High-performance plastics commonly have a perpetual thermal efficiency of more than 150°C. This substance category is what best utilizes plastics' exceptional skills, including their supreme sliding friction qualities, weight-saving capabilities, and chemical inertness, particularly when used at perpetual heating rates. High temperature thermoplastics are constantly being developed and are becoming more prevalent in both mainstream and high-end industrial sectors to improve durability and dependability. Furthermore, it is probable to even further improve thermal properties, rigidity, and high stiffness by utilizing specialized reinforcing materials such as glass fiber, crystals, or carbon fiber. The attributes of frictional contact are drastically enhanced by additives such as PTFE, graphite, and aramid fibers, while the accumulation of metal fibers and carbon black improves electrochemical performance.
The global high-performance plastic additives market is projected to reach $2,839.3 million by 2031 from $1,045.3 million in 2021, growing at a CAGR of 9.6% during the forecast period 2022-2031.
High-performance plastics are becoming more common in several industries, including transportation, healthcare, electrical and electronics, packaging, and others, due to their improved electrical conductivity. Additionally, it is anticipated that during the forecasted period, the expansion of biodegradable packaging in several emerging economies, including China, India, Japan, and Europe, as well as the rising adoption of high-performance plastic additives for the automotive industry, is expected to further fuel the growth of the global market for high-performance plastic additives. The market is anticipated to benefit from the growing preference for plastics over metals, as this enables high temperature resistance, thereby fostering the market growth.
Based on the end user, the electrical & electronics segment dominated the high-performance plastic additives in 2021 and was the largest segment due to the rising sales of electric components across the globe. The growing demand for electric components such as adapters, electromechanical elements, consumer devices, wires and electrical connections, detectors, storage devices, smart electronics, battery components, and semiconductor manufacturing devices is attributed to the increased need for high-performance plastic additives.
Among different plastic types, high-performance polyamides are anticipated to lead the market during the forecast period 2022-2031. The increasing demand for these plastics can be attributed to the properties such as high thermal conductivity, flame resistance, high stiffness, high specific strength, low moisture assimilation, superior impact resilience, and chemical stability. These plastics are majorly being used in the production of consumer electronics, defense, and automotive. Additionally, weight reduction continues to be a significant factor in significantly reducing fuel efficiency. These elements are anticipated to boost the utilization of polymers.
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Among different additive types, Others are anticipated to lead the high-performance plastic additives market during the forecast period 2022-2031. In the process of making plastics, fillers, glass fibers, carbon fibers, and among other type of reinforcements are used as additives. Fillers and reinforcements restrict and interrupt the oxidative and wear damage of plastic materials in extreme conditions. To lighten the weight of components, the automobile and aerospace industries are also using more plastics. As a result, this is anticipated to increase the requirement for others segment over the course of the projected timeframe.
China to Lead the Global High-Performance Plastic Additives Market (by region)
China is anticipated to dominate the global market for high-performance plastic additives over the course of the forecast period due to rapidly rising auto demand and an increase in the prevalence of aerospace production in numerous developing markets. The demand for automobiles in this region has increased due to the rising population and economic development in China and. Additionally, the country's growing need for high-performance plastic additives can be attributed to elements such as low labor costs, an abundance of raw materials, government support, and the economies of China. These factors have fueled the expansion of industries such as electronics and healthcare, which is anticipated to drive the market's growth over the course of the forecast period 2022-2031.
Scope of the Study
According to Plastic Europe (an association of plastic manufacturers), an additive is a stimulant that is deliberately combined with plastics to accomplish a mechanical or chemical implication during computation of the plastic or in the resulting material; it is anticipated to be included in the finished material. Additionally, high-performance plastics are those that accommodate more stringent specifications than conventional or engineering plastics. They are typically used in minute quantities for specific applications such as aerospace, defense, medical and industrial. High-performance plastics are distinguished from conventional plastics by their excellent thermal reliability, excellent electrochemical resistance, and product quality. Furthermore, plastic additives are chemical substances that are combined with high-performance polymers to enhance their functions and features, effectiveness, and life span.
In the current report, the overall market (value and volume) for high-performance plastic additives market for a ten-year period (2021-2031) has been investigated. The market segmentation based on plastic type, additive type, and end users has been considered. All other additive types, except those, which are used in high-performance plastics, have been excluded from the scope of the study.
