Polyphenylene sulfide (PPS) is a high-performance engineering thermoplastic polymer known for its heat resistance, chemical resistance, dimensional stability and dielectric properties. It is commonly used to manufacture various components in automotive, electrical & electronics, aerospace and industrial applications. Some of the key advantages of PPS include ability to withstand high temperatures up to 250°C without degradation, excellent chemical resistance against acids, bases, and organic solvents. It delivers high strength and stiffness even at elevated temperatures. Owing to these superior properties, PPS has emerged as an ideal substitute for metals in applications requiring heat resistance, lightweight and durability.
The global Polyphenylene Sulfide (PPS) Market is estimated to be valued at US$ 1.3 Bn in 2024 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. With rapid growth in automotive, electronics and industrial sectors across the globe, demand for high performance engineering plastics like PPS has increased significantly. It is widely used in automotive engine components, fuel system components, air intake manifolds, oil pans and battery components owing to its heat resistance and durability in extreme operating conditions. In electrical industry, PPS finds application in connectors, plugs, switches and enclosures due to its self-extinguishing property.
Market key trends:
One of the key trends in the global PPS market is the shift towards bio-based and sustainable materials. Conventional PPS resins are petroleum-based which has raised sustainability concerns. To address this, industry players are developing bio-based PPS using renewable feedstocks such as pine trees or palm oil. For instance, in 2020, Solvay introduced its new sustainable PPS brand named Radel PPS RNEW made from annually renewable feedstock. Such eco-friendly innovations are expected to drive the future growth of PPS market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the initial capital investment required is high. PPS production requires specialized equipment and technical skills.
Bargaining power of buyers: The bargaining power of buyers is high as PPS has numerous substitutes in the market. Buyers can easily switch to substitute products if changes in price or quality occur.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials required for PPS production are available from numerous domestic and international suppliers.
Threat of new substitutes: The threat of new substitutes is high as there are numerous chemical and fiber substitutes for PPS in different end-use applications. continuously evolving.
Competitive rivalry: The competitive rivalry in the market is high due to presence of numerous global and regional manufacturers offering similar products.
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 in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.
Asia Pacific dominated the global PPS market in 2023 with a share of over 35%, owing to high demand from the automotive and electrical & electronics industries in China and India. The region will continue to maintain its position during the forecast period, growing at a CAGR of around 7%.
Key players operating in the polyphenylene sulfide (PPS) market include Toray, Solvay, DIC, Celanese, SK Chemicals, Kureha, Tosoh, Toyobo, LG Chem and Chengdu Letian. These players focus on expanding their production capacities and geographic presence through mergers & acquisitions and capacity expansion projects to gain competitive advantage. For instance, in 2023, Toray Industries increased its PPS production capacity in Japan by 30% to meet growing demand for the polymer from automotive and electronics sectors.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it