Global Polyphenylene Sulfide (PPS) Market Is Estimated To Witness High Growth Owing To Increasing Demand from Automotive
The global Polyphenylene Sulfide (PPS) market is estimated to be valued at USD 1.7 Bn in 2022 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Polyphenylene Sulfide (PPS) is a high-performance engineering thermoplastic that offers a combination of excellent thermal stability, chemical resistance, dimensional stability, and electrical properties. It is widely used in various industries such as automotive, electrical, aerospace, and electronics. The increasing demand for lightweight materials with superior performance is driving the growth of the global Polyphenylene Sulfide (PPS) Market. PPS is extensively used in automotive applications such as fuel systems, electrical connectors, and under-hood components due to its high temperature resistance, low moisture absorption, and excellent chemical resistance.
B) Market Key Trends:
One key trend in the global PPS market is the increasing adoption of PPS in electrical applications. With the growing demand for high-performance electrical devices and components, PPS has emerged as a suitable material choice. PPS offers excellent electrical properties, including high dielectric strength, low dielectric constant, and low dissipation factor. These properties make PPS ideal for applications such as electric connectors, circuit boards, switches, and insulators. For example, PPS is widely used in the production of connectors for consumer electronics, telecommunications, and automotive applications.
C) Porter’s Analysis:
- Threat of new entrants: The threat of new entrants in the PPS market is low due to the high capital investment required for setting up manufacturing facilities and the presence of well-established players.
- Bargaining power of buyers: The bargaining power of buyers in the PPS market is moderate. Buyers have the power to negotiate prices and quality standards, but the limited number of suppliers gives some advantage to PPS manufacturers.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate. PPS manufacturers rely on a few key suppliers for raw materials, but they can switch suppliers if needed.
- Threat of new substitutes: The threat of substitutes is low as PPS offers unique properties and advantages over other thermoplastics in terms of temperature resistance and chemical resistance.
- Competitive rivalry: The competitive rivalry in the PPS market is moderate. There are several key players operating in the market, and they compete based on product quality, pricing, and innovation.
D) Key Takeaways:
- Market size: The global Polyphenylene Sulfide (PPS) market is expected to witness high growth, exhibiting a CAGR of 5.1% over the forecast period. This growth is driven by the increasing demand from the automotive and electrical industries.
- Regional analysis: Asia-Pacific is the fastest-growing and dominating region in the global PPS market. The region is witnessing significant growth in automotive production and electrical component manufacturing, which is driving the demand for PPS.
- Key players: Key players operating in the global PPS market include Tosoh Corp., DIC Corp., Toray Industries Inc., Kureha Corp., Solvay SA, China Lumena New Materials Corp., Lion Idemitsu Composites Co. Ltd., FORTRAN Industries LLC, Initz Co. Ltd., and Zhejiang NHU Special Materials. These players are focusing on product innovation, strategic partnerships, and geographical expansion to strengthen their market position.
In conclusion, the global Polyphenylene Sulfide (PPS) market is witnessing significant growth due to the increasing demand from the automotive and electrical industries. Market players are focusing on innovative product offerings and strategic collaborations to gain a competitive edge in the market. The Asia-Pacific region is expected to dominate the market, driven by the thriving automotive and electrical sectors.
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