, VESTODUR, and TROGAMID high performance polymer product lines. These cost increases have reached a level that cannot be offset solely through enhanced process efficiency, necessitating this measure.

COVID-19 Impact Analysis

COVID-19 made a significant impact on the high performance plastic industry with an increase in medical waste, including plastic materials, which has led to a rapid escalation in hospital solid waste volume, creating a global waste management crisis. While the detrimental environmental effects of non-biodegradable plastics have gained attention, the pandemic has led to a surge in plastic usage worldwide due to its affordability and availability.

The global supply chain encountered disruptions caused by lockdowns, restrictions, and transportation complexities. These issues caused setbacks in the manufacturing and distribution of high performance plastics. Some enthusiasts encountered challenges in procuring essential supplies, resulting in frustration and restricted availability of products.

Russia-Ukraine War Impact

The ongoing conflict has the potential to generate economic insecurity within the area, giving rise to unpredictability and interruptions in trade and business. This could have repercussions on consumer assurance and spending capability, causing individuals to emphasize vital necessities over non-essential acquisitions such as high performance plastic goods, possibly resulting in a decrease in demand.

Moreover, in periods of conflict, enterprises might alter their inclinations towards more indispensable plastic items, redirecting their optional industry locations to other preferable locations. This alteration by companies conduct has the potential to change in market demand.

Segment Analysis

The global high performance plastic market is segmented based on raw material, type, application and region.

Fluoropolymer Technology with Vast Application

The fluoropolymer segment is expected to hold the largest share in the high performance plastic market with their e application in industries ranging from aerospace to electronics leveraging their exceptional electrical insulation traits, and utilizing them in environments where other materials falter. These plastics are also majorly used in the medical field, serving in biocompatible devices and pharmaceutical equipment.

Furthermore, for instance, Arkema, in collaboration with Canada's Polymer Engineering Company (PEC) has achieved a significant breakthrough in blending high performance Kynar Flex PVDF thermoplastic fluoropolymer with rubber materials. This innovation holds great promise for industries facing evolving regulatory demands and technological advancements, such as the fuel and chemicals sectors.

Geographical Analysis

Asia-Pacific’s Growing Manufacturing Industry

Asia-Pacific is the fastest growing market in high performance plastic with the region's growing manufacturing sector, the need for lightweight and durable materials across various industries, and an increasing focus on sustainability and technological advancement. The region's growing manufacturing industry as a global economic powerhouse, has led to a rising demand for high performance plastics.

The Asia Pacific region has prompted industries to explore materials that offer reduced carbon footprint and energy efficiency. High performance plastics, known for their lightweight properties and potential to replace traditional materials like metals, align with these sustainability goals. In China, companies are also seizing opportunities in the high performance plastics market. For instance, Ningbo Nengzhiguang New Material Technology Co., Ltd. reported robust growth, targeting overseas markets in addition to domestic sales.

Competitive Landscape

The major global players include Dow Chemical, Solvay S.A., Lyondellbasell, Arkema, Dupont, Daikin Industries, Ltd., SABIC, Evonik Industries, BASF, and DSM.

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 2023
Manufacturers/ Buyers
Industry Investors/Investment Bankers
Research Professionals
Emerging Companies