Polyphenylene Sulfide Global Market Report 2023: Demand from the Automotive Industry to Bolster Growth
Global Polyphenylene Sulfide Market
Dublin, March 08, 2023 (GLOBE NEWSWIRE) -- The "Polyphenylene Sulfide Market Size, Share & Trends Analysis Report By Type (Linear PPS, Cured PPS, Branched PPS), By Application (Automotive, Electrical & Electronics, Industrial, Coatings, Others), By Region, And Segment Forecasts, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global polyphenylene sulfide market size is expected to reach USD 2,767.32 million by 2030. The market is expected to expand at a CAGR of 8.8% from 2022 to 2030. The rising demand for polyphenylene sulfide (PPS) in automotive applications is predicted to witness a surge on account of its usage in carburetor parts, ignition plates, exhaust gas return valves, and flow control valves for heating systems.
Additionally, the rising consumption for the compound in high-temperature applications owing to superior performance and mechanical characteristics is expected to drive demand over the forecast period.
Rising PPS consumption in coatings applications as it imparts excellent electrical properties, chemical resistance and high heat resistance will augment industry demand. Furthermore, high consumption in food processing equipment, non-stick cookware, chemical processing will stimulate industry penetration over the coming years. Increasing funding and R&D activities from government bodies are projected to develop the polyphenylene sulfide (PPS) demand at a significant growth rate over the forecast period.
Additionally, the government initiatives toward a sustainable and clean environment is creating more demand for sustainable automobile products. For instance, in 2019, the Indian Government launched the National Electric Mobility Mission Plan to promote the development and manufacture of reliable, efficient, and affordable xEVs (hybrid and electric vehicles). The growing production of various automotive and electrical components including IC regulator & rectifier, coolant circuit, brakes, fuel pump parts, actuators, motor insulators, and gaskets on account of increasing R&D efforts and initiatives is expected to propel the market growth.
Polyphenylene sulfide finds use in other applications including the aerospace and defense. In the Gulfstream G650 business jet, PPS composites have been used to create the rudders and elevation. They are expected to find usage in airplane manufacturing with the increasing use of composites in the manufacture of airplanes such as the Airbus A380 and Boeing 787 Dreamliner, which consume up to 50% of PPS materials in the primary structure including fuselage and wing. Filter bags are used in coal-fired plants and large coal plant capacities in China, which is expected to be a major market for PPS over the forecast period.
Polyphenylene Sulfide Market Report Highlights
In terms of revenue, the Linear PPS type accounted for a prominent share of the market in 2021 and is further expected to witness prominent growth over the forecast period.
Automotive applications dominated the market and accounted for more than 34% of the revenue share in 2021. The growing demand for coatings in the electrical & electronics and industrial sectors. is expected to boost the polyphenylene sulfide in coatings applications.
As of 2021, Asia Pacific accounted for more than 30% of the market share in terms of revenue. The polyphenylene sulfide (PPS) in this region is projected to witness strong growth over the coming years owing to the growing automotive, electronics, and coating industries in developing countries such as China, Japan, and India.
Major top players are continuously working on developing their manufacturing plants owing to the increased usage of polyphenylene sulfide in the automotive industry. For instance, in June 2022, Toray Industries announced a collaboration with Polyplastics-Evonik Corporation to create an adhesive for bonding polyamide (PA) and polyphenylene sulfide (PPS) resins for multilayer plastic tube (MLT) use in automobile cooling systems and other industrial applications.
No. of Pages
2022 - 2030
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2030
Compound Annual Growth Rate
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, and Scope
Chapter 4. Polyphenylene Sulfide (PPS) Market: Type Estimates & Trend Analysis
Chapter 5. Polyphenylene Sulfide (PPS) Market: Application Estimates & Trend Analysis
5.1. Application movement analysis & market share, 2022 & 2030
5.3. Electrical & Electronics
Chapter 6. Polyphenylene Sulfide (PPS) Market: Regional Estimates & Trend Analysis
Chapter 7. Competitive Landscape
Chapter 8. Company Profiles
Lion Idemitsu Composites Co., Ltd
Toray Industries, Inc.
Chengdu Letian Plastics Co., Ltd.
Zhejiang NHU Co., Ltd.
Polyplastics Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/87au02
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