High-Performance Thermoplastic Composites Market
New Market Research Report
High-performance thermoplastic (HPTPs) is a group of thermoplastics that offer excellent temperature resistance along with exceptional mechanical performance. The definition of high-performance thermoplastics varies from company to company, however, all of them have pretty similar definitions with inclusion or exclusion of one or two thermoplastics in their list. High-performance thermoplastics are used with or without fibers/reinforcements such as glass fibers, carbon fibers, and mineral fibers. Today, most of the industries are generating greater demand for high-performance thermoplastics filled with fibers in order to address the varied requirements including strength.
These thermoplastic composites are extremely suitable for those applications which require excellent heat-resistance in order to sustain in harsh operating environments. In comparison to standard and engineering thermoplastics, high-performance thermoplastics deliver excellent temperature stability, excellent chemical resistance, and higher mechanical properties. When reinforced with fibers/fillers, the properties of these materials get further enhanced to meet the diverse requirements of a wide array of industries.
HPTP composites have already earned a largely unheralded but a significant place in the family of thermoplastic composites. According to Stratview Research, the market for high-performance thermoplastic composites is extrapolated to grow at a higher pace (5.7% vs 4.1% CAGR, 2019-2024) than the other thermoplastic composites (standard thermoplastic composites and engineering thermoplastic composites), and is catching the attention of the market players.
Several factors bolstering the growth of HPTP composites are:
- expected increase in automotive production coupled with increasing composites content per vehicle,
- organic growth of the aircraft industry coupled with a higher focus on the use of thermoplastic composites than thermoset ones,
- introduction of stringent regulations regarding fuel efficiency and carbon emissions,
- shift towards all-composite parts,
- rising demand for lightweight and corrosion-resistant parts,
- and increasing drive towards miniaturization.
Automotive Is the Largest Consumer of HPTPs
HPTP composites are used in a large number of industries including automotive, electrical & electronics, industrial, aerospace & defense, medical, consumer goods, etc. The mix of different HPTP composites varies from industry to industry, which is based on the requirements of strength/performance, cost of thermoplastic composites, the ability to manufacture in desired cycle time, etc.
At present, automotive is the biggest consumer of HPTP composites and is anticipated to maintain its leading position in the market in years to come.
The factors which make the automotive industry dominant are:
- increasing production of electric vehicles coupled with a greater incorporation for lightweight materials in vehicles’ crucial regimes,
- stringent regulations from governing bodies such as EPA and EU commission,
- and growing demand for materials that can sustain in harsh operating environments, such as under-the-hood applications.
HPPA Dominates the Market
The report deeply studies the different HPTPs and their usage in different end-use industries. Polyphenylene sulfide (PPS), aromatic ketones (PAEK family), polyarylsulfone (PASU family), polyetherimide (PEI), and high-performance polyamide (HPPA) are the major HPTPs considered in the report. Polyimide (PI) and liquid crystal polymer (LCP) occupy the lion’s share in the others’ category. HPPA holds the leading position today and will remain the most dominant resin type among all HPTPs in years to come.
Asia-Pacific to Remain the Largest Demand Generator
In terms of regions, Asia-Pacific is likely to remain the largest demand generator of high-performance thermoplastics in the foreseen future. Furthermore, the growth in the demand for high-performance thermoplastic composites in the region would remain attractive in the coming years. Large population base coupled with increasing disposable income and rapid urbanization is creating a huge demand for high-performance thermoplastics filled with fibers.
India, Japan, and South Korea are the other countries generating sizeable demand in the region. All the major players are eyeing the Indian market, mulling to invest in the country to tap the future growth potential.
North America and Europe are the next two big markets for the thermoplastic composites. These regions have been the pioneer for most of the industries; however, maturing GDP growth coupled with an incessant shift of manufacturing facilities towards Asia is causing a low growth in the demand for thermoplastics including high-performance thermoplastic composites in these regions.
The USA is the largest market for high-performance thermoplastic composites in North America, whereas Germany, France, the UK, and Russia are the major markets in Europe.
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