The high-temperature thermoplastic market is expected to register a CAGR of over 8% during the forecast period. One of the main factors driving the market is the increasing demand for the high-temperature thermoplastic market from the automotive industry, across major economies. However, the high production and manufacturing cost of the high-temperature thermoplastic market is likely to hinder the growth of the market studied.
- By end-user industry, the automotive industry is expected to dominate the market over the forecast period.
- The growing demand for the high-temperature thermoplastic market in the medical industry is likely to act as an opportunity for the market studied in the coming years.
- Asia-Pacific region is expected to dominate the market with the most substantial consumption from countries, such as China, India, and Japan.
Key Market Trends
Increasing High-temperature Thermoplastic in Automotive Industry
- High-temperature thermoplastics are plastics that retain their physical properties at higher temperatures and exhibit thermal stability even in the longer run. Additionally, they have higher heat deflection temperatures and glass transition temperatures.
- High-temperature thermoplastics are used to manufacture demanding applications in the automotive industry due to its valued properties such as high heat resistance, dimensional stability, strength, and resistance to a range of chemicals. Additionally, these properties have led to the replacement of traditional materials such as metal and thermosets.
- Automotive is the largest market sector for high-temperature thermoplastics such as PPS, PEI, and PEEK.
- The automotive sector is one of the largest markets for composite materials, and the industry is continuously looking for innovative materials such as high-temperature thermoplastic to reduce vehicle weight and achieve fuel efficiency and carbon emission targets.
- Hence, owing to the factors mentioned above, the application of high-temperature thermoplastic in the automotive industry is likely to dominate during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market during the forecast period. The rising demand for high-temperature thermoplastic with growing automotive and medical industry in countries like China and India is expected to drive the demand for high-temperature thermoplastic in this region.
- The largest producers of high-temperature thermoplastic are based in the Asia-Pacific region. Some of the leading companies in the production of high-temperature coatings are BASF Corporation, Arkema, Celanese Corporation, SABIC, and Toray Advanced Composites, among others.
- According to Economic Times projection, the Asian healthcare market grew by almost USD 200 billion between 2016 and 2020, to a total value of USD 2,660 billion, and it is expected to continue growing in the coming years.
- The market for high-temperature thermoplastic in the Asia-Pacific region is projected to grow significantly during the forecast period owing to the factors mentioned above.
The high-temperature thermoplastic is partially fragmented in nature, with only a few major players dominating the market. Some of the major companies are BASF Corporation, Arkema, Celanese Corporation, DuPont, and Evonik Industries, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support