The global polyphenylene sulfide market size is expected to reach USD 2.14 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to witness a CAGR of 8.8% during the forecast period. Several characteristics including high creep resistance, stiffness and strength, excellent temperature properties, and good chemical resistance are the key factors driving the PPS market growth.
The consumption of in automotive industries is projected to exhibit a significant growth owing to rising application in carburetor parts, exhaust gas return valves, flow control valves intended for heating systems, and ignition plates. PPS is also utilized in industrial applications including grills, hair dryer parts, cooking appliances, as well as serializable laboratory, dental, and medical equipment. This factor is anticipated to spur the product demand over the next few years.
Asia Pacific is anticipated to showcase substantial growth in light of rising living standard and increasing industrialization especially in China and India. Moreover, rising automotive, oil and gas, paints and coatings, and medical sectors will fuel expansion of the PPS market over the next seven years.
Growing demand for electrical and electronics components, including brush holders, motor housing, coil formers, connectors, terminal blocks, and thermostats and switch components in emerging economies including India, China, Malaysia, and Indonesia owing to rising disposable income of consumers is expected to propel polyphenylene sulfide market growth.
Rising consumption in coating applications owing to the high heat resistance, chemical resistance, and excellent electrical properties of polyphenylene sulfide will augment the demand. Also, high consumption in non-stick cookware, food processing, and chemical processing equipment will stimulate product penetration over the next few years.
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Further key findings from the report suggest:
- In terms of revenue, electronics and electrical application is projected to ascend at a CAGR of 8.8% over the forecast years
- Automotive application led the global PPS market with a volume share of over 31.8% in 2018
- Industrial, constituting a revenue share of 24.5% in 2018, is projected to exhibit a high growth in the next few years
- Asia Pacific led the global Polyphenylene Sulfide (PPS) market in 2018 with 62.1% volume share. This trend is projected to continue over the next few years
- Growing aviation industry on account of increasing government investments in aerospace mainly in India, South Korea, Singapore, and Malaysia is further expected to propel the demand from aerospace market
- The market is highly competitive in nature. The main players include DIC, Toray Industries, Tosoh Corporation, SK Chemicals, Daicel Corporation, SABIC, Teijin Ltd. and RTP Company
- Various manufacturers are concentrating on new product launches, capacity expansions, and technological innovations to estimate existing and future demand patterns from upcoming application segments.