The Polyphenylene Sulfide Market is estimated to be valued at US$ 1.3 Bn or Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Polyphenylene sulfide (PPS) is a high-performance engineering plastic possessing excellent chemical resistance, dimensional stability, and flame retardancy. It maintains strength and rigidity over a wide temperature range of -60°C to +240°C. PPS exhibits low smoke density and self-extinguishing properties. It finds major applications in automotive, electrical & electronics, and filtration industries where lightweight materials with corrosion resistance are required. PPS is used to produce parts for interior and exterior automotive applications such as air conditioning components, electrical connectors, sensors. In electrical components, it is utilized in coil forms and bobbins requiring heat resistance.
Market Dynamics:
Increasing demand for lightweight materials from automotive industry is a major driver contributing to the growth of polyphenylene sulfide market. Automotive manufacturers are focusing on developing lightweight vehicles to improve fuel economy without compromising on performance. PPS helps lower the overall vehicle weight with its high strength to weight ratio. Furthermore, rapid growth of the electrical & electronics industry worldwide is also propelling the market growth. PPS finds wide range of applications in manufacturing components of mobile phones, computers, industrial equipment due to its properties like heat resistance, dimensional stability and flame retardancy. However, high cost of polyphenylene sulfide compared to other engineering plastics may hamper the market growth over the forecast period.
Segment Analysis
The Polyphenylene Sulfide Market Size can be segmented based on application into automotive, electrical & electronics, industrial, filter bags, coatings, and others. Among these, the automotive segment is dominating the market currently due to high demand for lightweight and high-performance materials in the automotive industry. Polyphenylene sulfide (PPS) offers properties like high heat resistance, chemical resistance, low smoke and toxicity which makes it suitable for use in under-the-hood applications.
PEST Analysis
Political: There are no significant political risks affecting the polyphenylene sulfide market.
Economic: The rising GDP and increasing disposable income in emerging economies is driving the growth of end-use industries like automotive and electronics which is positively impacting the PPS market.
Social: The growing demand for fuel-efficient and lightweight vehicles owing to changing consumer preferences regarding eco-friendly products is boosting the demand for advanced polymers like PPS.
Technological: Continuous R&D for development of high-performance PPS grades with enhanced properties is facilitating new applications in industries and driving the market.
Key Takeaways:
The global polyphenylene sulfide market is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing demand from the automotive industry. The automotive segment accounted for over 35% of the total PPS market share in 2023 driven by the surging preference for lightweight materials. Regionally, Asia Pacific dominated the market with over 40% share in 2023 due to presence of large automotive production bases in China, Japan, and India. Key players operating in the polyphenylene sulfide market include Zhejiang NHU Special Materials Co, Ltd, Chengdu Letian Plastics Co, Ltd., and Lion Idemitsu Composites. Zhejiang NHU Special Materials Co, Ltd is the largest producer of PPS globally.
Regional analysis
Asia Pacific is the fastest growing as well as the dominating region in the global polyphenylene sulfide market. China, India, and Japan are the major countries driving the regional market growth. This is attributed to presence of robust automotive production facilities along with a growing electronics industry. With evolving emission standards in the automotive space, demand for advanced polymers like PPS is projected to increase further in the region over the forecast period.
Key players
Key players operating in the polyphenylene sulfide market are Zhejiang NHU Special Materials Co, Ltd, Chengdu Letian Plastics Co, Ltd., and Lion Idemitsu Composites. Zhejiang NHU Special Materials Co, Ltd is the largest producer and supplier of polyphenylene sulfide resins globally with an annual production capacity of over 60,000 tons.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
