The global high performance plastics market in the transportation industry was estimated to be $ 5,182 million in 2016 and this is projected to reach $ 6,979 million by 2021, growing at a CAGR of 6.1% during 2016-2021 on account of supportive government policies and regulations, growing usage of high performance plastics by automotive and aviation industries and rising demand for plastics (with higher temperature stability, chemical resistance and better mechanical properties) worldwide. All the above stated factors are likely to drive global high performance plastics market in the transportation industry.
High performance polyamides dominate global high performance plastics market owing to their extensive utilisation in the automotive and aviation industries. Moreover, properties such as high mechanical strength, rigidity, chemical resistance and good stability under heat make high performance polyamides suitable for typical applications majorly in gears, fittings, bearings and tool covers, thus, boosting high performance polyamides market. Polyphenylene sulfide (PPS) is also expected to rise at a considerable rate due to increasing applications in automotive and aviation industries. PPS is employed in manufacturing of products for electrical insulation, specialty membranes, gaskets and packaging/insulation/sealing and specially in the automotive industry for manufacturing of under-hood components, fuel system parts, induction systems, cooling systems, lighting components as well as electrical and electronic systems.
Automotive segment is expected to grow at the fastest rate during the forecast period. High performance plastics make vehicle lighter, which reduces the fuel consumption and hence lowers the emission of greenhouse gases. Apart from this, the excellent flame retardant and corrosion resistance capabilities of high performance plastics enable their use in the interior applications across the automotive segment. In 2016, the aviation segment captured the second largest share in global high performance plastics market due to extensive usage of high strength and lightweight composites in aircraft structure such as undercarriage, fuselage and wings.
On account of supportive government policies & regulations, soaring demand from the transportation industry and presence of large number of high performance plastics manufacturers are the factors driving high performance plastics in the European region. Germany and France are the major economies in the region with the highest consumption of high performance plastics owing to the presence of large automotive and aircraft manufacturers. North America is the second most leading region in the high-performance plastics market in transportation industry. The increased demand for technologically advanced products by the commercial airline and automotive companies and regulations pertaining to use of eco-friendly, lightweight and fuel-efficient materials in automotive and aircraft are the major factors pushing the growth of high performance plastics market in the region.