Smithers forecasts the global high-performance plastics market to reach $245.41 billion in 2024

Smithers forecasts the global high-performance plastics market to reach $245.41 billion in 2024
High-performance plastics is a small market compared with more familiar commodity plastics such as polyethylene and polypropylene, representing less than 1% of total plastics consumption. However, high-performance plastics are growing at a faster rate than the plastics market as a whole.
Smithers latest market report, ‘The Future of High-Performance Plastics to 2024’ forecasts the global high-performance plastics market value will reach $25.41 billion in 2024. As the market continues to evolve further applications and opportunities to add commercial lsclae production will arise.
Innovation in high-performance polymers presents exciting new high-margin revenue opportunities for the global plastic industry. This aligns with several compelling market demands from end users including; lightweighting of transport parts, better performance in medical and consumer devices, and the demand for stronger materials in 3D printing.
Smithers’ analysis for ‘The Future of High-Performance Plastics to 2024’ identifies the following key trends and drivers for the global high-performance plastics industry over the next five years:
  • High-performance plastics demand is sensitive to the economic cycle, with most material being used for manufacturing ‘non-essential’ consumer durable goods and industrial applications. Demand for high-performance plastics fell more than proportionately to GDP during the global recession of 2008–09. Consequently, future demand for high-performance plastics is forecast to grow much faster than global GDP growth over the forecast period. As the demand for important durable consumer goods like automobiles shift to the Asia Pacific region, likewise high-performance plastics consumption will shift as well.
  • High-performance plastic prices are expected to be stable over the forecast period as markets are generally non-competitive in existing applications where research and development expenditures are unjustifiable.
  • Replacement of traditional materials across a wide range of applications has been the most important market driver for high-performance plastics. These applications for high-performance plastics are approaching market saturation and competition from lower-cost, commodity resins could have a negative effect on demand.
  • New application development is becoming a more important market driver for high-performance plastics where these are the first materials designed into the product.
  • Recycling and sustainability; managing the entire life cycle of high-performance plastics will become more critical and the applications they fulfil will address these issues.
Smithers latest report, ‘The Future of High-Performance Plastics to 2024’ examines global market trends for high-performance plastics and presents forecasts for the five-year period from 2019–24. Market forecasts are presented by:
  • High-performance polymer type
  • End-use sectors
  • Geographic regions.
In addition, the report includes an analysis of industry structure, major market drivers and trends and cutting-edge technology developments.

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