Polyphenylene Sulfide (PPS) Market is Estimated to Witness High Growth
Polyphenylene sulfide (PPS) is a high-performance thermoplastic that is highly stable and resistant to various chemicals and heat. It is majorly used in automotive, electronics & electrical, and filter bags and industrial applications. PPS products are employed in various components in vehicles including electrical components, air intake manifolds, and oil pans. The global increase in automotive production is expected to propel the demand for PPS over the coming years.
The global Polyphenylene Sulfide (PPS) Market is estimated to be valued at US$ 1.3 Bn or Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increased adoption in automotive sector is one of the major drivers propelling the growth of the global PPS market. PPS exhibits properties like heat resistance, low smoke emission, and chemical & corrosion resistance which make it suitable for use in various automotive components that operate under extreme conditions. Its lightweight properties also help reduce the overall weight of vehicles. Moreover, growing production of electric vehicles worldwide is further augmenting market growth as PPS finds application in battery cases, insulation materials, and charging ports in EVs. However, availability of substitute materials may hamper the market growth during the forecast period.
SWOT Analysis
Strength: PPS possesses high heat and chemical resistance which makes it suitable for applications in electrical and electronics, automotive, and industrial sectors. The material provides protection against corrosion, insulation, and durability. Its melt flowability enables easy molding through injection molding.
Weakness: PPS has high production costs compared to other engineering thermoplastics like polyether ether ketone and polyphenylene ether which limits its use in low-cost applications. The material also has low elongation and poor impact strength which hampers its use in applications requiring flexibility.
Opportunity: Growing demand for lightweight and high-performance materials from the automotive industry offers opportunities for PPS market. Increasing focus on fuel-efficient vehicles drives the need for advanced plastics like PPS that help reduce vehicle weight. Rising electrical and electronics consumption globally increases the need for insulation materials having high heat and chemical resistance.
Threats: Volatility in raw material prices due to supply chain disruptions can increase PPS production costs, limiting profit margins. Presence of substitute materials like PEEK and PPE that offer similar properties at lower costs threatens the market.
Key Takeaways
The global polyphenylene sulfide (PPS) market is expected to witness high growth over the forecast period. Global Polyphenylene Sulfide (PPS) Market Size is estimated to be valued at US$ 1.3 Bn or Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.
Asia Pacific dominates the global PPS market and is expected to maintain its leading position during the forecast timeline. China, Japan, India, and South Korea are major consumers as well as producers of PPS resins in the region. The automotive industry accounts for the highest demand for PPS in Asia Pacific attributed to the growing automotive production in developing Asian countries.
Key players operating in the polyphenylene sulfide (PPS) market are Toray, Solvay, DIC, Celanese, Tosoh, SK Chemical, Kureha, Chengdu Letian, and Lion Idemitsu. Toray is the global market leader with a significant market share of over 30%. Solvay and DIC are other leading PPS manufacturers having strong presence across major markets.
Get More Insights on this Topic- https://www.marketwebjournal.com/polyphenylene-sulfide-pps-market-demand-size-share-analysis/
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