Lightweighting, fuel efficiency drive high-performance plastic demand across auto, aerospace sectors: report
Canadian PlasticsAutomotive Market Forecast Materials
Adoption of composite-grade HPPs could take the global market past US$3 billion by 2024, a new study by Frost & Sullivan says.
Driven by lightweighting, engine downsizing, and vehicle electrification, the automotive and aerospace high-performance plastics (HPP) market will to grow at a rate of 6.2 per cent per year until 2024 and reach US$3.05 billion, a new report says.
According to Frost & Sullivan’s recent analysis of the HPPs market in the automotive and aerospace industries, the aerospace industry in particular is likely to present significant opportunities for HPP owing to the growing passenger traffic and business travel around the world. “Airbus and Boeing remain the key market participants in the commercial aviation segment, striving to meet the ever-increasing demand for aircraft, especially in the Asia-Pacific (APAC) and ROW markets,” said Soundarya Gowrishankar, senior research analyst, chemicals and materials, EIA at Frost & Sullivan.
From a regional perspective, the report continued, APAC will remain a key market for HPPs in the automotive industry, owing to the high volume of production, whereas the demand for HPPs in the aerospace industry will come from Europe and North America due to the concentration of component manufacturing in these regions. Production expansions will help market participants gain a stronger foothold in the marketplace.
Key trends creating growth opportunities in the market include:
- Growing performance requirements across various applications are accelerating the adoption of composite-grade HPPs in both automotive and aerospace industries due to their superior performance qualities.
- Developments in 3D printing in terms of material, process, and technology readiness are accelerating the demand for HPPs in aerospace applications with stakeholders across the value chain proactively focusing on research and development activities to drive 3D printing applications in aerospace.
- Original equipment manufacturers (OEMs) and component manufacturers continue to expand into new regions. As they do so, plastic distributors will have an increasing role to play in enabling the HPP producers to keep supplying to their key customers in these new regions.
- Tightening regulations around carbon dioxide (CO2) emissions compel manufacturers to adopt lightweighting strategies, thereby steering the use of plastics in more challenging applications. and
“Electric vehicles (EVs) present significant opportunities for HPPs in battery components. For instance, battery modules, battery housing, gaskets, connectors and sensors in EV present robust growth opportunities for HPPs owing to their high-temperature stability, chemical resistance to electrolytes, dimensional stability, flame-retardant nature, high-voltage resistance, and electrical insulation properties,” Gowrishankar said.