In the contemporary era, wherein the end-use industries such as automotive, aerospace, electrical, and electronics are accelerating at a fast pace, there is a trending transition from the usage of conventional materials such as metals and ceramics to lightweight plastics. So, the heat resistant polymers such as fluoropolymers, polyphenylene sulfides, polyether ether ketones, and polyimides are enticing significant interest in multifarious industrial applications as they are light in weight and resistant to degradation at high temperatures. Aerospace and automotive manufacturing companies are continuously engaged in the adoption of lightweight plastics to decrease the overall weight of the vehicle, eventually to increase the fuel efficiency of the vehicle. Moreover, the fuel systems engine components, coolant systems, sockets, transmission components, and brake systems, which are exposed to higher temperatures and harsh environments, can be manufactured using the aforementioned polymers. Therefore, the incessantly increasing demand for heat resistant and lightweight polymers in the automotive and aerospace industries is considered to be the prime factor for the growth of the heat resistant polymers market. Additionally, the tremendously increasing number of automobiles and aeroplanes across the world will obviously foster the growth of the market. For instance, the airline industry will need more than 44,000 new commercial aeroplanes by 2038.
The heat resistant polymers market was valued at $11 billion in 2018. Furthermore, the demand for heat resistant polymers is poised to propel at a CAGR of 7.2% during the forecast period 2019-2025.
Asia-Pacific Region Providing Promising Prospects for Heat Resistant Market Growth—
Geographically, the Asia-Pacific region is anticipated to provide promising growth prospects for the heat resistant polymers market during the forecast period and was responsible for 42% of the total revenues generated in 2018. The emergence of this region as the lucrative marketplace can be attributed to the presence of emerging economies such as India, Japan, and China. These countries are experiencing tremendous growth in the industrial sector due to the emergence of Industry 4.0 and technological advancements. The increasing demand for heat resistant polymers from the booming end-use industries such as automotive, electronics, and transportation in these countries is responsible for the regional market growth.
Transportation Sector Surfaces as a Key Application Segment in the Heat Resistant Polymers Market—
On the basis of the end-use industry, the transportation sector is considered to be the key application segment in the heat resistant market, which is anticipated to grow at the highest rate during the forecast period. The dominance of this segment is attributed to the growing popularity of vehicles that are comparatively light, compact, and fuel-efficient. Stringent governmental regulatory frameworks pertaining to CO2 emissions and concerns regarding fuel efficiency have compelled manufacturers concerning the transportation sector to develop lightweight vehicles, thereby propelling the demand for lightweight materials. As of 2018, transportation activities are accountable for 24% of direct CO2 emissions from fuel combustion. Moreover, road transport responsible for 75% of the overall emissions produced by the transport sector. Such festering figures has initiated the usage of lightweight materials to decrease the overall weight of vehicles, which is a major factor driving the growth of the heat resistant polymers market. Therefore, the key application segment is projected to prosper at a CAGR of 6.4% through to 2025.
Heat Resistant Polymers Market Companies’ Strategies—
Some of the key players in the heat resistant polymers market are Honeywell International, BASF SE, DuPont de Nemours, Inc., Daikin Industries, Ltd., DIC Corporation, Evonik Industries AG, Celanese Corporation, Solvay S.A., PolyOne Corporation, RTP Company, and Tri-Mack Plastics Manufacturing Corporation. These companies are adopting business strategies such as new product launches, expansions, acquisitions, mergers, partnerships, agreements, and joint ventures, to achieve sustainable growth in the global heat resistant polymers market.
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