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Electronic Vehicles is fastest growing segment fueling the growth of Polyphenylene Sulfide Market

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Niranjan Mardakar
Electronic Vehicles is fastest growing segment fueling the growth of Polyphenylene Sulfide Market

The global Polyphenylene Sulfide Market is estimated to be valued at US$ 1.3 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

 

Polyphenylene sulfide (PPS) is a high-performance engineering thermoplastic featuring intrinsic properties such as resistance to heat, chemicals, and corrosion. PPS is preferred for medical implants, electrical and electronics components, and automotive components that experience tough conditions.

Market key trends:

One of the major trends driving the polyphenylene sulfide market growth is increasing use of PPS for electronic vehicle components owing to its outstanding heat resistance, dimensional stability, and chemical resistance. PPS components ranging from battery connectors, charging ports to high voltage wiring harness are increasingly replacing traditional materials. PPS enhances safety and durability of electronic vehicles that operate in extreme temperatures. Further, adoption of stringent emission regulations globally is fueling demand for high-performance materials like PPS to increase fuel-efficiency of electronic vehicles.

Here is the segment analysis and key takeaways for the given Polyphenylene Sulfide (PPS) market:

Segment Analysis:

The Polyphenylene Sulfide Market Size is segmented by form into virgin and recycled. Among these, the virgin segment dominates the market and accounts for over 70% share due to significant demand from end-use industries like automotive, electrical & electronics, aerospace, and industrial machinery. Virgin PPS is preferred by these industries due to its superior properties such as high chemical resistance, heat resistance, dimensional stability, and impact strength compared to recycled PPS.

Key Takeaways:

The global Polyphenylene Sulfide market is expected to witness high growth, exhibiting a CAGR of 6.7% over the forecast period, due to increasing demand from the automotive industry. PPS is increasingly being used in automotive applications like engine compartment, fuel systems, hoses & tubes due to its ability to withstand high temperatures and aggressive chemicals.

Regional Analysis

Asia Pacific is currently the fastest growing as well as the dominant region in the global PPS market. The market in the region is driven by the large automotive production and strong electrical & electronics sector, especially in China, India, Japan, and South Korea. China contributes to over 35% of the global demand for PPS primarily due to the presence of a large automotive manufacturing base and massive electrical & electronics industry in the country.

Key Players

Key players operating in the Polyphenylene Sulfide market are Zhejiang NHU Special Materials Co, Ltd, Chengdu Letian Plastics Co, Ltd., and Lion Idemitsu Composites. Zhejiang NHU Special Materials Co, Ltd is a leading manufacturer of PPS with over 15% market share. Chengdu Letian Plastics Co, Ltd specializes in production of compounded PPS for automotive applications. Lion Idemitsu Composites provides glass-filled PPS under the brand name RTP for electrical components.

 

Read Our More Blogs : https://www.rapidwebwire.com/polyphenylene-sulfide-market-size-share-analysis-2023-2030/

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