Thermal Conductive Polymer Materials Market Post COVID-19 Pandemic | Fortune Business Insights™
Posted on Jan 24 2023 6:43 AM
"Companies covered are RTP Company, PolyOne Corporation, Celanese Corporation, SABIC, Covestro AG, Royal DSM, Mitsubishi Engineering-Plastics Corporation and many more in Thermal Conductive Polymer Materials Market research report "
The global thermal conductive polymer materials market size is expected to grow attributable to the gamut of advantages offered by heat-stabilizing plastics, highlights Fortune Business Insights™ in its report, titled "Thermal Conductive Polymer Market 2021-2028."
The advent of thermal conductive polymer materials has challenged the employment of traditional materials such as aluminum in various industrial applications. This is because these new-age polymers are offering advantages that metals and ceramics can never possess. For example, in power electronics applications, thermally conductive plastics facilitate encapsulation and over-molding, which are impossible to achieve with metals or ceramics. Furthermore, medical devices that generate large amounts of heat, such as ventilators, thermal-friendly polymers enable design flexibility due to their molecular structure, as well as allow the creation of lightweight equipment and devices. These materials also provide a wide range of benefits in LED lighting as well by reducing the weight of bulbs and tubes, thereby bringing down production costs.
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Impact of COVID-19
Rising production costs and reduced working capacity were the initial challenges that had sprung up when the COVID-19 pandemic broke out in 2020. However, owing to the high demand for heat-resistant plastics in the healthcare sector, the adoption of thermal conductive polymer materials may increase and spur the growth of this market amid the current crisis.
Based on product type, the market is segmented into polyamide, polybutylene terephthalate (PBT), polycarbonate, polyphenylene sulfide (PPS), polyetherimide, and others. The market is fragmented into electrical & electronics, automotive, industrial, healthcare, aerospace, and others, by application. Furthermore, geographically, the market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Highlights of the Report
This report contains a thorough analysis of all the market segments, along with an in-depth study of the various factors positively impacting the market. Further, the report shares a detailed assessment of the challenges confronting the market and incorporates comprehensive research into the influence that regional and competitive developments are likely to have on the market.
Drivers and Restraints
Increasing Adoption of Electric Vehicles Worldwide to Support Market Growth
The thermal conductive polymer materials market growth is set to make substantial gains from the growing demand for electric vehicles (EVs) around the world. A report by the International Energy Agency (IEA) stated that 2.1 million electric cars were sold in 2019, expanding the global electric car stock to 7.2 million. Furthermore, electric cars accounted for 2.6% of the total global car sales in 2019. Industry experts believe that plastic resin that thermally conductive, but not electrically, can allow for higher voltages in EVs while maintaining the safety of the vehicle. This is because such plastics can disperse and dissipate heat in EV battery packs, without increasing the weight of the vehicle, something that cannot be achieved with metallic components.
Brisk Growth of End-Use Industries to Power the North America Market
North America is projected to lead the thermal conductive polymer market share on account of the surging advancement of end-user industries such as electronics, automotive, and aerospace in the region. Substantial investments coupled with the US's swiftly expanding automobile industry are projected to influence market growth for the region.
Growing per-capita incomes and rapidly escalating urbanization are steering significant monetary investments in the electronics industry, fueling market growth in the Asia Pacific region. On the other hand, the increasing demand for thermal conductive polymer materials in Europe is being driven by the predominance of some of the world’s largest automakers in the region.
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Acquisition Activities by Key Players to Fire up Market Competition
Leading players in the intensely competitive market for thermal conductive polymer materials are engaging their resources to acquire new assets to enlarge their market presence. For example, PolyOne Corporation acquired PlastiComp, a specialist in engineered materials and specialty polymers, with the aim to augment its revenues.
In addition, companies such as Royal N.V. DSM are expanding their geographic reach by establishing their operations in emerging markets.
- May 2018: SLP Lighting selected thermally conductive polymer material from Covestro to facilitate efficient cooling for its new CircLED™ product. The polycarbonate material will function as a heat sink for the lighting system, prolonging its operational life by dissipating heat.
List of Key Players Profiled in the Thermal Conductive Polymer Material Market Report
- RTP Company
- PolyOne Corporation
- Celanese Corporation
- Covestro AG
- Royal DSM
- Mitsubishi Engineering-Plastics Corporation
- Hella GmbH & Co.
- Toray Industries Inc.
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