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Polyphenylene Sulfide (PPS) Composites Market - Growth, Trends, and Forecast (2020 - 2025)

Polyphenylene Sulfide (PPS) Composites Market - Growth, Trends, and Forecast (2020 - 2025)

  • April 2020
  • 129 pages
  • ID: 5891631
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The polyphenylene sulfide (PPS) composites market is expected to register a CAGR of around 5% during the forecast period. The primary factors driving the growth of the market studied are the rising demand from the aerospace sector and increasing demand from the oil and gas sector.

- Challenges to form composites from fiber reinforcement and the Impact of COVID-19 are expected to hinder the market growth.
- The aerospace and defense segment dominated the market, and is likely to witness significant growth during the forecast period.
- The Asia-Pacific region dominated the PPS market over the forecast period.

Key Market Trends
Growing Demand from Aerospace and Defense Sector

- The aerospace and defense end-user industry is the largest consumer of PPS composites, globally. The sector consumed about 48% of the total PPS composites produced, globally.
- PPS composites have the lowest processing cost and the price of raw resin compared to polyether ether ketone (PEEK) and polyimide (PI), which are used in the aerospace industry.
- PPS is a high-performance thermoplastic, which is extremely strong, rigid, and tough. It offers inherent flame resistance and high heat resistance with continuous service at temperatures well above 200°C (392°F).
- Moreover, it has very good oxidation and chemical resistance, good electrical properties, minimal water absorption, and low creep and excellent mechanical properties.
- These composites also specifically meet the various military specifications framed by the US military. They are also approved by several agencies to be used in circuit boards, sockets, plug-ins, electronic components, and defense airplanes.
- Thus, based on the aforementioned factors, in the aerospace and defense industry, it can be expected that the demand from for PPS composites may grow further in the future.

Asia-Pacific Region to Dominate the Market

- China is the largest economy, in terms of GDP. The country is expected to have witnessed about 6.1% growth in its GDP during 2019, even after the trade disturbance caused due to its trade war with the United States.
- The IMF projects a growth of 5.8% in 2020. In terms of GDP in PPP, China is the largest economy, with a GDP (PPP) of USD 25.27 trillion. Furthermore, the outbreak of COVID-19 has further affected the economy at present.
- However, the country is expected to rise from such fluctuations in economic performance over the forecast period.
- Polyphenylene sulfide (PPS) composites are widely used in the aerospace and defense industry, as they exhibit a combination of high-temperature performance, creep resistance, excellent dimensional stability, chemical resistance, and flame resistance.
- This, along with other properties, makes it suitable for interior applications, such as high temperature ducting, seat frames, and interior panels.
- According to the RAND’s Health Organization (Research And Development), Chinese manufacturers are expected to likely displace Russian defense industries in many key markets around the world. Owing to the wide defense industry, the market for PPS composites is expected to grow during the forecast period.

Competitive Landscape
The global polyphenylene sulfide (PPS) composites market is consolidated in nature, with the five players accounting for the significant share in the global market. Some of the major companies are DIC Corporation, Toray Advanced Composites, Teijin Limited, Solvay and Celanese Corporation, among others.

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