Polyphenylene Sulfide Resin Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Polyphenylene Sulfide (PPS) Resin Market report Includes market Revenue & Manufacturers and is segmented on the basis of Type (Linear PPS, Cured PPS, and Branched PPS), End-user Industry (Automotive, Electrical and Electronics, Industrial, Aerospace, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). For each segment, the market sizing and forecast have been done on the basis of Revenue (USD million).

Polyphenylene Sulfide (PPS) Resin Market Size

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Polyphenylene Sulfide (PPS) Resin Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR < 5.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration High

Major Players

Polyphenylene Sulfide (PPS) Resin Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Polyphenylene Sulfide (PPS) Resin Market Analysis

The Polyphenylene Sulfide (PPS) resin market is expected to register a CAGR of around 5% during the forecast period.

COVID-19 negatively impacted the market as all the industries put their manufacturing processes on halt. The unfavorable conditions arising from the pandemic resulted in low demand for automotives, which resulted in the negative growth of the PPS resins market during the forecast period. However, the market is anticipated to retain its growth trajectory in 2022 due to the resumed production processes of all industries.

  • The primary factors driving the growth of the market studied are the advantage of PPS resin-based products over other thermoplastic resin-based products and metals and the increased demand for PPS resins in automotive and electronic applications.
  • The high cost associated with PPS resins acts as a restraint in the growth of the market.
  • Rapid production of lightweight electric vehicles is creating a lucrative opportunity for the PPS resin market to grow shortly.
  • The Asia-Pacific region dominated the PPS market over the forecast period due to the rising automotive industry in the countries such as India, China, and others.

Polyphenylene Sulfide (PPS) Resin Market Trends

Automotive Industry to Dominate the Market

  • The automotive sector is the dominating segment due to the extensive consumption of polyphenylene sulfide (PPS) resins in fuel injection systems, coolant systems, and vehicle water pump impellers.
  • According to OICA, in 2021, global vehicle production reached 80.1 million units, an increase of 4% from the previous year's 77.6 million units. The increasing production of vehicles owing to the growing need from consumers is the key factor for driving the market growth.
  • Polyphenylene sulfide is a high-performance thermoplastic with a maximum crystallinity of 65%. According to International Energy Agency, the total production of thermoplastics is estimated to reach 445.25 million metric tons by 2025.
  • Polyphenylene sulfide (PPS) is a semicrystalline material. It offers an excellent balance of properties, including high-temperature resistance, due to which it is also used in the electrical and electronics industry. According to ZVEI, in 2022, the electronics industry in the United States is expected to grow by around 5% year-on-year.
  • PPS resin is known for fulfilling requirements such as withstanding elevated temperatures during use and excellent heat cycle performance to be best used in capacitor cases, invertor cores, motor cores, and housings. Due to such properties, PPS resins are used in electric vehicles.
  • According to the IEA, the global sales of electric cars in Q1 2022 were 2 million units, up 75% from the same period in 2021. It is expected to reach a further 22% increase of around 1.8 million units by 2023.
  • Moreover, heavy investments from automakers are expected to play a significant role in the evolution of the electric vehicle market. For instance, In November 2021, Tesla Inc. announced plans to invest up to USD 187.91 million to expand production capacity at its Shanghai factory.
  • In August 2021, Toyota announced its new BEV series, Toyota bZ, which includes a full line-up of electrified vehicles. A concept-first model version in the series was unveiled at Auto Shanghai, and 15 BEVs are expected to be introduced globally by 2025.
  • Therefore, the growing automotive industry is expected to fuel the global demand for polyphenylene sulfide (PPS) resin during the forecast period.
Polyphenylene Sulfide (PPS) Resin Market: Global Vehicles Production, Million Units, 2019-2022

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific region accounted for the largest market share globally. The demand for PPS is mainly driven by the increasing demand from the automotive, electrical and electronics, industrial, and aerospace industries.
  • Asia is the largest automotive manufacturing hub in the world. The development of electric vehicles is expected to continue to gain momentum in the future, especially in China, where many government programs are promoting the move away from fossil fuels, owing to various environmental concerns.
  • The Chinese automotive manufacturing industry is the largest in the world. However, the industry witnessed a slowdown in recent years, wherein production and sales declined. According to the China Association of Automobile Manufacturers (CAAM), automotive sales in China fell by 8.4% yoy to 2.56 million units in December 2022, whereas, for the full year 2022, the sales grew to 26.86 million units.
  • In 2021, China was the leader in the global auto market, with sales of 26.27 million vehicles, followed by the United States at 15.4 million vehicles and Japan at 4.44 million units.
  • According to India Brand Equity Foundation, the Indian car market is expected to reach USD 54.84 billion by 2027, registering a CAGR of over 9%. Indian automotive industry is targeting to increase the export of vehicles five times by the year 2026. In 2022, total automobile exports from India stood at 5,617,246 units.
  • The Asia-Pacific region is witnessing numerous investments, primarily from global automakers like BMW, Hyundai Motors, and Honda. These companies plan to venture into the Asia-Pacific automotive industry, primarily to increase production while catering to the increasing demand for advanced automobiles.
  • For instance, in December 2022, the BMW Group partnered with Truong Hai Auto Corporation (THACO) to locally produce BMW vehicles in Vietnam. The cooperation extended the BMW Group's production network for vehicles in Asia.
  • Furthermore, China has the world's largest production base for electronics. Electronic products, such as smartphones, OLED TVs, tablets, wires, cables, and earphones, are recording the highest growth in electronics.
  • According to JEITA (Japan Electronics and Information Technology Industries Association), in November 2022, the total production of the electronics industry reached USD 7,098.34 million. In December 2022, Japan exported electronics worth USD 8,395.45 million.
  • The Indian government is mainly focusing on the electronic sector's growth. Thus, it formulated various initiatives, such as a Phased Manufacturing Program (PMP), to add more smartphone components under the 'Make in India' initiative. This is expected to drive domestic manufacturing of mobile handsets, boosting the demand for PPS resins.
  • In India, the electronics market witnessed a growth in demand, with market size increasing rapidly. India's electronic goods exports fetched USD 16.67 billion in December 2022, compared to USD 10.99 billion in the same month of 2021.
  • Hence, the above market trends are expected to drive the demand for PPS in the region during the forecast period.
Polyphenylene Sulfide (PPS) Resin Market - CAGR by Region, 2023-2028

Polyphenylene Sulfide (PPS) Resin Industry Overview

The global Polyphenylene Sulfide (PPS) Resin Market is highly consolidated in nature. Some of the major market players include (not in particular order) TORAY INDUSTRIES, INC., DIC Corporation, Celanese Corporation, Solvay, and NHU Materials Co., among others.

Polyphenylene Sulfide (PPS) Resin Market Leaders

  1. DIC Corporation

  2. Solvay

  3. Celanese Corporation

  4. NHU Materials Co.

  5. TORAY INDUSTRIES, INC.

*Disclaimer: Major Players sorted in no particular order

Polyphenylene Sulfide (PPS) Resin Market Concentration
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Polyphenylene Sulfide (PPS) Resin Market News

  • November 2022: Polyplastics Co., Ltd. expanded its compound capacity of (Nantong) Ltd., the PPS resin production plant. The newly expanded capacity will meet the demand for engineering plastics worldwide and increase the annual production capacity from 9,000 to 21,400 tons. The new manufacturing plant will be in operation from January 2025.
  • April 2022: SABIC, a global leader in the chemical industry, launched a glass fiber-reinforced material based on polyphenylene sulfide (PPS) resin, LNP THERMOCOMP OFC08V compound. The material suits 5G base station dipole antennas and other electrical and electronic applications.

Polyphenylene Sulfide (PPS) Resin Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand for PPS Resins in Automotive Industry

      2. 4.1.2 Advantage PPS Resin-based Products over Other Thermoplastic Resin-based Products

    2. 4.2 Restraints

      1. 4.2.1 Declining Automotive Production

      2. 4.2.2 Impact of COVID-19 Pandemic

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Type

      1. 5.1.1 Linear PPS

      2. 5.1.2 Cured PPS

      3. 5.1.3 Branched PPS

    2. 5.2 End-user Industry

      1. 5.2.1 Automotive

      2. 5.2.2 Electrical and Electronics

      3. 5.2.3 Industrial

      4. 5.2.4 Aerospace

      5. 5.2.5 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Celanese Corporation

      2. 6.4.2 DIC Corporation

      3. 6.4.3 Kolon Plastics Inc.

      4. 6.4.4 KUREHA CORPORATION

      5. 6.4.5 NHU Materials Co.

      6. 6.4.6 Polyplastics Co. Ltd

      7. 6.4.7 SABIC

      8. 6.4.8 SK Innovation

      9. 6.4.9 Solvay

      10. 6.4.10 TORAY INDUSTRIES, INC.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Rapid production of lightweight electric vehicles

**Subject to Availability
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Polyphenylene Sulfide (PPS) Resin Industry Segmentation

Polyphenylene Sulfide (PPS) resin is a crystalline heat-resistant polymer that has a simple chemical structure made from benzene and sulfur. PPS is a type of thermoplastic polymer with high thermal and mechanical performance that has wide applications in various industries, such as automobiles, precise electronics, electrical devices, chemical containers, aerospace components, and others.

The Polyphenylene Sulfide (PPS) Resin Market is segmented by type, end-use industry, and geography. By type, the market is segmented into linear PPS, cured PPS, and branched PPS. By end-use industry, the market is segmented into automotive, electrical and electronics, industrial, aerospace, and other end-user industries. The report also covers the size and forecasts for the polyphenylene sulfide (PPS) resin market in 15 countries across major regions. For each segment, the market sizing and forecast have been done on the basis of revenue (USD million).

Type
Linear PPS
Cured PPS
Branched PPS
End-user Industry
Automotive
Electrical and Electronics
Industrial
Aerospace
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Polyphenylene Sulfide (PPS) Resin Market Research FAQs

The Polyphenylene Sulfide (PPS) Resin Market is projected to register a CAGR of less than 5% during the forecast period (2024-2029)

DIC Corporation, Solvay, Celanese Corporation, NHU Materials Co. and TORAY INDUSTRIES, INC. are the major companies operating in the Polyphenylene Sulfide (PPS) Resin Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Polyphenylene Sulfide (PPS) Resin Market.

The report covers the Polyphenylene Sulfide (PPS) Resin Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Polyphenylene Sulfide (PPS) Resin Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Polyphenylene Sulfide (PPS) Resin Industry Report

Statistics for the 2024 Polyphenylene Sulfide (PPS) Resin market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Polyphenylene Sulfide (PPS) Resin analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Polyphenylene Sulfide Resin Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)