San Francisco, July 07, 2016 (GLOBE NEWSWIRE) -- The global polyphenylene sulfide (PPS) market is expected to reach USD 1.6 billion by 2022, according to a new report by Grand View Research, Inc. Increasing demand in the manufacturing of various automotive parts including IC regulator & rectifier, coolant circuit, brakes, fuel pump parts, actuators, motor insulators, and gaskets will augment industry size over the forecast period.
Browse to access In-depth research report on global Polyphenylene Sulfide Market with detailed charts and figures: http://www.grandviewresearch.com/industry-analysis/polyphenylene-sulfide-pps-industry
Growing automotive sector primarily in China, India, Mexico and the U.S. on account of favorable government policies along with presence of big players in the market is expected to drive demand. Volatility in raw material prices may challenge industry growth over the next seven years.
Technological advancements for the development of eco-friendly, inexpensive, and low VOCs products along with addition of new production capacities by prominent players including DIC and Toray is further expected to open new market opportunities over the next seven years.
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Further key findings from the report suggest:
- Global polyphenylene sulfide (PPS) market demand was over 80,000.0 tons in 2014 and is expected to reach above 140,000.0 tons by 2022, growing at a CAGR of 7.3% from 2015 to 2022.
- Automotive application was valued over USD 250 million in 2014 and will witness substantial rise in light of increasing automobile industry in the U.S., Mexico, India and China. High demand for various products including seat frames, ducting, panels, brackets, ribs and fasteners will fuel growth.
- North America accounted for over 20% of the global volume in 2014 and is expected to witness significant growth over the next seven years on account of growing automotive and aerospace sector in the region. Rising automotive production mainly in Mexico along with leading automobile companies including Nissan, Honda Motors and Mazda will spur industry expansion.
- Key industry players include Toray Industries, SK Chemicals, Celanese Corporation Lumena, DIC, Solvay, Tosoh Corporation, Lion Idemitsu Composites Co. Ltd, NHU, Kureha Corporation and SABIC. Various companies are involved in continuous R&D and ongoing product development to enhance properties of PPS.
- In September 2014, Solvay signed an agreement to purchase Ryton PPS business from Chevron Phillips Chemical Company for USD 220 million in order to expand its high-performance polymers products and strengthen business presence. The company is expected to purchase PPS resin manufacturing units in Borger, Texas; Bartlesville, Oklahoma, and Kallo-Beveren, Belgium.
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Grand View Research has segmented the global polyphenylene sulfide (PPS) market on the basis of application and region:
Global PPS Application Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2022)
- Electronics & Electrical
Global PPS Regional Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2022)
- North America
- Asia Pacific
Access press release of this research report by Grand View Research: http://www.grandviewresearch.com/press-release/Global-Polyphenylene-Sulfide-(PPS)-Industry
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research