LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global high-performance polymers market to grow at a CAGR of more than 7% during the forecast period, according to their latest report.
The report further segments the global high-performance polymers market by type (fluoropolymers, polyamides, sulfone polymers, AKP and liquid crystal polymer), by application (automotive, electrical and electronics, industrial, and medical), and by geography (the Americas, APAC, and EMEA).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global high-performance polymers market:
- Increasing demand from the electrical and electronics sector
- Need for lightweight automotive
- Superior properties of high-performance polymers
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Increasing demand from the electrical and electronics sector
High-performance polymers such as liquid crystal polymer, PPS (polyphenylene sulfide), PPA (polyphthalamide), PCT (polycyclohexylenedimethylene terephthalate), and nylon 46 are some of the prominently used polymers in the electrical and electronics sector. These polymers provide high-temperature resistance and can withstand the surface-mount technology (SMT) process. PPS and PCT are widely used for manufacturing connectors, electronic control modules, and sensors because they provide the halogen-free flame retardant feature. Competitive price and customized offerings can assist the market to stay afloat in the electrical and electronics sector.
According to Hitesh Bhatia, a lead analyst at Technavio for plastics, polymers, and elastomers research, “Technology has been transforming the electrical and electronics sector by contributing to the significant economic growth in the sector. ASEAN countries are the hub for both design research and low-cost production. The diverse electrical and electronics R&D activities in ASEAN countries are proving attractive opportunities for investors. ICs, semiconductor devices, and PCBs are the prime focus in Singapore, whereas in Vietnam, low-cost labor is a lucrative option for the vendors.”
Need for lightweight automotive
The manufacturing of lightweight automotive is one of the major driving factors promoting the growth of high-performance plastics. The automotive sector has been providing a steady demand for high-performance polymers because of the high demand for lightweight vehicles in the sector. The demand is not only fueled by governmental regulations but also reinforced by the major players volunteering to improvise on design and weight to further facilitate fuel-efficiency.
“As per the Corporate Average Fuel Economy legislation, the automakers in the US are trying to achieve the set average fleet fuel efficiency target of 35 to 36.6 miles per gallon by 2017 and 54.5 miles per gallon by 2025. Plastic-metal hybrid and composites technologies are gaining popularity and are further aiding key players in achieving these set targets,” says Hitesh.
Superior properties of high-performance polymers
The necessity of shorter product life cycles and shorter product development timeframe are constant challenges for the manufacturers. To overcome this, high-performance polymers are being increasingly used for demanding applications because of their superior properties. High-performance polymers allow weight reduction, better functionality in reduced product sizes, compliance with the environmental regulations and legislation, and enhanced energy efficiency. One of the superior properties that are driving the use of high-performance polymers in various applications is superior chemical resistance.
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