The global high-performance thermoplastics market is expected to grow at a CAGR of 6.23% from 2014-2019, thanks to more stringent industry standards and increasing demand for products with better performance features, says research firm TechNavio.
The demand for high-performance thermoplastics that enable the production of specialised products for end-users is on the rise. Vendors are focusing on the development of sustainable polymers that will facilitate the recycling of end products.
“Vendors in the Global High-Performance Thermoplastics Market are constantly innovating and restructuring their product portfolios so as to differentiate their products from those of their competitors,” said Faisal Ghaus, Vice President of TechNavio.
Additionally, a new report from the firm emphasises the increasing demand from emerging markets like China and India in the APAC region. Economic development in these countries has led to improved purchasing power among individuals, thus contributing to the growth of several related industries.
A thermoplastic, or thermosoftening plastic, is a plastic material, typically a polymer, that becomes pliable or moldable above a specific temperature and solidifies upon cooling. Most thermoplastics have a high molecular weight. The polymer chains associate through intermolecular forces, which weaken rapidly with increased temperature, yielding a viscous liquid. Thus, thermoplastics may be reshaped by heating and are typically used to produce parts by injection molding.
“The electronics industry in India and automotive industry in China are expected to witness strong growth during the forecast period, leading to increased demand for high-performance thermoplastics,” said Ghaus.
Demand for thermoplastics from the automotive industry in the APAC region can be attributed to the weight reduction revolution, which is expected to be a major contributor to market growth.
Furthermore, companies such as BMW are using thermoplastics for the exterior skin of their newest vehicles such as the i series.