Global High Performance Plastics Market: Overview
High performing plastics are specially designed polymers with high mechanical strength, chemical resistance, and, all-importantly, temperature resistance. Stability at high temperature is the main criterion used to differentiate high performance plastics from regular plastics, but the high mechanical strength of high performance plastics has made them a key component of the global manufacturing sector in recent years. The current high performance plastics sector is the result of the constant effort in the plastics industry towards betterment of their mechanical properties and resistance to temperature and chemical stimuli.
The global high performance plastics market has a large number of end-use segments, as the need for strong manufacturing materials is being felt in several sectors. The automotive industry and the consumer goods industry are two of the leading application segments of the high performance plastics market. Other key applications of high performance plastics lie in construction, medical devices, and electronics and electrical materials. Fluoropolymers are the dominant plastic in the global high performance plastics market and are likely to retain a dominant share in the coming years.
Global High Performance Plastics Market: Drivers and Restraints
The steady demand from the automotive sector has been a key driver for the global high performance plastics market. The automotive sector is always on the lookout for high-strength lightweight materials due to the several benefits they provide with regard to automotive design. This has led several automotive giants to high performance plastics, which are close to the ideal configuration available to car manufacturers in the current technological scenario. The booming automotive industry is thus likely to remain a key driver for the global high performance plastics market in the coming years, as the widening perimeter of the industry will enable steady research into car construction materials and the role of high performance plastics in automotive design templates of the future.
The rapid growth of the global consumer electronics industry has also been a steady driver for the global high performance plastics market. Like the automotive industry, the consumer electronics industry has benefited in recent years from the rise in the disposable income of urban consumers and the increasing prominence of the smartphone in their daily lives. The use of high performance plastics in smartphones and other consumer electronics has risen due to the steady preference for tougher materials resistant to a wider range of stimuli. Despite the dominance of annually updated smartphone ranges, many users place high importance to the build quality of the device, which is likely to aid the growth of the high performance plastics market in the coming years.
Global High Performance Plastics Market: Geographical and Competitive Dynamics
North America and Europe are likely to dominate the global high performance plastics market in the coming years due to the steady presence of several industry leaders and the consistent demand for technological upgrades. The automotive and consumer electronics industries in these regions are also dominant in the respective global markets, which is a key factor enabling steady growth of the high performance plastics market in the coming years.
However, Asia Pacific is likely to become a dominant regional market for high performance plastics in the coming years. The steady growth of the consumer electronics industry in Asia Pacific countries such as China, South Korea, and India is the key factor responsible for the high performance plastics market’s growth in the region. The automotive industry in India, South Korea, Japan, and particularly China is also likely to exhibit sustained growth over the coming years, propelling the high performance plastics market in the region.
Key players operating in the global high performance plastics market include Sekisui Chemical Co., Ltd., Saint-Gobain Performance Plastics Corporation, Röchling-Group, Quadrant Group of Companies, Ensinger India Engineering Plastics Private Ltd., Grindwell Norton Ltd., Dover High Performance Plastics, A. Schulman Inc., Quantum Polymers, CoorsTek, Inc., BASF SE, Murtfeldt Kunststoffe GmbH & Co. KG, DuPont, and TriStar Plastics Corporation.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.