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Polyphenylene Sulfide Market size is anticipated to witness significant growth from 2024-2032, due to new product developments in various applications like electrical, electronics, industrial, automotive, and aviation. Polyphenylene sulfide (PPS) is largely used in high-temperature applications due to its superior mechanical and performance features. The product is also widely deployed in coating applications due to its excellent electrical properties, high chemical resistance, and robust heat resistance. However, the market growth may face restrictions due to fluctuations in raw material prices and stringent environmental regulations. Additionally, the rising competition from alternative materials and limited awareness of PPS may pose challenges to the product uptake.
The global shift towards electric mobility is likely to accelerate the industry expansion through 2032 as PPS is extensively used in EVs due to its high heat resistance, excellent electrical properties, and lightweight nature. It is employed in battery components, thermal management systems, and electrical connectors, further supporting the push for efficiency and performance in the EV industry. The IEA anticipated that 14 million EV sales were expected to be recorded by the end of 2023, representing a 35% year-on-year rise, with new purchases picking up pace in the second half of the year. With automakers investing heavily in EV development and production, the demand for durable and reliable solutions to meet the evolving needs of the EV sector will rise, further propelling the industry growth.
Based on category, the market share from the virgin category segment is projected to gain significant traction from 2024-2032. Recycled materials are cheaper than original materials, however, their performance is poor, and the impurities are complex. The use of services for manufacturing companies based on cost-effectiveness and strict environmental regulations will increase the demand for virgin products. They are also preferred by many end-users, including automobiles, filter bags, electrical and electronic products, and other specialty products, for their reasonable cost and environmental risks.
In terms of application, the polyphenylene sulfide market from the automotive landscape segment is expected to record considerable growth between 2024 and2032. The ease of assembly during production, flexibility in design, and weight reduction potential is driving the growth of polyphenylene sulfide in the automotive sector. Rising demand for high-performance materials in various applications in the automotive engine compartment is also fostering the product uptake.
Given the regional landscape, the Asia Pacific polyphenylene sulfide industry is set to expand at a notable CAGR from 2024-2032, due to the escalating resin production in Japan. The presence of well-established factories using state-of-the-art technology will support the growth of the PPS sector in the country. Moreover, the presence of thriving automotive and electrical industries, especially in China and Japan is also surging the product demand for lightweight and high-performance applications, thereby accelerating the regional industry expansion.
Rising efforts in product innovations and the development of high-performance grades for various applications are increasingly undertaken by PPS industry players to gain competitive benefits.
Some of the leading companies operating in the polyphenylene sulfide market include-