June 13, 2024

Global Polyphenylene Sulfide Market is Estimated To Witness High Growth Owing To Rising Demand for Lightweight, High-Performance Materials

The global polyphenylene sulfide market is estimated to be valued at USD 1,299.29 million in 2021 and is expected to exhibit a CAGR of 8.8% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:

Polyphenylene sulfide (PPS) is a high-performance thermoplastic polymer that offers various advantages such as high thermal stability, excellent chemical resistance, flame retardancy, low moisture absorption, and superior mechanical properties. These properties make it an ideal material for various applications in industries such as automotive, electrical and electronics, aerospace, and industrial.

The growing demand for lightweight materials in the automotive industry to improve fuel efficiency and reduce carbon emissions is driving the adoption of PPS. Additionally, the increasing demand for electrical and electronic products, especially in emerging economies, is further fueling the market growth.

B) Market Key Trends:

One of the key trends in the global polyphenylene sulfide market is the growing focus on sustainable and eco-friendly materials. PPS is a recyclable material and can be reused multiple times without losing its properties. This makes it a preferred choice for manufacturers aiming to reduce their environmental footprint.

For example, DIC Corporation, a key player in the market, has developed a PPS compound called “DLX”, which is made from post-industrial waste. This sustainable PPS compound offers similar performance to virgin PPS while contributing to waste reduction and circular economy.

C) Porter’s Analysis:

  1. Threat of new entrants: Low barrier to entry due to technological advancements and increasing demand.
  2. Bargaining power of buyers: Moderate due to the presence of multiple suppliers and options for buyers.
  3. Bargaining power of suppliers: Moderate to high as the raw material availability is limited to a few manufacturers.
  4. Threat of new substitutes: Low as PPS offers unique properties that are difficult to replicate.
  5. Competitive rivalry: Intense competition among key players due to the presence of multiple manufacturers and technological advancements.

D) Key Takeaways:

  1. The global Polyphenylene Sulfide Market is expected to witness high growth, exhibiting a CAGR of 8.8% over the forecast period, due to increasing demand for lightweight and high-performance materials in various industries.
  2. Asia-Pacific is the fastest growing and dominating region in the market, driven by the rapid industrialization, growing automotive and electrical sectors, and increasing investments in infrastructure development.
  3. Key players operating in the global polyphenylene sulfide market are DIC Corporation, Solvay S.A., Lion Idemitsu Composites Co., Ltd, Toray Industries, Inc., Tosoh Corporation, SK Chemicals, Chengdu Letian Plastics Co., Ltd., Celanese Corporation, TEIJIN LIMITED, SABIC, Zhejiang NHU Co., Ltd., LG Chem, RTP Company, Ensinger, and Polyplastics Co., Ltd.

In conclusion, the global polyphenylene sulfide market is poised for significant growth in the coming years, driven by the increasing demand for lightweight and high-performance materials. The shift towards sustainable and eco-friendly materials is also a major trend observed in the market. Asia-Pacific region is expected to dominate the market due to its rapid industrialization and growing automotive and electrical sectors. Key players in the market are continuously innovating and developing new PPS compounds to cater to the evolving needs of various industries.