Market Insights
The high-performance plastic compounds market reported a revenue of around USD 13,000 million in 2020 and is projected to reach a value of USD 25,800 million by 2027 growing at a CAGR of 5.8% during the forecast period.
High performance plastic compounds are denoted to by this name owing to their ability to have one or more extents with higher performance in comparison to traditional materials and to the engineering required applications to design parts used for their intended purpose. This report titled “Global High Performance Plastic Compounds Market” from Credence Research offer very detailed and accurate insights on this industry.
Key Market Drivers and Restraints
The report will provide an in-depth analysis on emerging trends, market requirements, and upcoming demand in the next decade prevailing in the global high performance plastic compounds market. Numerous factors such as changing market dynamics, increasing focus on sustainability, increase in spending capacity, focus on electric vehicles, government policies & regulations, technological development and manufacturers innovations are the factors attributing to the growth and development of the high performance plastic compound market.
Impact of COVID 19
The government of various countries such as Italy, India, Germany, and the U.S. are pushing hard to battle the COVID-19 outbreak as well as the falling economic scenario in these countries. Many of developing and developed economies have declared or requested for an emergency financial aid to support the economy and help certain segments of the revenue generating industries such as automotive, manufacturing, and healthcare. Some of the polymer manufacturers begun operating their plant at full capacity to cater the demand for internal as well as external customers and bridge the supply lag due to lockdown. This is projected to balance the demand supply in the market thereby improving the market conditions and trade flow slowly bouncing back to normal. The high-performance plastic compounds market is likely to bound back and witness substantial growth in the years ahead.
Asia Pacific to Dominate the global High Performance Plastic Compounds market
Asia Pacific is a substantial region in the high-performance plastic compounds market, accounting for a largest market share. The major contributing to this large market share is China, which is one of the major producers as well as consumer of high-performance plastic compounds. Asia Pacific witnesses the presence of some major OEMs serving the automotive and electronics industries along with existence of a number of small & established plastic compound manufacturers in the region, which will be contributing to the growth of high-performance plastic compounds market in Asia Pacific.
Global High Performance Plastic Compounds Market is led by the Polycarbonate Type
The increasing demand for microcontroller, sensor technologies, and wireless connectivity is spurring the need for high performance plastic compounds such as polycarbonate compounds, since they offer versatile properties in comparison to the traditional plastics. The most important factors that impart added advantage to the usage of high-performance plastics in consumer electronics are elasticity, robustness, ability to withstand extreme range of voltage, and electrical insulation or conductive qualities.
Automotive Application Continue to Dominate the global demand for High Performance Plastic Compounds
Automotive industry accounted for largest market share of the entire high performance plastic compounds market holding more than 25% share in 2020. This significant share is attributed to numerous factors such as augmented awareness for lowering vehicle in order to increase fuel efficiency and easy processability than metals. In the automotive sector high performance plastic compounds are employed in wide ranging applications in automotive industry including under the hood applications, exterior, interior, and powertrain applications.
Frequently asked questions about global High Performance Plastic Compounds industry
- What are the consequences of COVID 19 on global High Performance Plastic Compounds industry?
Ans: The report offers in-depth consequences of COVID 19 on global High Performance Plastic Compounds industry
- Who are the top five players in the global High Performance Plastic Compounds industry?
Ans: Some of the companies profiled in the report include BASF SE, Idemitsu Kosan Company Ltd., SABIC, Asahi Kasei Advance Corporation, Lanxess AG, and Covestro AG, among others
- Which is the fastest growing application market for global High Performance Plastic Compounds industry?
Ans: Automotive application leads the entire high performance plastic compounds industry.
- Which is the leading regional market for global High Performance Plastic Compounds industry?
Ans: Asia Pacific dominates the production as well as demand for high performance plastic compounds in the world.
- What will be the CAGR (2021 - 2027) of in global High Performance Plastic Compounds industry?
Ans: The global High Performance Plastic Compounds market is projected to grow at a CAGR of 5.8% from 2021 to 2027.
- What was the volume and revenue of in global High Performance Plastic Compounds industry in 2015?
Ans: This report provides detailed market size, share and growth for historical period from 2015 to 2020
- Which are the growing technological trends in in global High Performance Plastic Compounds industry?
Ans: Growing usage of plastics for lightweight options and increase in demand for electric vehicles are some of the technological trends in the market.
