DUBLIN, September 22, 2021--(BUSINESS WIRE)--The "North America Polyphenylene Sulfide Compounds Market Size, Share & Trends Analysis Report by Application (Automotive, Water Supply/Fluid Management, Electrical & Electronics), by Country, and Segment Forecasts, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The North America polyphenylene sulfide compounds market size is expected to reach USD 355.02 million by 2030 and is expected to expand at a CAGR of 5.6%
Polyphenylene sulfide (PPS) compounds are widely used in various applications across the automotive industry including thermal management, water pumps, sensors, power control units, batteries, electric motors, electric control units, and extrusion tubes.
The use of PPS compounds helps in reducing fuel consumption and improving system integration. In addition, properties such as exceptional dimensional stability and resistance to mechanical stress and corrosive automotive fluids are augmenting the product demand in automotive applications in the region.
The automotive application segment is expected to dominate the market throughout the forecast period owing to the favorable properties of PPS compounds and governmental regulations for vehicle weight reduction.
The polyphenylene sulfide compounds market in North America is expected to grow owing to the growing scope in various application sectors. In electrical and electronics applications, polyphenylene sulfide compounds find application in bobbins and connectors, hard disk drives, electronic housings, sockets, switches, lamp sockets, and microwave parts, among others.
Properties of polyphenylene sulfide such as exceptional dimensional stability, heat and chemical resistance, impact resistance, moldability, and rigidity over a wide range of temperatures are significantly fueling the product demand in electrical and electronics applications.
The water supply/fluid management application segment is expected to be the fastest-growing segment over the forecast years. Polyphenylene sulfide compounds help to improve the performance of water supply/fluid management. Fluids and chemicals such as insect control chemicals, automotive fluids, mild acids, and several industrial materials flow through the liquid chemical pump.
Hence, achieving chemical and wear resistance is a critical factor in improving the equipment life. This is likely to boost the demand for polyphenylene sulfide compounds in water supply/fluid management, which offers excellent chemical and wear resistance properties.
North America Polyphenylene Sulfide Compounds Market Report Highlights
In terms of revenue, the automotive application segment accounted for the largest share in 2020 and is expected to witness prominent growth over the forecast period
In 2020, the U.S. accounted for the largest revenue share of more than 70.0% in the regional market. Increasing adoption of electric vehicles owing to growing government support in the form of subsidies is further expected to fuel the demand for polyphenylene sulfide compounds in electric vehicles in the country
Increasing regulatory intervention by the U.S. Environmental Protection Agency (EPA) and the Department of Transportation's National Highway Traffic Safety Administration (NHTSA) regarding greenhouse gas emissions and fuel economy standards for vehicles is expected to drive the demand for polyphenylene sulfide in automotive application in the coming years
Various strategic initiatives were recorded over the past few years, which fueled the growth of the market in North America. For instance, in March 2019, DIC Corporation announced to build a new production line of PPS compounds at its DIC Imaging Products USA, LLC facility in Oak Creek, Wisconsin
Market Driver Analysis
Rising demand from the automotive industry
Increasing demand from various application sectors
Market restraint Analysis
Presence of substitutes is expected to hamper the demand for polyphenylene sulfide
Market opportunity Analysis
Market challenge Analysis
Fluctuating raw material prices
Toray Industries, Inc.
Polyplastics Co., Ltd.
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