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High temperature plastics (HTP) are specially formulated plastics that can withstand high temperatures. This plastic is used in application areas with high temperature requirements. They exhibit exceptional mechanical strength, stability and chemical resistance even at range of elevated temperature. They are sturdy, abrasion resistant, UV resistant, hard and wear resistant.
Increasing demand from the aerospace sector for materials that can withstand high temperature is likely to drive the market. HTP is also used as light-weight replacement for metal parts of heavy machineries. Additionally, the rising demand from the construction industry for light-weight material with high mechanical strength is likely to boost the market growth.
However, high temperature plastics are synthesized using polymers like polyketones, polyphenylene sulphides, and liquid crystals polymers. Prices of these polymers are volatile which substantially rise the cost of the end-product. This is expected to hinder the market growth.
Key Market Driver -
High demand from end-use sector.
Key Market Restraint -
High cost of HTP.
Based on type, the market is segmented into fluoropolymers, polyphenylene sulfide polysulfone, polyimides, and others. Based on application, the market is segmented into transportation, electronics & electrical, industrial, medical, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global high temperature plastic market consists of global & regional players operating. Some of the key players in the market include Solvay S.A, DuPont, Celanese Corporation, Victrex plc., SABIC Innovative Plastics, and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia pacific accounts for the largest share in the market attributed to the increasing demand from aerospace sector. Additionally, the large number of manufacturers based in India and China is expected to boost the regional market. North America is expected to show significant growth attributed to the increasing government investments in aerospace sector for developing new materials. Europe is expected to show substantial growth attributed to the developing automotive sector. Latin America is expected to show considerable growth by the end of the forecast period.
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