Polyphenylene Sulfide Market - Global Market Share, Trends, Analysis and Forecasts, 2023 - 2032
The report titled 'Global Polyphenylene Sulfide (PPS) Market - Growth, Share, Opportunities, and Competitive Analysis, 2023-2032' offers strategic visions into the global Polyphenylene sulfide market along with the market size (Revenue - US$ Bn and Volume - Kilo Ton) and estimates for the duration 2023 to 2032.
The said research study covers in-depth analysis of multiple market segments based on type, application and study across different topographies. The report is also inclusive of competitive profiling of the leading polyphthalamide vendors, and latest developments. Polyphenylene sulfide (PPS) is an organic polymer consisting of aromatic rings linked with sulfides. Synthetic fiber and textiles derived from this polymer are known to resist chemical and thermal attack. The market for polyphenylene sulfide is anticipated to expand at a CAGR of 13.2% during the forecast period from 2018 to 2024. The global polyphenylene sulfide market was valued at US$ 1.09 Bn in 2016.
The major factors driving the global polyphenylene sulfide (PPS) market include the growth in the Chinese automobile industry. Due to the beneficial properties of polyphenylene Sulfide such as resistance to fuel, transmission and brake fluids and high temperatures, high demand is reported for polyphenylene sulfide from the automotive industry. It helps in increased stability and weight reduction in comparison to the full metal body framework. The vital automotive applications include fuel system parts, electrical & electronic components and induction systems among others. Growing per capita income of people in the region has led to high demand for vehicles in the market. This has led to high growth of automotive industry in China and Japan. Another factor contributing to the growth of global polyphenylene sulfide market is the increasing use of filter bags in thermal and coal power plants. Hence, high demand is experienced for polyphenylene sulfide in the global market.
The global polyphenylene sulfide market is segmented based on the type, application and geography. Based on types, the market has been segmented into PPS compounds, PPA fibers & filaments, PPS films, and PPS coatings. In terms of application, the global polyphenylene sulfide market is segmented into automotive, electrical & electronics, industrial, filter bags, aerospace, coatings and other applications which include sterilizable medical, dental, and laboratory equipment, hair dryer grills, and components. Among the above mentioned application, filtration & filter bags accounted for more than 27% share of the global polyphenylene sulfide market in 2016. Strict regulations and norms in industrial sectors such as coal fired plants, thermal power plants and smoke filtration plants have led to high market penetration in the segment. Geographically, Asia Pacific accounted for the largest share of global polyphenylene sulfide market in 2014. Rapid industrialization in the developing economies is the major factor driving the demand for polyphenylene sulfide in the market. Foreign investments in countries such as India, China, and Indonesia are the major factor for high penetration of polyphenylene sulfide in the Asia Pacific market. Asia Pacific is also the fastest growing region for polyphenylene sulfide market. Increasing automotive sector in the region, especially China and India are boosting the market demand for polyphenylene sulfide on a large scale, thus fueling growth of global polyphenylene sulfide market. North America was the second largest region to boost demand for polyphenylene sulfide globally.
The polyphenylene sulfide market is moderately fragmented; it is dominated by large and medium polyphenylene sulfide companies. Many small and medium companies involved in the production of polyphenylene sulfide and process algae are located across the globe. Key players in the market include Toray, SK Chemicals, Celanese Corporation, DIC Corporation, Solvay, Tosoh Corporation, Kureha Corporation, Chengdu Letian Plastic Co. Ltd., ALBIS, and SABIC. Companies are adopting aggressive marketing tactics and investment in research and development facility to remain competitive in the market.
Market Segmentation:
By type
- PPS compounds
- PPA fibers & filaments
- PPS films
- PPS coatings
By application
- automotive
- electrical & electronics
- industrial
- filter bags
- aerospace
- coatings
- other applications
By Region:
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
