The polyphenylene sulfide (PPS) market is estimated to be valued at US$ 1.3 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Polyphenylene sulfide (PPS) is a high-performance engineering thermoplastic possessing properties such as high heat deflection temperature, dimensional stability, flame retardancy, resistance to many chemicals and solvents, low moisture absorption and superior electrical qualities. Due to these inherent properties, PPS finds wide applications in automotive, electrical & electronics, filtration, industrial, coatings etc. It competes with metals and other engineering thermoplastics owing to its high strength, durability and dimensional stability even under extreme conditions.

Market key trends:

The Polyphenylene Sulfide Market Size is expected to grow at a significant rate owing to rising demand from emerging applications in electrical and electronics industry. PPS exhibits excellent resistance to heat, chemicals and absorbs less moisture making it a preferred choice for various electrical components. It is increasingly being used as insulators, switches, plugs, sockets etc. Furthermore, growth of automotive industry especially in Asia Pacific is also boosting polyphenylene sulfide consumption for under-the-hood applications due to its high heat and chemical resistance. Rapid urbanization and improving living standards are augmenting demand for home appliances and industrial machinery which utilize PPS for its durability under adverse conditions.

Porter's Analysis

Threat of new entrants: The threat of new entrants is low due to the high capital requirements needed to build manufacturing facilities for PPS production.

Bargaining power of buyers: The bargaining power of buyers is moderate as PPS has applications in diverse industries like automotive, aerospace, and electronics. Buyers can negotiate on prices to some extent.

Bargaining power of suppliers: The bargaining power of suppliers is high as raw materials needed for PPS production such as p-dichlorobenzene and sodium sulfide are produced by few specialized manufacturers globally.

Threat of new substitutes: The threat of new substitutes is moderate as some engineering thermoplastics like PEEK and PEI can be used in applications where high heat resistance is required instead of PPS.

Competitive rivalry: The competitive rivalry is high among the established players.

SWOT Analysis

Strengths: High heat resistance, dimensional stability, and durability of PPS make it suitable for use under extreme conditions. PPS exhibits good chemical resistance.

Weaknesses: PPS has high production costs. Molded parts made from PPS have low impact strength.

Opportunities: Increasing demand from electrical and electronics industry for miniaturized and lightweight components provide growth opportunities. Growing automotive industry especially in Asia Pacific is another growth lever.

Threats: Fluctuations in raw material prices can hamper profitability. Low penetration in emerging economies poses threat.

Key Takeaways

The global Polyphenylene Sulfide market is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing demand from electrical and electronics industry. Asia Pacific dominates the PPS market currently owing to large electronics and automotive manufacturing base in China, Japan, and South Korea. Regional analysis North America and Europe are other major consumers of PPS.

Key players operating in the Polyphenylene Sulfide market are Zhejiang NHU Special Materials Co, Ltd, Chengdu Letian Plastics Co, Ltd., and Lion Idemitsu Composites. Zhejiang NHU Special Materials leads the market with over 30% share.

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