Lightweighting/Fuel Efficiency Drive High-Performance Plastic Demand

By on November 16, 2018 in IN THE NEWS, MATERIAL MATTERS

According to Frost & Sullivan, a business-consulting firm, lightweighting, engine downsizing and vehicle electrification will increase demand and adoption of high-performance plastics (HPPs) in the automotive and aerospace industries. Frost & Sullivan anticipates the automotive and aerospace HPP market to grow at a compound annual growth rate (CAGR) of 6.2 percent until 2024, reaching $3.05 billion.

Asia-Pacific (APAC) will remain a key market for HPPs in the automotive industry, owing to the high volume of production, whereas the demand for HPPs in the aerospace industry will come from Europe and North America due to the concentration of component manufacturing in these regions. Production expansions will help market participants gain a stronger foothold in the marketplace.

“Electric vehicles (EVs) present significant opportunities for HPPs in battery components. For instance, battery modules, battery housing, gaskets, connectors and sensors in EVs present robust growth opportunities for HPPs owing to their hightemperature stability, chemical resistance to electrolytes, dimensional stability, flame-retardant nature, high-voltage resistance and electrical insulation properties,” noted Soundarya Gowrishankar, senior research analyst, chemicals and materials, EIA at Frost & Sullivan.