A new report published by Allied Market Research, titled, “Polyphenylene Sulfide (PPS) Market by Application – Global Opportunity Analysis and Industry Forecast, 2014 – 2022”, projects that the PPS market accounted for $982 million in 2015 and is expected to reach $1,856 million by 2022, growing at a CAGR of 9.6% from 2016 to 2022. The automotive application is expected to remain the major segment until 2022. Asia-Pacific held the leading position in the global PPS market in 2015, and is projected to maintain this trend throughout the study period.
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The key drivers of the global PPS market are increase in the adoption of PPS due to its remarkable properties such as chemical resistance, corrosion resistance, easy moldability, scratch resistance, technological advancements and ability to replace metals as well as other polymers. Increase in the demand of automobiles, advanced electrical & electronic products, and supporting environmental regulations is expected to boost the market growth further. In addition, supportive government regulations such as Digital India Program and China's initiative to invest up to $150 billion to develop its domestic semiconductor industry over the next 10 years would also have significant positive impact on the market growth.
Automotive sector is expected to be the most popular application of PPS, however, electrical & electronics would soon follow by 2022. Increase in advancements in electrical & electronics and automotive industry is projected to constantly drive the of the global PPS market. Properties of PPS such as its lightweight nature, eco friendliness, and low volatile organic compound (VOC) are expected to further drive the market growth.
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Key findings of the study :
o PPS in automotive application segment occupied the highest share in 2015 and is expected to grow at a CAGR of 10.1% in terms of value.
o China is the leading consumer of the PPS in the Asia-Pacific region followed by India.
o Electrical & electronics application is expected to expand with the highest CAGR of 10.5%, in terms of value.
o U.S. is the leading market for PPS, growing at a CAGR of 8.7%, in terms of value.
Asia-Pacific accounted for the largest share in the global polyphenylene sulfide market in 2015 and is expected to maintain this position during the forecast period. This is attributable to increase in the PPS consumption in automotive and electrical & electronics industries.
The prominent players profiled in this report include Solvay, Toray, Celanese Corporation, Tosoh Corporation, DIC Corporation, Kureha Corporation, SK Chemicals, Chengdu Letian Plastics Co Ltd., SABIC, and ALBIS.
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