Despite 2017 being a turbulent year for many industries, high performance plastics have been seen to be growing at a high annual rate. A growth in the plastic industry wasn’t unanticipated, but the rate of growth has exceeded the majority of expectations. What hasn’t come as a surprise is where this growth is coming from. The prime driving force behind the steady growth of the industry is due to the increased demand for manufacturing interior and exterior components in the automotive and aerospace industries.
Due to the quality mechanical properties, chemical resistances, and high heat stability of high performance plastics, there has been a large increase in the number of companies using techniques such as plastic injection moulding to create their parts. These key properties can be used to create parts such as fuel systems, induction systems, coolant systems, engine components, powertrain, brake systems, pumps, valves, shaft seals, sockets, biotech, surgical equipment, transmission components, and far more. However, the high manufacturing costs of the truly high-end plastics remain the one constant and restraining factor.
Back in October 2016, a key player in the high-performance plastics industry, Celanese, announced it would be entering the PEEK market with the launch of a high-flow PEEK version targeting under hood automotive and elections applications. Across the way, Asia-Pacific has been identified as the fastest growing region for high performance plastics in terms of value and volume, due to a high economic growth rate, growing manufacturing industries, increasing foreign investments, and rising applications of high performance plastics across key industries, such as medicine, transport, and electronics. Asian countries such as China, South Korea, and Taiwan are expected to further fuel this growth in Asian-Pacific success.
These figures have been drawn from reports based on key plastics companies across the world, such as BASF in Germany, Daikin Industries Ltd in Japan, Celanese Corp in the USA, Solbay in Belgium, Arkema in France, Evonik Industries in Germany, Kurarary Co Ltd in Japan, E.I.Dupont de Nemours and Co in the USA, SABIC in Saudi Arabia, and Victrex PLC here in the United Kingdom. The report describes the market on the basis of type, industry, and region. The focus is based on value and volume with forecasts stretching out to 2026.
All the information shows that the plastic injection moulding industry is looking to grow even further beyond expectations due to the rising need for parts in major industries. Though every market is subject to change, especially in the uncertainty of the market nowadays, high-end plastic industries are confident that supply and demand will ensure stability and growth for the industry.
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