“Global Polyphenylene Sulfide (PPS) Market to reach a market value of USD 2.5 Billion by 2030 growing at a CAGR of 8.5%”
The Global Polyphenylene Sulfide (PPS) Market size is expected to reach $2.5 billion by 2030, rising at a market growth of 8.5% CAGR during the forecast period. In the year 2022, the market attained a volume of 3,631.95 Hundred Tonnes experiencing a growth of 6.6% (2019-2022).
PPS possesses outstanding electrical insulating properties, making it an ideal choice for applications where preventing the flow of electric current between conductive materials is crucial. Its high resistivity and low dielectric constant contribute to effective electrical insulation, ensuring the reliable performance of electronic components. Consequently, the electrical and electronics segment would acquire nearly 23% of the total market share by 2030. The increased utilization of PPS is motivated by the electronics industry's relentless pursuit of miniaturization.
With the increasing worldwide emphasis on sustainability, manufacturers are pursuing materials that adhere to rigorous regulatory criteria and support the overarching objectives of environmental preservation. With its exceptional properties, PPS emerges as a strategic choice for manufacturers. Therefore, these factors can drive the demand for PPS in the upcoming years. Additionally, Automotive components often come into contact with various chemicals, including engine fluids and environmental factors. PPS's robust chemical resistance makes it well-suited for applications with common exposure to oils, fuels, and other automotive fluids. Thus, these aspects will help in the expansion of the PPS market.
However, the PPS production process relies on specific raw materials. Volatility can detrimentally impact PPS's overall production costs and market competitiveness due to fluctuations in the pricing and availability of these materials. Additionally, PPS manufacturers often source raw materials from global suppliers, introducing vulnerabilities related to geopolitical tensions, trade restrictions, and logistic challenges. Hence, these aspects can hamper the growth of the PPS market in the future.
On the basis of application, the market is divided into automotive, electrical & electronics, industrial, aerospace, medical/healthcare, and others. In 2022, the electrical and electronics segment witnessed a 24% revenue share in the market. The electrical and electronics industry has been shifting towards lightweight materials with high performance to meet the demands of miniaturization and efficiency improvements. PPS, a lightweight and durable material, is well-suited for applications in connectors, sockets, and other electronic components. Hence, these aspects will assist in the growth of the segment.
Based on type, the market is divided into linear PPS, cured PPS, and branched PPS. In 2022, the cured PPS segment acquired 25% revenue share in the market. With the continuous growth of the electronics and electrical devices sectors, there is an increasing demand for materials like cured PPS that can withstand high temperatures and harsh operating conditions. As a result, there will be increased demand in the segment.
Free Valuable Insights: Global Polyphenylene Sulfide (PPS) Market size to reach USD 2.5 Billion by 2030
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific segment acquired 40% revenue share in the market. The Asia Pacific region, including countries like China and India, has been undergoing rapid industrialization and urbanization. This has led to increased demand for high-performance materials like PPS in construction, electronics, and industrial applications. Thus, these factors will boost the demand in the segment.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 1.3 Billion |
| Market size forecast in 2030 | USD 2.5 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 8.5% from 2023 to 2030 |
| Number of Pages | 296 |
| Number of Table | 570 |
| Quantitative Data | Volume in Hundred Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Application, Region |
| Country scope |
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| Companies Included | Solvay SA, Toray Industries, Inc., Celanese Corporation, SABIC (Saudi Arabian Oil Company), Tosoh Corporation, DIC Corporation, SK chemicals, Kureha Corporation, Teijin Limited and RTP Company, Inc. |
By Type (Volume, Hundred Tonnes, USD Billion, 2019-30)
By Application (Volume, Hundred Tonnes, USD Billion, 2019-30)
By Geography (Volume, Hundred Tonnes, USD Billion, 2019-30)
This Market size is expected to reach $2.5 billion by 2030.
Rising adoption in electrical and electronics are driving the Market in coming years, however, Rising competition from substitute materials restraints the growth of the Market.
Solvay SA, Toray Industries, Inc., Celanese Corporation, SABIC (Saudi Arabian Oil Company), Tosoh Corporation, DIC Corporation, SK chemicals, Kureha Corporation, Teijin Limited and RTP Company, Inc.
In the year 2022, the market attained a volume of 3,631.95 Hundred Tonnes experiencing a growth of 6.6% (2019-2022).
The Linear PPS segment led the Market by Type in 2022; there by, achieving a market value of $1.46 Billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $1.03 Billion by 2030.
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