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High Performance Thermoplastics Market

High Performance Thermoplastics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2020 – 2030

Adoption on Lightweight Composite Materials in Various End-use Industries to Aid Market Growth

High performance thermoplastics are extensively being used in a host of industrial sectors, including automotive, aerospace, and healthcare. On the basis of current observations and widening applications of high performance thermoplastics, the global demand for high performance thermoplastics is expected to witness a steady growth in the upcoming months. The increasing awareness pertaining to the advantages of high performance thermoplastics is attracting users from an array of industrial domains. The oil & gas industry, along with the defense sector, is anticipated to provide lucrative opportunities to the players involved in the current high performance thermoplastics market landscape during the forecast period.

Optimum heat and chemical resistance of high performance thermoplastics, along with the favorable good melt process-ability are some of the major factors that have led to considerable growth in the demand for high performance thermoplastics in recent years– a trend that is expected to continue over the course of the assessment period. At present, non-melting and imidized materials, semi-crystalline thermoplastics, and amorphous thermoplastics are some of the most popular categories of high performance thermoplastics.

At the back of these factors, along with the augmenting demand for biodegradable materials for use in a range of applications, the global high performance thermoplastics is expected to expand at a commendable rate in the upcoming years.

Increasing Usage of High Performance Thermoplastics across Aerospace Industry to Drive Market

The aerospace industry is slated to provide abundant opportunities to the players operating in the current high performance thermoplastics market landscape. Steel, aluminum, and titanium have remained the most popular and extensively used materials within the aerospace sector. However, the increasing demand for weight reduction and fuel efficiency has compelled companies across the aviation sector to make use of cutting-edge materials, including high performance thermoplastics. Popular companies such as Boeing and Airbus, along with several other noteworthy market players including GE Aviation, BAE Systems, Bombardier, and Lockheed Martin have increasingly leaned toward the use of high performance thermoplastics to comply with laid down standards. As aviation companies continue to seek new ways to minimize fuel costs, the increasing demand for lightweight aircraft continues to remain one of the major factors expected to fuel the growth of the global high performance thermoplastics market in the upcoming years.

While cost reduction is likely to remain one of the major factors fueling the adoption of high performance thermoplastics, the optimum physical characteristics make high performance thermoplastics one of the most promising materials. Exceptional durability, low friction co-efficient, ease of sterilization, and resistance to hydraulic pressure continue to remain key metrics augmenting the sales of high performance thermoplastics in the near future. Advancements in additive manufacturing of engineering thermoplastics are expected to open up new avenues for players operating in the current market for high performance thermoplastics.

Supply Chain Barriers to Hinder Market Growth

The onset of the COVID-19 pandemic is anticipated to have a strong impact on the overall growth of the global high performance thermoplastics market in 2020. Barriers in the supply chain due to the COVID-19 pandemic are expected to hinder the growth of the global high performance thermoplastics market in 2020. Restrictions on transportation, cross-border trade, and stringent lockdown measure imposed by governments in various regions have negatively influenced the demand for high performance thermoplastics in 2020. While the growth in the second and the third quarter is likely to remain sluggish, the market is projected to show signs of recovery toward the last quarter of 2020.

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