The global polyphenylene sulfide market size is expected to reach at USD 2.14 billion by 2025 expanding at a CAGR of 8.8%, according to a new report by Grand View Research, Inc. Several characteristics including high chemical and creep resistance, excellent stiffness and strength, and temperature properties of PPS are the key factors diving their demand. Automotive is projected to be the largest application segment owing to wide usage of the product in carburetor parts, exhaust gas return valves, flow control valves intended for heating systems, and ignition plates. The product is also utilized in industrial applications including grills, hair dryer parts, cooking appliances, as well as serializable laboratory, dental, and medical equipment, which is anticipated to drive the demand further.
Asia Pacific is anticipated to witness a substantial growth on account of better living standards and rapid industrialization, especially in China and India. Moreover, rising automotive, oil and gas, paints and coatings, and medical sectors will fuel the industry expansion over the next few years. High demand for electrical and electronics components, including brush holders, motor housing, coil formers, connectors, terminal blocks and thermostat, and switch components in emerging economies is also expected to propel industry growth. In addition, rising usage of PPS in coatings applications owing to its several properties will augment the industry development. Demand for non-stick cookware and food processing and chemical processing equipment is also likely to stimulate the industry growth over the coming years.
Further Key findings from the study suggest:
- Automotive application led the PPS market in the past and is estimated to maintain its dominance in future
- In terms of revenue, electronics & electrical application is projected to ascend at a CAGR of 8.8% over the forecast period
- Industrial segment accounted for a revenue share of 24.5% in 2017 and is projected to expand further in the next few years
- Asia Pacific led the global market in 2017 and is projected to be the fastest-growing regional market over the next few years
- Growing aviation industry due to increasing government investments in aerospace, mainly in India, South Korea, Singapore, and Malaysia, is expected to the APAC market
- Key companies in the market include DIC Corp.; Toray Industries, Inc.; Tosoh Corp.; SK Chemicals; Daicel Corp.; SABIC; Teijin Ltd.; and RTP Company, Inc.
- Manufacturers are focusing on product launches, capacity expansion, and technological innovations to estimate existing and future demand patterns from upcoming application segments