Global High-Performance Polymers (HPPS) Market Size to Reach USD 93.90 Billion in 2032 | Emergen Research
Rapid adoption of HPPS in the automotive sector is one of the major factors driving High-Performance Polymers (HPPS) market revenue growth
Vancouver, Sept. 05, 2023 (GLOBE NEWSWIRE) — The global market for High-Performance Polymers (HPPS) achieved a noteworthy milestone in 2022, boasting a total market size of USD 41.82 billion. According to the latest analysis conducted by Emergen Research, this market is poised to maintain its growth momentum with a projected revenue Compound Annual Growth Rate (CAGR) of 8.4% during the forecast period.
One of the primary drivers behind this growth is the rapid integration of HPPS within the automotive sector. High-performance polymers have emerged as a pivotal component in this industry due to their exceptional properties. These polymers exhibit biodegradability, durability, and remarkable shape-changing capabilities. Notably, the medical field has also recognized the value of high-performance polymers. Their unique attributes make them indispensable in various orthodontic and dental procedures, where they are used for applications such as dental crowns, implants, and braces. The preference for high-performance polymers in the medical sector is attributed to their durability, flexibility, and resistance to corrosion.
Moreover, a wide array of medical devices, including guide wires, catheters, pumps, imaging equipment, and surgically implantable devices, extensively utilize HPPS. Beyond healthcare, the automotive industry leverages high-performance polymers in diverse applications, ranging from manufacturing body parts and interiors to exteriors and components like dashboards, speedometer dials, steering wheels, lock handles, armrests, powertrain, engine products, under-the-hood components, and structural elements for automobiles. A notable advantage offered by these polymers is substantial weight reduction, with potential savings of up to 80% when compared to traditional metals.
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Nevertheless, the production of high-performance polymers presents notable challenges, often necessitating specialized equipment and a highly skilled workforce. These polymers are generally associated with elevated production costs, limiting their applicability to specific use cases. High-performance polymers find their niche in specialized applications where exceptionally demanding operational conditions are a prerequisite.
Despite their prominence within the polymer spectrum, high-performance polymers constitute a relatively small portion of the synthetic polymer landscape, accounting for merely about 700,000 tons, or 0.2%, of the total synthetic polymer production. The increased complexity of monomers required for their production contributes to their elevated cost and intricate manufacturing processes.
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Scope of Research
|Market size in 2022||USD 41.82 Billion|
|Revenue forecast to 2032||USD 93.90 Billion|
|Base year for estimation||2022|
|Quantitative units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Product, application, and region.|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA|
|Key companies profiled||BASF SE, 3M, Nemours, Inc., Evonik Industries AG, Celanese Corporation, Sabic, Dow Inc, Arkema, Mitsui Chemicals, Inc, and Solvay S.A|
|Customization scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global High-Performance Polymers (HPPS) market is fairly consolidated with few small and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:
- BASF SE
- Nemours, Inc.
- Evonik Industries AG
- Celanese Corporation
- Dow Inc
- Mitsui Chemicals, Inc
- Solvay S.A
- On November 25, 2022, In its polymer factory in Carling, France, TotalEnergies announced the development of a new manufacturing line of high-performance recycled polypropylene for the automotive industry. Since 2016, the Carling-Saint-Avold petrochemical platform has been producing value-added chemicals principally for the automobile sector. The launch of a new line specifically for hybrid compounds will solidify the platform’s position as Europe’s top polymers site.
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Some Key Highlights From the Report
- The polyphthalamide segment is expected to register a significantly fast revenue growth rate during the forecast period. It is used in numerous applications as cables and wires, cars, and electrical and electronic equipment. Polyphthalamide is largely used as a replacement for various metal components in a variety of industries, including the automotive industry and other sectors.
- The automotive segment is expected to register a moderately fast revenue growth rate over the forecast period. The use of lightweight materials to improve vehicle performance is a growing trend, which is predicted to increase sales of high-performance polymers for the automotive sector. The industry’s increasing need for high-performance polymers is being driven by their use in a variety of vehicle parts, including structural elements, chassis, interiors, and exteriors.
- The market in North America is expected to register a significantly fast revenue growth rate during the forecast period. North America’s high-performance polymer market is a dynamic, constantly evolving sector distinguished by significant development and innovation. With the region’s robust industrial base, technological prowess, and emphasis on research and development, high-performance polymer applications have grown increasingly popular across a wide range of industries.
- On March 04, 2020, In collaboration with Hengst, BASF announced the development of the first reusable plastic spin-on oil filter module for automobiles. It is made of Ultramid Structure LFX, a high-performance plastic with long glass fiber reinforcement from BASF whose unique features open up new possibilities for metal substitution.
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Emergen Research has segmented the global High-Performance Polymers (HPPS) market on the basis of product, application, and region:
- Product Outlook (Revenue, USD Billion; 2019–2032)
- Polyphthalamide (PPA)
- Polyphenylene Sulfide (PPS)
- Polyether Ether Ketone (PEEK)
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Aerospace & Defense
- Electrical & Electronics
- Building & Construction
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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