by Polyphenylene sulfide (PPS) is a high-performance engineering thermoplastic possessing properties such as heat resistance, flame retardancy and chemical resistance. PPS finds wide application in automotive, electrical & electronics, industrial and aerospace industries. In the automotive sector, PPS is used in components such as wire harnesses, connectors, cables, fuel system components and oil pans owing to its ability to withstand high temperatures. The growing automotive production across major economies is expected to drive the demand for PPS in automotive applications. As per industry projections, global light vehicle production is estimated to grow at a CAGR of over 3% during 2023-2030 period.
The global Polyphenylene Sulfide (PPS) Market is estimated to be valued at US$ 1.3 billion in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Automotive Industry (as stated in heading): The automotive industry is the largest end-use sector for PPS globally. Properties such as heat resistance, flame retardancy and dimensional stability make PPS widely used in under-the-hood applications and electric vehicle components. Strong growth in automotive sales worldwide driven by economic development, rising disposable incomes and advancements in electric vehicles is expected to propel the demand for PPS over the forecast period.
Increasing Application in Electrical and Electronics: In the electrical and electronics industry, PPS finds application in components such as connectors, switches, relays and connectors owing to its ability to withstand high temperatures. Rapid urbanization, digitization and proliferation of smart home appliances are driving the demand for electronic products which in turn is expected to augment the consumption of PPS resin. The electrical and electronics segment accounted for over 30% of the global PPS demand in 2023.
Segment Analysis
Polyphenylene Sulfide (PPS) market is segmented into two dominating sub segments i.e. virgin PPS and recycled PPS. Virgin PPS is dominating the market presently with over 70% share owing to its high quality and purity levels which are required in high performance applications. However, recycled PPS segment is growing gradually as manufacturing companies are focusing on reducing carbon footprint by reusing/recycling waste materials.
PEST Analysis
Political: Government regulations regarding usage of recyclable materials are positively impacting the recycled PPS segment. However, growing trade barriers can impact supply chain of this global industry.
Economic: Strong GDP growth in developing nations coupled with rising industrial and automobile sectors are driving the demand. Fluctuations in crude oil prices can impact the raw material prices.
Social: Increasing environmental awareness is pushing manufactures to reduce waste and use recycled materials. Safety regulations in end use industries also influence the demand.
Technological: Continuous R&D is helping manufacturers use PPS in newer applications and develop methods to improve recyclability further. Usage of recycled content in final products presents technological challenges.
Key Takeaways
The global Polyphenylene Sulfide (PPS) market is expected to witness high growth over the forecast period supported by rising demand from electrical & electronics, automotive and industrial sectors. Global Polyphenylene Sulfide (PPS) Market Size is estimated to be valued at US$ 1.3 billion in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.
Regional analysis related content comprises Regional analysis related content: Asia Pacific dominates the global market and is expected to maintain its leading position during the forecast years. China is the largest producer and consumer of PPS resin globally owing to presence of electronic and automobile manufacturing bases. India and Southeast Asian countries are also emerging rapidly supported by government initiatives for development of local manufacturing sectors.
Key players related content comprises Key players operating in the PPS market are Ensinger Plastics, DIC Corporation, Kureha Corporation, SK Chemicals, Toray Industries and Solvay. Key players are focusing on new product development and capacity expansion strategies to strengthen their presence across regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
