Heat Resistant Polymer Market Trends
Growth Drivers
- Robust Growth of the Electronics Sector- With the advancement of electronic devices there is a growing demand for materials that can effectively handle the heat produced by high performance electronics. Heat resistant polymers play a role in various electronic components, circuit boards, connectors, motor brush cards and housing by ensuring stability even at elevated temperatures. As a result, the electric and electronic industry is expected to experience technological progress that will drive market growth in the coming years. Recent projections indicate that the US electronics sector generated an estimated income of USD 300 billion, in 2019.
- Aiming for Light weighting In Aerospace- The aerospace industry is actively searching for materials to enhance fuel efficiency and lower emissions. In the field of aerospace various heat resistant polymers such as polyetherimide, polyetheretherketone (PEEK) and polyphenylene sulfide are in demand. These polymers provide a solution as they are lighter, than metals and can endure high temperatures found in engine compartments and aircraft components.
- Expanded Use in Additive Manufacturing- The use of heat polymers in additive manufacturing also known as 3D printing has experienced significant growth. This innovative technology enables the creation of parts that possess excellent thermal stability leading to exciting opportunities in the fields of design and engineering. By facilitating prototyping and design adjustments it has empowered businesses to introduce products to the market more swiftly and affordably. Additionally, it has revolutionized the production of components with geometries that were previously unattainable, through conventional manufacturing methods.
Challenges
- Lack of Standardization- The absence of agreed upon industry standards for heat resistant polymers can result in differences in material properties and performance posing challenges, for engineers and manufacturers when it comes to material selection and design.
- Time-consuming and costly regulatory approvals
- The cost of heat-resistant polymers can be higher than that of traditional polymers and metals, making them more difficult to use in certain applications and industries
Heat Resistant Polymer Market: Key Insights
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
6.7% |
|
Base Year Market Size (2024) |
USD 18.25 billion |
|
Forecast Year Market Size (2037) |
USD 42.4 billion |
|
Regional Scope |
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