Polyphenylene Sulfide Market worth 1,574.7 Million USD by 2020 | Key Players include DIC Corp., Tosoh Corp., Toray Industries Inc., Kureha Corp., Solvay SA, Fortran Industries LLC, China Lumena New Materials Corp., Initz Co. Ltd, Zhejiang NHU Special Mate

According to recent research "Polyphenylene Sulfide Market by Application (Automotive, Electrical & Electronics, Filter Bags, Aerospace, Industrial, Coatings, and Others) and by Region (Asia-Pacific, North America, Europe, and Row) - Global Forecast to 2020", published by MarketsandMarkets™, The global Polyphenylene Sulfide (PPS) market size is estimated to grow from USD 995.1 Million in 2015 to USD 1,574.7 Million by 2020, at a CAGR of 9.6%.

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The growing popularity of Polyphenylene Sulfide (PPS) over metals and other conventional high temperature plastics in various applications plays a significant role in driving the market. Growth in electric and hybrid vehicles market growing, increasing consumption in filter and filter bag applications, and improved characteristics over conventional plastics are the key driving forces for PPS in many applications. Growth of the PPS market is backed by growth in electric and hybrid cars market, increasing demand from filter bag applications, and metal replacement along with growing demand for advanced and novel solutions to cope with the changing needs of end-users. The market for PPS will continue to be governed by such factors in the future.

The market players are expected to employ organic growth strategies such as regional expansion and joint ventures to expand their overall business worldwide. The key companies operating in these markets are striving to provide innovative products and enhance their presence in the emerging markets. They are also focusing on strengthening research and development facilities to provide cost-effective product grades. All these developments are expected to lead to sustainable growth of the PPS market in the next five years.

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Expansions and joint ventures/acquisitions were the key strategies adopted by industry players to achieve growth in the global Polyphenylene Sulfide (PPS) market between 2011 and 2015. These two strategies together accounted for the largest share of all the strategies adopted by market players.

The growing need for a cleaner environment has urged governments of various countries to initiate the use of electric cars and curb the rising air pollution. Electric Vehicles Initiative (EVI) has also been started to reduce environmental pollution. Fifteen governments have participated in this initiative. Electric vehicles help reduce the dependence on gasoline and use electricity, which is relatively inexpensive. High-quality physical and chemical properties as well as resistance to various chemicals are likely to drive the global PPS market. The growing popularity of PPS over conventional polymers for metal replacement in various applications plays a significant role in driving the market.

Rising growth in the automotive industry, especially in hybrid and electric cars, increasing consumption of PPS filter bags, and replacement of conventional plastics are driving the market growth worldwide. These market drivers have encouraged the market players to adopt various growth strategies. Some of the leading PPS manufacturers, such as DIC Corp. (Japan), Tosoh Corp. (Japan), Toray Industries Inc. (Japan), Kureha Corp. (Japan), Solvay SA (Belgium), Fortron Industries LLC (U.S.), China Lumena New Materials Corp. (China), Initz Co. Ltd (South Korea), Zhejiang NHU Special Materials (China), and Lion Idemitsu Composites Co. Ltd. (Japan).

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Besides expansions and joint ventures/acquisitions, companies adopted new product developments and agreements to expand their market share and distribution network. These strategies accounted for a small share of the total number of growth strategies adopted by the market players of PPS between 2011 and 2015.

DIC Corp., a global market player for PPS, expanded its production facilities between 2011 and 2015, and added new technical centers for expanding its reach. During the same time period, the company constructed a technical center in Europe. It also constructed a compounding facility in China to expand its PPS business in the fastest-growing Chinese market.

Other developments between 2011 and 2015 include development of new and enhanced PPS for various applications, expansions by Toray Industries Inc., DIC Corp., Fortron Industries LLC, acquisition of the Ryton PPS Business of Chevron Phillips by Solvay SA, and a joint venture of Royal DSM and NHU Specialty Materials Co. Ltd for the development and manufacturing of PPS-based high-performance plastic compounds. SK Chemicals has developed and patented it PPS manufacturing technology. The company along with Teijin Industries has a joint venture facility in Ulsan, Korea, which manufactures PPS using SK Chemicals’ patented solvent and chlorine-free PPS.

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