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February 8, New York, USA, 2021 – The global high performance thermoplastics (HPTPs) market reached a notable valuation of USD 39.8 billion in 2018. Thanks to growing advancement in thermal engineering, and highly specialised application for thermoplastics, the market will grow at 8.1% CAGR during 2021-2027 period. The high performance thermoplastics are low volume, high-priced polymers that are ideal for application wherein high reliability, and resistance is essential. Hence, these are widely in used in industries to deliver high-heat resistance, work under high pressure conditions, and protection from corrosive chemicals. The growing demand for their application in electrical wire insulations, fibre options, fluid flow tubing, and architecture is key to their future growth.
Growing Demand for Polybenzimidazole in Aircraft Wall Application Drives Growth
The Polybenzimidazole is a one of the highest performing, and most expensive HPTPs on the market. The polymer is known for its high stability, and is widely used in manufacturing of astronaut space suits, firefighting gear, high-temperature protective gloves, and aircraft wall fabrics. According to the US Federal Aviation Administration (FAA), the 50 seat aircrafts in the domestic market will be completely replaced by 70-90 seater aircrafts by 2030. The FAA forecasts that the aviation sector will witness promising growth based on rising demand for air travel since 2014, and increased in margins for aircraft carriers. Furthermore, thanks to growing demand for commercial aviation, the commercial aircraft aviation will grow by 4 times the pace of general aviation by 2030. This is already a notable trend in global aviation. For example, according to The Guardian reports, the global high-income class is expected to buy 8,000 new private jets within a decade, showing a 9% increase. Furthermore, the world’s top three aircraft manufacturer had already launched new models in the same year catering to demand from high net worth individuals, and private companies. Additionally, the HPTPs are used to produce a myriad of aircraft components including interiors, luggage compartment retainers, cable conduits, ventilation wheels, cable clips, convoluted turbine, electrical wire harnesses, pump casings, suction manifold of aviation pumps, impellers, among others. The growing demand for aviation, the promise of premium revenues to cater to lucrative demand of safe, and luxurious personal aircrafts, and a wide range of opportunities will drive robust growth for the high performance thermoplastics market during 2020-2027 period.
Rising Demand for Electric Vehicles to Drive Major Growth in the HPTPs Market
According to the International Energy Agency (IEA), in 2019, global electric car sales stood at meagre 17,000 in 2010. The number rose to 7.2 million by 2019, witnessing a rise of over 40% growth each year. Furthermore, countries like UK have banned sales of new petrol-diesel cars, and vans starting in 2030. The move is in line with growing initiatives, and laws to support development of alternative vehicles. On the other hand, electric vehicles are still in their nascent stages of development. For example, some industry experts argue that they are over-engineered because they have a lot of hot spots including batteries, which require incessant liquid cooling. Furthermore, conventional materials like rubber, and metals cannot do the job in electric vehicles as they are too heavy. The electric vehicles are also at the forefront of using lightweight materials in order to provide more mileage. Additionally, electric vehicle also requires advancements in conventional technologies to meet new challenges like LED-based sensors to guide autonomous driving. The new materials need to promise extreme precision, and transparency in niche applications like LED lamps plus features like low outgassing. HPTPs like Polyphthalamide or Nylon promise a robust application in the arena of electric vehicles. These are already highly in demand in manufacturing of electric vehicles, and will likely drive robust growth of the high performance thermoplastics market during 2021-2027 period.
Promising Prospects of Hydrogen Fuel Cells Assure Robust Growth
According to the International Energy Agency (IEA), the growing production of hydrogen will reduce its cost, and subsequent electricity production by 30% by 2030. This can be a major turning point for polymers like polybenizimidazole, which promise a notable application in hydrogen fuel cells. Polybenzimidazole or PBI is an extremely unique polymer with high chemical resistance that does not burn in air. Moreover, it does not drop when exposed to flame, and does not have a melting point. Furthermore, their dimensional stability, flexibility, and strength withstands high temperature without embrittlement. It also does not emit smoke, and can be embedded well with traditional textiles. PBI also possesses high moisture regain, and can be blended with other fibers.
For these reasons, it also remains a frontrunner for futuristic applications like fuel cells. Currently, the hydrogen fuel cell remains a promising alternative to electric vehicle for many reasons but one. Hydrogen fuel remains a huge risk in car crashes, as it is an explosive fuel. On the other hand, hydrogen is abundant in nature, and promises refuelling times similar to petroleum products. Most auto manufacturers have committed to launching auto models with hydrogen fuel cells within 2020-2025 period. However, the explosive nature of fuel cell still remains a risk, and with a PBI embedded membrane, the risks can be mitigated to build a new future of alternative vehicles. The growing demand for alternate energy in the transport sector, strong demand for aviation, and promising application of polybenzimidazole remains a major driver for growth in the HPTPs market.
Optimistic Future for Oil & Gas Industry to Drive Steady Growth for HPTPs
The high performance thermoplastics are widely used in the oil & gas industry in applications like sheaves, pipeline bundle skids, and rollers, ROV components, analytical instruments, electrical connectors, cable clamps, and fire water pumps among others. These are also increasingly used in flow meter components, sensors, centralizers, seals, and valve seats, among others. The HPTPs provide the ability to equipment and instruments used in the Oil & Gas industry to withstand high temperatures, excellent mechanical strength, low weight, good chemical resistance, dimensional stability, and corrosion resistance. According to the International Energy Agency, the demand for global oil is expected to increase by 5.7 billion per day, thanks to growing demand for energy from India, and China. The rising demand for energy, major advancements in thermoplastic engineering, and growing use of the polymers in the oil & gas industry will drive major growth for the high performance thermoplastics market in the near future.
The High Performance Thermoplastics Market Report is Segmented as Below:
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