The global high-performance thermoplastic market was valued at USD 33.98 billion in 2017 and is estimated to grow at a CAGR of 7.3% from 2018 to 2026. High-Performance Thermoplastics (HPTPs) are highly specialized polymeric compounds with very demanding and specific application. HPTPs are highly priced in comparison to the engineering thermoplastics and have more thermal resistance and enhanced properties.
High-performance thermoplastics market is gaining traction on account of increased demand of high-performance plastics in aviation and automotive industry. Such end-uses make use of plastic components that deliver high efficiency in the severe conditions. High rigidity, high impact strength, high resistance to temperature, creep resistance, and better surface quality along with the less product rejection are some of the most important characteristics for its usage in such end-uses.
North America High-Performance Thermoplastic Market Share by Application, 2017-2026
Note: Inside circle depicts data for 2017 & outside circle depicts data for 2026
Rising demand for more light-weight aircraft structures has compelled the aircraft industry to make use of component structures made from high performance thermoplastics. Initially such lightweight composites were used in military aerospace applications as it was considered too expensive. Stringent pressure due to environmental concerns and rising cost of aviation fuel forced the civilian aircraft industry to adopt lightweight and high-performance structures for the aircraft.
HPTPs are also used extensively in defense industry, electrical & electronics, and consumer goods. Plastic and polymer industries have witnessed tremendous development in terms of product design and material science which have made plastics as strong as metal and even lighter. Technical advancements via resin materials of HPTPs have provided its global market with the potential to replace ceramic, advanced metal, and other composite parts.
High-performance thermoplastics market includes high manufacturing costs and stringent regulatory framework, which restrain market growth to a certain extent. Thermoplastics biodegradability is a serious environmental concern and thus the manufacturing of thermoplastics and their disposal is highly regulated. Moreover, the resin used for manufacturing HPTPs are petrochemical derivatives and thus the industry also witnesses price volatility in materials that is expected to be another constraint for the market.
North America High-Performance Thermoplastic Market Share by Product, 2017 - 2026
Polyamide is the largest product segment for high performance thermoplastics market. Polyamide derivatives such as polyamide 66 and polyamide 6 are widely used in industrial applications. These are also extensively used in sports equipment, construction, electronics, and consumer goods. Polycarbonates are also anticipated to witness considerable growth during the forecast period.
On the basis of end-use applications, HPTPs are widely used in space & aircrafts structures, defense industry, electrical & electronics, automotive, consumer goods and other industrial sectors. Aircraft industry has witnessed high demand for high performance thermoplastics n account of its lightweight and efficient performance.
Asia Pacific is the largest regional player for the HPTPs due to large population concentration and rapidly increasing urbanization of its emerging economies such as India and China. Continuous development in industrial infrastructure has led to significant growth in the region’s end-use industries such as electronics, automotive, aerospace, and consumer goods. Its technologically advanced nations such as Japan are anticipated to witness considerable higher growth during the forecast period.
North America is also expected to have high growth over the forecast period with the United States as a major contributor. U.S. has a mature automotive market for HPTPs along with few aerospace giants. Europe is another mature market for high-performance thermoplastics on account of well-established automotive industry.
The major players in the global high-performance thermoplastics market are large multinational companies with immense experience in polymer processing and manufacturing. Some of the small players with a narrow product portfolio have also played significant role in the industry.
Major competitiveness factors among the players is shift towards the modification of existing polymer type via extensive R&D and processing techniques. Some of the key market players include BASF, DowDuPont, SABIC, Solvay, Victrex, Royal DSM, Asahi Kasei, DIC Corporation, and Honeywell International Inc.