by Polyphenylene Sulfide (PPS) is a high-performance engineering thermoplastic possessing excellent thermal and mechanical properties. PPS is known for its heat resistance, chemical resistance, radiation stability and flame retardancy. It is used in various industries including automotive, electrical & electronics, aerospace, and filtration applications.
The global Polyphenylene Sulfide (PPS) Market is estimated to be valued at US$ 1.3 Bn 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 key trends:
Rising demand from automotive industry has been a key growth driver for the PPS market. PPS is increasingly used in various automotive components and parts owing to its high strength, rigidity and heat resistance properties. It replaces metals in under-hood applications such as manifolds, turbochargers, thermal shields etc. Further, PPS is also gaining traction for manufacturing electrical components used in electric vehicles. Its ability to withstand high temperatures make it an ideal material for harnesses, connectors and battery enclosures in EVs. With rapid shift towards electric mobility globally, demand for PPS from automotive industry is expected to rise substantially over the coming years, thereby propelling the overall PPS market growth.
SWOT Analysis
Strength: PPS exhibit high heat resistance, corrosion resistance, self-lubricating, flame retardant, and electrical insulation properties which make them suitable material for electrical and automotive components.
Weakness: PPS resin is costly as compared to other polymers which restricts its use in mass applications. The processing of PPS also requires expensive equipment which increases production cost.
Opportunity: Growth in automotive, electrical and electronics industry positively impact the demand for PPS. Increasing stringent regulations related to fuel efficiency and reducing vehicle weight also drives the market.
Threats: Substitutes of PPS like polyphenylene ether (PPE), high-performance polyethylene (HPPE) and others pose competition. Fluctuations in crude oil prices affect the cost of raw materials.
Key Takeaways
The global polyphenylene sulfide (PPS) market is expected to witness high growth over the forecast period of 2023 to 2030. Global Polyphenylene Sulfide (PPS) Market Size is estimated to be valued at US$ 1.3 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.
Asia Pacific dominates the global PPS market and is expected to continue its dominance over the forecast period attributed to the presence of large automotive and electronics manufacturing base in countries like China and India. Countries in Asia Pacific such as China, India, Japan and South Korea are the major consumers of PPS globally.
Key players operating in the polyphenylene sulfide (PPS) market are Toray, Solvay, DIC, Haohua Honghe, Celanese, Tosoh, SK etc. Toray is the global leader in PPS manufacturing and also has a wide product portfolio for PPS resins and compounds. Increased production capacities by key players to meet the rising demand for PPS from end-use industries is expected.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
