Global Polyphenylene Sulfide Market - Segmented by Type, Application, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global polyphenylene sulfide market is expected to register a moderate growth during the forecast period, (2018 - 2023). In 2017, Asia-Pacific accounted for the largest market, followed by North America and Europe.
Rising Demand from Automotive Sector Dominating the Market
PPS is an organic polymer consisting of aromatic rings linked with sulfides. It is a rigid and opaque material that exhibits superior chemical and thermal resistance characteristics. In the automotive sector, polyphenylene sulfide (PPS) is mainly used in under-the-hood, fuel system, and powertrain components, along with in surface mounts and other ancillaries. The automotive industry is in its growing stage in many countries in Europe and Asia-Pacific. China is one of the major automobile manufacturing regions of Asia-Pacific and also the world. Moreover, many automotive manufacturers have manufacturing units in the country, thereby contributing to the increasing demand for PPS. Europe has also been a prime region supporting the growth of automotive production, with the year-on-year growth rates of 7.6% and 2.5% in 2015 and 2016, respectively. In the first-half of 2017, the United Kingdom, Italy, and France exhibited a growth in their output, increasing it to approximately 5.7%, 8%, and 1.8% respectively. Hence, the rising automotive production in the many countries around the world is expected to boost the growth of the polyphenylene sulfide over the forecast period.
Aerospace Industry a Potential Sector
The polyphenylene sulfide is used majorly as a composite in the aerospace industry, due to its properties such as heat-resistance, light-weight, strength, rigidity, and recyclability. The use of polyphenylene sulfide in the aircraft in internal parts, such as technical parts, and in propulsion components & structure makes the aircraft light, safe, and more economical. In addition, PPS ensures weight-reduction and compatibility to sustain the atmospheric forces, thus, enabling reduced fuel consumption. According to Boeing, by the end of 2036 approximately 41,000 new fleets, valued at approximately USD 6 trillion, are expected to be added to the total aircraft fleets to meet the global demand. Due to the increasing use of PPS in aircrafts and the increasing number of aircrafts launched in the market annually, the PPS market is expected to experience a huge growth in the aerospace industry during the forecast period.
Asia-Pacific to Dominate the Market
In 2017, Asia Pacific was estimated to be the most lucrative market for polyphenylene sulfide with the market share of approximately 40%, followed by North America and Europe. The growing demand for PPS in the region is mainly driven by the developing countries, such as China, India, South Korea, and Japan, among others. The demand has been increasing due to rising population, increasing urbanization, the improvement in the financial status of consumers, and the improved purchasing power of the middle-class consumers. In addition, the growth in vehicle production in these countries is also boosting the demand for PPS, thereby, making the region an area of immense potential and opportunities over the forecast period.
Notable Developments in the Market
November 2017: Solvay has launched Ryton R-4-300 polyphenylene sulfide (PPS) for thermal management modules and parts.
September 2017: DIC Corporation is planning to invest JPY 800 million to expand the production capacity of for polyphenylene sulfide (PPS) compounds at its Komaki Plant, in Aichi Prefecture, to 3,500 metric tons per year.
August 2017: Toray has announced to build a plant for polyphenylene sulfide (PPS) compound at the Hungarian site of its US subsidiary, Zoltek Companies, with the annual capacity of 3,000 tons which is expected to start its operation in March 2018.
Major Players: DIC Corporation, Solvay Specialty Polymers, Celanese Corporation, Toray Resin Company, PolyOne Corporation, and SABIC Innovative Plastics, among others.
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