Vehicle electrification trends driving high-performance plastic demand

Increasing vehicle electrification and the need for light-weight construction is driving demand for high-performance plastic (HPP), a report says.

Adoption of composite-grade HPPs could take the market past US$3 billion by 2024, Frost & Sullivan’s recent analysis of the HPP market in automotive and aerospace Industries reveals.

The global company, which helps clients navigate economic changes and to identify disruptive technologies, anticipates the automotive and aerospace HPP market to grow at a compound annual growth rate of 6.2% until 2024.

“Electric vehicles (EVs) present significant opportunities for HPPs in battery components,” a Frost & Sullivan senior research analyst Soundarya Gowrishankar says. “For instance, battery modules, battery housing, gaskets, connectors and sensors in EV present robust growth opportunities for HPPs owing to their high-temperature stability, chemical resistance to electrolytes, dimensional stability, flame-retardant nature, high-voltage resistance, and electrical insulation properties.”

Asia-Pacific will remain a key market for HPPs in the automotive industry, owing to the high volume of production, he says

Growing performance requirements across various applications are accelerating the adoption of composite-grade HPPs in both automotive and aerospace industries due to their superior performance qualities.

Developments in 3D printing are accelerating the demand for HPPs in aerospace applications.

OEMs and component manufacturers continue to expand into new regions, providing more HPP demand.

Tightening regulations around carbon dioxide (CO2) emissions compel manufacturers to adopt light-weighting strategies, thereby steering the use of plastics in more challenging applications, the company says.