Quest for Advanced Materials in Automotive Manufacturing to Drive Polyphenylene Oxide (PPO) Resins Market: Fact.MR Study
Growing demand for electronic components across several industries owing to rapid digitalization is expected to boost polyphenylene oxide resin shipments in the decade
USA, Rockville MD, June 23, 2022 (GLOBE NEWSWIRE) — The global market for polyphenylene oxide (PPO) resins is worth US$1.79 billion in 2022 and is expected to reach US$2.66 billion. US dollars by the end of 2032. Over the forecast period (2022-2032), consumption of polyphenylene oxide resins is expected to grow at a CAGR of 4.1%. This information was revealed in the latest analysis by Fact.MR, a market research and competitive intelligence provider.
Polyphenylene oxide resins are known for their excellent mechanical properties and other characteristics such as low density, insulation properties, dimensional stability, etc. These properties make PPO resins a highly preferred material in electronics and automotive manufacturing.
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As such, the demand for PPO resins is expected to be mainly driven by these two industries during the forecast period. However, volatility in crude oil prices is expected to have a constraining effect on the overall polyphenylene oxide resin market in the future.
The major Polyphenylene Oxide Resin suppliers are focusing on launching new products to meet the growing demand from various end-use industries. PPO resin manufacturers are also increasing their investment in research and development to develop innovative products and gain a competitive edge over other market players.
Which regions are crucial for the growth of the Global PPO Resins Market?
“Asia-Pacific will experience the fastest increase in demand for polyphenylene oxide resins”
Asia-Pacific is expected to be a hot market for all PPO resin suppliers across the globe. At present, the consumption of polyphenylene oxide resins in this region is worth US$462.2 million and is expected to increase at a CAGR of 4.6% during the forecast period.
The high usage of OPP in several end-use industries is mainly expected to drive the market growth in this region. This region has witnessed an increase in the demand for electronic components owing to the increase in consumer spending potential which is fueling the sales of several devices. Therefore, the use of PPO resins in the manufacture of electronic and electrical devices is also expected to increase in the coming years.
Supportive government initiatives aimed at boosting manufacturing and industrial activity in this region are also expected to boost polyphenylene oxide resin sales through 2032. The particular increase in automotive manufacturing in this region is expected to provide new opportunities. over the years to come.
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Key segments covered by the Polyphenylene oxide (PPO) resins Industry survey
Polyphenylene oxide resins market players are increasing their investments in expanding production capacity to meet high demand and also investing in research and development to launch new modified PPO resins designed for specific applications .
Polyphenylene oxide resin suppliers are focusing on increasing their manufacturing capacity to meet the high demand from the automotive and electronics industries.
The PPO resins market is competitive with major players accounting for substantial market share. New entrants could enter the market by deploying unique strategies and launching new products adapted to evolving trends.
In May 2022, LG Chem, a Korean chemical manufacturer, announced the launch of a new plastic that will be used in electric vehicle batteries to prevent fire from spreading through them. The new plastic is made of polyphenylene oxide (PPO) and polyamide (PA) resins.
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The key players in the Polyphenylene oxide (PPO) resins Market
Mitsubishi Chemical Corporation
Evonik Industries AG
China National Bluestar (Group) Co LTD
Saudi Society for Basic Industries
Main takeaways from Polyphenylene oxide (PPO) resins Market research
In 2022, the polyphenylene oxide resins market represents a valuation of US$1.79 billion.
From 2022 to 2032, the demand for polyphenylene oxide resins is expected to increase at a CAGR of 4.1%.
The PPO resins market is expected to reach US$2.66 billion by 2032.
Rising demand for advanced materials, growing use in automotive and electronics applications, growing demand for nanocomposites, and growing demand for electronic devices are the major drivers for the growth of the PPO resins market.
The Japanese PPO resin market is worth US$73.7 million in 2022.
Crude oil price volatility is expected to have a moderating effect on the overall growth of the PPO resins market.
The demand for polyphenylene oxide resins in Asia-Pacific is expected to grow at a CAGR of 4.6% through 2032.
Consumption of polyphenylene oxide resins in automotive and transportation applications is currently US$442.3 million.
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