Increasing demand for Heat Resistant Polymers from the transportation end-use industry rising demand from the Transportation, Electronics & Electrical Industry will also drive the growth of the heat resistant polymers market during the forecast period. On the other hand, high processing cost of heat resistant polymers is anticipated to be one of the major restraints for the growth of this market.
The Global Heat Resistant Polymers Market accounted for USD 12.31 billion in 2016 and is projected to grow at a CAGR of 6.8% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic years 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
Heat resistant polymers are polymers that can tolerate the high temperatures and therefore, can be used in the industries such as semiconductor, petro/chemical, aerospace, and transportation. Heat resistant polymers are of several types such as fluoropolymers, polyether ether ketone, polyimides, and polyphenylene.
Fluoropolymers are expected to grow at the highest CAGR over the forecast period owing to factors such as high chemical defiance and high dimensional stability.
Major Market Drivers and Restraint:
- Increasing demand in automotive and aerospace industries
- Growing demand in the developing nations
- Replacement of the traditional materials
- High prices of the heat resistant polymers
- Difficulty in the processing of heat resistant polymers
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Major Market Competitors:
Some of the major players in the heat resistant polymers market include BASF SE, Arkema Group, Evonik Industries AG, Daikin Industries, Ltd., Celanese Corporation, Solvay S.A., Kuraray Co., Ltd., E. I. Du Pont De Nemours and Company, Victrex PLC, Saudi Arabia Basic Industries Corporation (SABIC), Dongyue Group Ltd., DIC Corporation, Honeywell International Inc., Covestro, Parkway Products Inc., Schulman AG, Caledonian Ferguson Timpson Ltd, Panjin Zhongrun High Performance Polymers Co. Ltd, Quadrant EPP Surlon India Ltd, Tri-Mack Plastics Manufacturing Corp., The DOW Chemical Company, Huntsman Corporation, Polyone Corporation, RTP Company, Inc., Ensinger GmbH and many more.
On The Basis Of Geography, the heat resistant polymers market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
On The Basis Of Type, the market is segmented into fluoropolymers, polyimides, polyphenylene sulfide, polybenzimidazole, polyether ether ketone, others. Fluoropolymers is expected to grow at the highest CAGR over the forecast period.
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On The Basis Of End Use, the market is segmented into transportation, electronics & electrical, other industries. Transportation is further segmented into the fuel systems, induction systems, and coolant systems.
Electronics and electricals are further segmented into circuit breaks, connectors, and motor brush card.
The global heat resistant polymers market is highly fragmented with the presence of a large number of players across different regions. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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