Electroactive polymers are high performance polymers that can change their shape or size when stimulated by an electric field. Advancements in the field of technology coupled with the increasing significance of piezoelectric and ferromagnetic materials have led to the growth of the electroactive polymers market. Additionally, a surge in the production of electronics in regions like the Asia Pacific is also driving the global electroactive polymers market. Moreover, industries in which electroactive polymers find their prominent use are biomedical and automotive industries.
Additionally, advancements in the field of nanotechnology coupled with investment in the biomedical research & development sector are propelling the required growth for electroactive polymers demand.
As per a new report published by Fact.MR, the high performance polymers market is anticipated to expand at a CAGR of close to 8% over the next ten years.
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Key Takeaways from Market Study
- Polyphthalamide (PPA) segment in high performance polymers captures a major chunk.
- Among the end uses, the automotive sector has been the fastest-growing segment, owing to the rise of the automotive industry over the past decade.
- The Asia Pacific is set to dominate market revenue in 2021 and is set to dominate till 2031.
- The market in the U.S. is expected to rise with a higher single-digit CAGR through 2031.
- Due to the COVID-19 crisis, demand for high performance polymers was hit in 2020, which saw a decline but with the automotive industry back on track, high performance polymer demand is expected to bounce back.
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“Surge of market valuation is anticipated to be observed on the back of huge R&D investments in high performance polymers,”says a Fact.MR analyst.
Key Market Segments Covered
- By Product Type
- Polyphenylene Sulfide (PPS)
- Polyphthalamide (PPA)
- Polyamide (PA) PA46 & PA4T
- Liquid Crystal Polymers (LCPs)
- Polyether Ether Ketone (PEEK)
- Polyaryletherketone (PAEK)
- Polyvinylidene Fluoride (PVDF)
- Others (including Polyether Imide and Fluoropolymer)
- By Application
- High Performance Polymers for Powertrains & Engines
- High Performance Polymers Electrical Components
- High Performance Polymers Interior & Exterior Furnishings
- High Performance Polymers Under-the-Hood Components
- High Performance Polymers Structural Components
- Others (including Tires)
- By Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- North America
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Market players have been spending on research & development to come up with newer polymers that are enhanced and relatively lightweight. These enhancements will drive the growth of the high performance polymers sales in the medium- to the long-term forecast period.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global high performance polymers market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market based on product (polyphenylene sulfide (PPS), polyphthalamide (PPA), polyamide (PA) PA46 & PA4T, liquid crystal polymers (LCPs), polyether ether ketone (PEEK), and polyaryletherketone (PAEK), polyvinylidene fluoride (PVDF)) and application (powertrains & engines, electrical components, interior & exterior furnishings, under-the-hood components, and structural components), across six major regions of the world (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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