Rise in demand for production of gaskets, electrical insulators, and coal boilers owing to light weight and versatile properties, will stimulate heat resistant polymer market demand. Increased usage as raw materials in production of high temperature fuel cells in chemical industries should enhance product demand over its counterparts. Growth in R&D spending along with technological advancement in automotive and aerospace industries in order to manufacture fuel efficient vehicles will stimulate industry growth.
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Heat Resistant Polymer Market size may register steady growth due to increase in demand for temperature resistant and lightweight plastics in automotive, aerospace and electronics sector. Increased spending by aerospace, automotive and electronics manufacturers pertaining to strict government norms for low VOC emissions will propel industry growth.
Fluoropolymers owing to its polytrophic characteristics such as high chemical resistance and dimensional stability, have find an increased application scope in electrical & electronics industry. Global electrical components market is projected to reach USD 200 billion by 2024. Fluoropolymers are widely used in interconnecting wire, hookup wire, computer wire and thermocouple wires owing to its insulation properties, thereby stimulating heat resistant polymer market demand.
Global vehicle production may exceed 140 million units by 2024, registering growth of over 4% Polyphenylene sulfide in heat resistant polymer market size may witness a significant growth over the foreseeable period. Superior properties, including temperature resistant, chemical resistance, good electrical properties, flame retardancy and high dimensional stability makes it ideal for automotive application, thus favouring industry growth.
U.S. heat resistant polymer market demand is driven by increasing application scope in automotive sector. Increased usage of various electronic components such as microchips and digital semiconductors along with automation process in automotive industries have propelled product demand in the region.
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Europe driven by UK, France, Italy and heat resistant polymer market size may witness a significant growth over the forecast timeframe due to increasing investment in defence & aerospace sector. Various aircraft manufacturers such as Boeing and Airbus uses temperature resistant plastics in making of complex and lightweight components, thereby enhancing product demand in the region.
Global heat resistant polymer market share is moderately consolidated and competitive. Major industry players include Honeywell International, BASF, Du Pont, Daikin Industries, DIC Corporation, Evonik Industries, Celanese Corporation, Solvay S.A., PolyOne Corporation, RTP Company and Tri-Mack Plastics Manufacturing Corporation. Merger & acquisitions are an integral part of the market, which allow companies to expand their regional presence and product portfolio. The trend towards forming new SBUs is likely to have a positive impact in the heat resistant polymer market demand.