Polyphenylene sulfide (PPS) is a semi-crystalline and amorphous high-performance thermoplastic that has excellent properties such as high-temperature resistance, low flammability, chemical resistance, and dimensional stability. PPS is widely used in automotive components such as fuel system components, electrical components, battery systems, and others owing to its light weight and strength even at high temperatures. The global polyphenylene sulfide (PPS) market is estimated to be valued at US$ 1.3 Bn in 2023 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.
Market Dynamics:
The polyphenylene sulfide (PPS) market is expected to be flourished by rising demand from automotive industry. The global automotive industry is growing in terms of production. PPS provides many advantages over other materials such as light weight, heat resistance, and dimensional stability which is driving its use in automobile components such as engine components, electrical components, etc. This increasing demand from automotive industry is expected to drive the growth of global PPS market over the forecast period. Furthermore, growing demand for PPS from electrical & electronics industry is also fueling the market growth. PPS offers properties such as high service temperature, superior strength, and chemical resistance which makes it suitable for use in various electrical components such as connectors, switches, relay sockets. The rapid expansion of electronics industry globally is boosting the demand for PPS and thereby propelling the market growth.
Segment Analysis
The global polyphenylene sulfide (PPS) market is dominated by the automotive segment which holds more than 30% share of the total market. PPS is gaining widespread acceptance in the automotive industry owing to its excellent properties such as heat resistance, low smoke emission and flame retardancy. These properties make PPS an ideal material for under-the-hood automotive components such as engine covers, filter housings and wire insulation. The electronics and electrical segment is another major consumer of PPS and holds around 25% share due to increasing use of PPS in connectors, switches, engineering plastics and flame retardant circuit boards.
PEST Analysis
Political: There are no significant political risks affecting the PPS market. Countries are supporting the growth of plastics industry by formulating favorable regulations.
Economic: The global economy is recovering from the pandemic-induced slowdown which is positively impacting the PPS market. Recovery in automotive and electronics production will drive market demand.
Social: With growing environmental consciousness, manufacturers are preferring sustainable thermoplastics like PPS over commodity plastics. PPS helps in reducing hazardous emissions.
Technological: Advancements in PPS production technology have enhanced its thermal and chemical resistance properties. Continuous R&D is expanding applications in new areas like 3D printing filaments.
Key Takeaways
The Global Polyphenylene Sulfide (PPS) Market Demand is expected to witness high growth at a CAGR of 6.5% during the forecast period of 2023 to 2030.
Regional analysis: Asia Pacific dominates the global PPS market with over 45% share led by China, India, Japan and South Korea. Abundant availability of raw materials and growing electrical, automotive and industrial sectors in the region are driving the PPS demand.
Key players: Key players operating in the polyphenylene sulfide (PPS) market are Nestle, Fresenius Kabi AG, Abbott, Danone S.A., Eli Lilly and Company. These players are focusing on capacity expansion plans and new product development to capitalize on market opportunities.
For more insights, Read- https://www.pressreleasebulletin.com/polyphenylene-sulfide-pps-market-demand-share-analysis/
Comments
0 comment