Automotive industry driving HPPs demand
Frost & Sullivan’s recent analysis of the High-Performance Plastics (HPPs) market in automotive and aerospace industries reveals that the ever-increasing need for lightweighting, engine downsizing, and vehicle electrification trends are expected to drive demand and adoption of HPPs.
Frost & Sullivan anticipates the automotive and aerospace HPP market to grow at a CAGR of 6.2% until 2024 and reach $3.05bn.
‘The aerospace industry 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 APAC and ROW markets,’ said Soundarya Gowrishankar, senior research analyst, chemicals and materials, EIA at Frost & Sullivan.
From a regional perspective, 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.
‘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,’ noted Soundarya.