The global heat resistant polymer market is estimated to garner notable CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing automation and the growing aerospace industry. Heat-resistant polymers are the replacement of conventional materials, as these materials have good dimensional stabilities and flame-retardant nature. The heat-resistant polymers are engineered to bear extremely high temperatures without any negative effect on their mechanical properties. Owing to such excellent properties, they are extensively utilized in the manufacturing of various types of machineries. On the back of the myriad of uses, the global heat resistant polymer market is expected to grow significantly during the forecast period. Furthermore, the growing motor vehicle industry is also projected to be the prominent reason to fuel the market growth. Due to the escalating disposable income of people worldwide, they are spending money on buying vehicles. It is estimated that the car sale was around 63 million units in 2020 and rose to approximately 67 million units in 2021. Apart from this, the rising demand for air travel is leading to the growing manufacturing of planes. It is estimated that in 2022 the global aircraft fleet is anticipated to have 25,000 aircraft in the service. The global heat resistant polymer market is projected to grow significantly during the forecast period on the back of the rising aerospace industry.
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The market is segmented by end-user into electronics & electrical, transportation, and others. Out of which, the transportation segment is anticipated to hold the largest share in the global heat resistant polymer market on account of excessively increasing demand for motor vehicles. The rising disposable income of people is also anticipated to propel the transportation segment growth.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global heat resistant polymer market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the presence of several industries in the region, such as aerospace. The data published by the India Brand Equity Foundation the Indian aerospace & defence (A & D) industry is estimated to reach USD 70 billion by 2030. On the back of this, the Asia Pacific region is estimated to offer promising opportunities for the global heat resistant polymer market during the forecast period.
The global heat resistant polymer market is estimated to witness remarkable growth in the North America region on the back of the increasing automobile sector. The data released by the Center for Automotive Research states that the auto industry has contributed 3 to 3.5% of the total Gross Domestic Product (GDP) of USA in 2019. Moreover, the space industry is also soaring in the North America region, which is the reason the global heat resistant polymer market is expected to witness remarkable growth during the forecast period.
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The global heat resistant polymer market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global heat resistant polymer market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The rising automation sector is estimated to be the major factor driving the growth of the global heat resistant polymer market.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 - 2031.
The major players in the market are DAIKIN INDUSTRIES, LTD., DIC Corporation, Evonik Industries AG, and Celanese Corporation.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, end-user, and by region.
The transportation segment is anticipated to hold the largest market size in value and is estimated to grow over the forecast period and display significant growth opportunities.
Associated environmental hazards are estimated to hamper market growth.
The Asia Pacific region is estimated to provide more business opportunities for the growth of the global heat resistant polymer market on the back of exceptionally rising automation sector.
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