Polyphenylene Sulfide (PPS) Resins Market to Expand by 2.2x Amid Rising Application in Automotive and Electronic Industries

24 November 2021

As per latest Fact.MR analysis, the global polyphenylene sulfide resins market is projected to reach around US$ 2.2 Bn by 2031. With increasing consumption of PPS resins, the overall market is set to expand at 6.7% CAGR between 2021 and 2031, surpassing a volume of 199 KT by the end of 2031.

Sales of polyphenylene sulfide (PPS) resins is expected to increase owing to the rising application within diverse end-use industries such as automotive, electric & electronics and coatings.

PPS resin is a crystalline high-performance thermoplastic polymer characterized by superior heat resistance, exceptional dimensional stability, and enhanced chemical resistance. Growing application of PPS resins in various industries, such as precise electronics, chemical containers, aerospace components and electrical devices will also boost the market.

PPS resins are ideal for applications which require heat resistance, light weight, and high strength. Hence, they are replacing metal and other thermosets in numerous applications and thereby, aiding the growth in the market.

Rising adoption of PPS blends and composites is gaining immense traction. Manufacturers are increasingly adding different substances to PPS resins for improving their physical and chemical properties.

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As per Fact.MR, sales of PPS resins in automotive application will account for around 45% of revenue share in 2021. As they are commonly used in interior and exterior automotive plastic molding applications, demand is expected to surge in automotive sector.

Regionally, Asia Pacific excluding Japan (APEJ) is projected to hold around 45% share of global polyphenylene sulfide resin revenue share. Growth in the region is attributed to the expansion of automotive industry, presence of leading players, and favourable government policies regarding the use of PPS filter bags in coal thermal plants.

"Rising demand for lightweight and high-performance plastics in a wide range of applications is projected to create lucrative growth avenues for the market. Hence, in order to capitalize on the existing trend, leading manufacturers are blending PPS resins with other thermoplastics to enhance its physical and chemicals properties," says a Fact.MR analyst

Key Takeaways from Polyphenylene Sulfide (PPS) Resins Market Survey

  • APEJ will continue to dominate the PPS resins market on the back of surging demand from automotive and electronic industries.
  • With flourishing automotive industry, sales of PPS resins in China are projected to increase at 8.4% CAGR, reaching a volume of around 88 KT by 2031.
  • PPS resins demand in Japan is expected to increase at 4.3% CAGR between 2021 and 2031, creating an incremental opportunity of around US$ 124 Mn through 2031.
  • Based on application, automotive segment will account for nearly half of overall market revenue in 2021.
  • PPS resin application in the industrial and aerospace & defense sectors is set to gain nearly 228 BPS and 62 BPS by the end of 2031.
  • Sales of polyphenylene sulfide resins in electrical & electronics applications is expected to increase by 1.6x through 2031.

Key Drivers

  • Introduction of new grade of PPS resins and innovations in manufacturing process will help the manufacturers to increase their sales.
  • Rapid production of lightweight electric vehicles is creating lucrative growth opportunities for the PPS resins market.

Key Restraints

  • High cost associated with PPS resins will likely impede the growth of the market.

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Competitive Landscape

Leading players operating in the polyphenylene sulfide (PPS) resins market have adopted various strategies such as capacity expansion, advanced product development, mergers, partnerships, and acquisitions to gain competitive edge in the market.

  • In March 2019, Toray Industries, Inc. announced the development of a new polyphenylene sulfide resin with the world's highest flexibility level while maintaining its superior heat resistance and chemical resistance.
  • In November 2017, Solvay, a leading global supplier of specialty polymers, expanded its portfolio of thermal management solutions with the introduction of Ryton R-4-300 polyphenylene sulfide (PPS) and the new Amodel A-89XX series of polyphthalamide (PPA) polymers. The latest addition to Solvay's family of linear PPS products, Ryton® R-4-300 polymer offers improved performance in tensile strength and elongation, as well as best-in-class weld-line strength. This new material is suitable for thermal management modules and parts where complex geometries require robust mechanical properties.

Some of the prominent players operating in the polyphenylene sulfide (PPS) resins market profiled by Fact.MR are:

  • Solvay SA
  • Toray Industries
  • Kureha Corporation
  • Forton Industries LLC
  • DIC Corp.
  • Initz Co, Ltd.
  • Tosoh Corporation
  • Zhejiang NHU Special Materials Co, Ltd.
  • Chengdu Letian Plastics Co, Ltd.
  • Lion Idemitsu Composites
  • Others

More Insights on the Global Polyphenylene Sulfide (PPS) Resins Sales Outlook

Fact.MR provides an unbiased analysis of polyphenylene sulfide (PPS) resins market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for polyphenylene sulfide (PPS) resins with a detailed segmentation on the basis of:

Application

  • Electrical & Electronics
  • Automotive
  • Aerospace & Defense
  • Industrial
  • Filters & Filter Bag
  • Coatings
  • Others

Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East Africa

Key Questions Covered in the Polyphenylene Sulfide (PPS) Resins Market Outlook Report

  • The report offers insight into polyphenylene sulfide (PPS) resins demand outlook for 2021-2031
  • The market study also highlights projected sales growth for polyphenylene sulfide (PPS) resins market between 2021 and 2031
  • Polyphenylene sulfide (PPS) resins market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
  • Polyphenylene sulfide (PPS) resins market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

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Source:prnewswire.com