by 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. It offers properties such as high chemical resistance, superior resilience, good dimensional stability, and flame-retardant characteristics. These characteristics make PPS suitable for applications in automotive, electrical & electronics, filter bags, and aerospace industries. PPS products are used in applications like electrical insulators, connector housings, switches, printed circuit boards, and components of electrical appliances. They provide reliability and durability to such components. The growing demand for high-performance and lightweight materials from end-use industries drives the demand for PPS.
Market key trends:
One of the key trends in the PPS market is its increasing adoption in the electrical and electronics industry. PPS offers properties like heat resistance, dimensional stability, and electrical insulation, which make it suitable for various electrical components. The rising demand for portable consumer electronics and the need for lightweight materials is propelling the use of PPS in this industry. PPS filaments are used in 3D printing applications in the electronics industry. Furthermore, the development of high-strength, flame-retardant PPS grades is boosting their consumption. The superior chemical resistance of PPS also finds applications in industrial filter bags and photocopier components. Overall, the excellent balance of mechanical, thermal, and Chemical properties of PPS drives its increasing use across diverse industries.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants in the Polyphenylene Sulfide Market Size is low as there is high capital requirement. Bargaining power of buyers: The bargaining power of buyers is moderate as PPS materials are technical in nature. Bargaining power of suppliers: The bargaining power of suppliers is high as raw materials supplies are limited and fluctuating. Threat of new substitutes: The threat of new substitutes is moderate as PPS faces competition from materials like PEI and PEEK. Competitive rivalry: Competition in the market is high among major players.
Key Takeaways
The global Polyphenylene Sulfide market is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing demand for high temperature and chemical resistant materials in automotive, industrial and electrical industries.
Regional analysis:
Asia Pacific region dominates the global Polyphenylene Sulfide market and is expected to exhibit fastest growth during the forecast period. China dominates the Asia Pacific PPS market mainly due to significant presence of automotive and electronics industries.
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 and Chengdu Letian Plastics Co are among the leading PPS resin suppliers globally. Lion Idemitsu Composites is a major manufacturer of PPS compounds.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
