The market for Asia-Pacific Polyphenylene Sulfide (PPS) composite is expected to develop at a CAGR of over 3% during the forecast period. The factors driving the growth of the market studied are the rising demand fro industrial sector including oil and gas equipment industry. On the flip side, the impact of COVID-19 pandemic on the growth of various end-user industries and supply chain disruptions, along with manufacturing challenges due to complex production methods, may hinder the growth of the market studied.
- The polyphenylene sulfide (PPS) composites exhibit a combination of high-temperature performance, creep resistance, excellent dimensional stability, chemical resistance, and flame resistance. These beneficial features are expected to aid the market to grow in future.
- China is expected to be the largest market for polyphenylene sulfide (PPS) composites in the Asia-Pacific region.
Key Market Trends
Aerospace and Defense Sector to Drive the Polyphenylene Sulfide (PPS) Composites Market
- Polyphenylene sulfide (PPS) composites are widely used in the aerospace and defense industry, as they exhibit a combination of high-temperature performance, creep resistance, excellent dimensional stability, chemical resistance, and flame resistance. This, along with other properties, makes it suitable for interior applications, such as high temperature ducting, seat frames, and interior panels.
- China’s defense industry has been growing rapidly, with many Chinese firms displacing Western defense powerhouses. The country invests heavily to upgrade its military, thus, making its eight defense firms among the top 25 in the world.
- According to the May 2019 statistics, China holds around 235 airports, which the government planned to increase to 260 by 2020. However, due to COVID-19, the construction may be delayed to 2021.
- Presently, India is the ninth-largest civil aviation market in the world, and it is projected to become the third-largest by 2021, owing to the rapid increase in passenger traffic over the last few years.
- All the aforementioned factors are expected to drive the polyphenylene sulfide (PPS) composites market in the region during the forecast period.
China to the Dominate the Asia-Pacific Region
- China is the largest economy, in terms of GDP. The IMF projects a GDP growth of 5.8% in the country in 2020.
- From May 2020, according to the Ministry of Natural Resources, foreign firms registered in the country with net assets of almost USD 43 million are expected to take part in oil and gas exploration and production activities in China.
- Additionally, China’s appetite for aviation seems set to grow exponentially. High demand for aviation has led to the government's decision of introducing airport building programs, which includes huge investment in terminals and runways.
- Currently, the annual output of Chinese military aircraft is around 300. As China's military industry continues to grow, the demand for and supply of Chinese military aircraft will increase substantially, which will drive the rapid development of China's military aircraft manufacturing industry.
- Moreover, the Chinese automotive manufacturing industry is the largest in the world. In 2019, China accounted for about 28% of the global automotive production in the world.
- All the above-mentioned factors are anticipated to propel the polyphenylene sulfide (PPS) composites market in the country during the forecast timeframe.
The Asia-Pacific polyphenylene sulfide (PPS) composites market is consolidated. Some of the players in the market include DIC Corporation, SABIC, TEIJIN LIMITED, Celanese Corporation, and Solvay.
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