High Performance Plastic Market in Transportation Industry is Projected to touch USD 6,979 Million in 2021 owing to increasing usage of High Performance Plastics in Automotive and Aviation industries
Global High Performance Plastics Market (2016-2021) – GMI Research
Global High Performance Plastics Market in Transportation Industry by Type (Polyphenylene Sulfide, Polyketones, Fluoropolymers, Thermoplastic Polyimides, High Performance Polyamides), by Application (Automotive, Aviation, Railways & Marine), and by Geography – Forecast to 2021
GMI Research has published a new report on “High Performance Plastics Market in Transportation Industry. The global high performance plastics market in the transportation industry was estimated to be USD 5,182 million in 2016 and the market is projected to touch USD 6,979 million by 2021, growing at a CAGR of 6.1% during 2016-2021 on account of supportive government policies & regulations, growing usage of high performance plastics by automotive and aviation industries and rising demand for plastics (with higher temperature stability, chemical resistance and better mechanical properties) worldwide.
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Based on Type, High Performance Polyamides is estimated to hold the largest market share
High Performance Polyamides dominate global high performance plastics market owing to their extensive utilization in the automotive and aviation industries. Moreover, properties such as high mechanical strength, rigidity, chemical resistance and good stability under heat make high performance polyamides suitable for typical applications majorly in gears, fittings, bearings and tool covers, thus, boosting high performance polyamides market. Polyphenylene sulfide (PPS) is also expected to rise at a considerable rate due to increasing applications in automotive and aviation industries. PPS is employed in manufacturing of products for electrical insulation, specialty membranes, gaskets and packaging/insulation/sealing and especially in the automotive industry for manufacturing of under-hood components, fuel system parts, induction systems, cooling systems, lighting components as well as electrical and electronic systems.
Based on Application, Automotive segment is forecast to be the fastest growing segment
Automotive segment is expected to grow at the fastest rate during the forecast period. High performance plastics make vehicle lighter, which reduces the fuel consumption and hence lowers the emission of greenhouse gases. Apart from this, the excellent flame retardant and corrosion resistance capabilities of high performance plastics enable their use in the interior applications across the automotive segment. In 2016, the aviation segment captured the second largest share in global high performance plastics market due to extensive usage of high strength and lightweight composites in aircraft structure such as undercarriage, fuselage and wings.
Europe is estimated to dominate the market through 2021
On account of supportive government policies & regulations, soaring demand from the transportation industry and presence of large number of high performance plastics manufacturers are the factors driving high performance plastics in the European region. Germany and France are the major economies in the region with the highest consumption of high performance plastics owing to the presence of large automotive and aircraft manufacturers. North America is the second most leading region in the high-performance plastics market in the transportation industry. The increased demand for technologically advanced products by the commercial airline and automotive companies and regulations pertaining to use of eco-friendly, lightweight and fuel-efficient materials in automotive and aircraft are the major factors pushing the growth of high performance plastics market in the region.
Global High Performance Plastics Market in the Transportation Industry: Key Players
The report includes profiles of leading companies such as Solvay, BASF SE, Victrex, Arkema, DuPont, Evonik, Sabic, Daikin Industries, Dyneon, DSM, Celanese, EMS Group, Kuraray Europe
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