Expected $1 trillion in losses due to corrosion and weathering in industrial applications will also contribute to uptake, says Frost & Sullivan
SANTA CLARA, Calif., Feb. 2, 2021 /PRNewswire/ -- Frost & Sullivan's recent analysis, Automation Driving the Demand for High-performance Plastics in Industrial Applications, 2027, finds that the demand for digitalization and automation of manufacturing facilities and the need for power generation through renewable energy sources are expected to drive the use of high-performance plastics in industrial applications. Losses in corrosion and weathering are estimated to cross $1 trillion; industrial equipment manufacturers must focus on high-performance plastics benefits such as corrosion protection and longer maintenance intervals. The global market for high-performance plastics in industrial applications is estimated to garner revenues of $2.10 billion by 2027 from $1.56 billion in 2020, up at a compound annual growth rate of 4.3%.
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"Composites are expected to play a major role in automated systems due to their lightweight and high-strength characteristics," said Aditya Krishnan, Chemicals, Materials & Foods Research Analyst at Frost & Sullivan. "Further, high-performance plastics manufacturers need to position their resins as the material for the future of composite manufacturing in industrial applications."
Krishnan added: "From a segment perspective, with corrosion protection features, fluoropolymers are likely to lead the high-performance plastics market, followed by polyaryl sulfones, ether ketones, and polyphenylene sulfides. From a regional market viewpoint, MEASA (Middle East, Africa and South Asia) is expected to be the fastest-growing region due to aggressive expansion in the industrial and renewable power verticals in India and Saudi Arabia. Similarly, massive investments in manufacturing facilities in China, ASEAN and Australia are driving the high-performance plastics market growth in Asia-Pacific, followed by Europe and the Americas."
The increasing use of high-performance plastics by industries across the globe presents tremendous growth prospects to its market participants, including:
- High-performance plastics manufacturers must position themselves as green cost-saving solution providers to counter the high CAPEX incurred by their customers.
- Market participants should strive to set up strategic partnerships with top equipment manufacturers to promote product visibility and growth.
- High-performance plastics market vendors should develop differentiating and functionally proven products to explore new applications and metal replacements.
Automation Driving the Demand for High-performance Plastics in Industrial Applications, 2027 is the latest addition to Frost & Sullivan's Chemicals, Materials & Foods research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Automation Driving the Demand for High-performance Plastics in Industrial Applications, 2027