Key vehicle manufacturers are aiming to reduce the weight of vehicles using lightweight materials such as plastics in place of conventionally used metals. This is expected to promote the growth of the thermally conductive plastics market during the forecast period. The increasing demand for thermally conductive plastics in smart electronics, medical devices, and aerospace components is likely to boost the growth of the market.
The global thermally conductive plastics market is expected to grow at a CAGR of 13.5% during the forecast period.
The global thermally conductive plastics market is segmented by resin, application, and geography.
On the basis of resin , the market is segmented into polyamide, polyester, polycarbonate, polyetherimide and polyphenylene sulfide. The polyamide is projected to witness rapid growth in the thermally conductive plastics market during the forecast period owing to their remarkable properties such as high heat conductivity, good chemical resistance, high impact strength, and high-temperature resistance.
On the basis of the application, the market is segmented into electrical and electronics, automotive, healthcare, and others. The electronics and the electrical industry is expected to witness significant growth in the thermally conductive plastics market during the forecast period, 2018–2025. This is attributed to the increasing demand for plastic material with high thermal conductivity and the ability to reduce the temperature at the heat source in many applications. Furthermore, stringent government policies regarding the reduction in vehicular emissions across the globe are compelling the vehicle manufacturers to develop thermally conductive plastics for use in automotive applications, which, in turn, is likely to promote the growth of the automotive segment in the years to come. Additionally, the growing demand for plastics with high thermal conductivity in the medical devices and diagnostic equipment to shield the devices from electromagnetic and radio frequency interference is projected to drive the growth of the market.
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Asia Pacific is expected to dominate the global thermally conductive plastics market owing to the rapid growth of the electrical and electronic, and automotive industries in the region. North America and Europe are expected to emerge as the potential markets for thermally conductive plastics owing to the booming automotive sector and growing awareness about health and hygiene in both the regions. Latin America and the Middle East & Africa (LAMEA) are expected to witness growth in the thermally conductive plastics market at a relatively slow pace during the forecast period, 2018–2025.
Some of the key players in the market are: Celanese Corporation (U.S.), PolyOne Corporation (U.S.), DSM (Netherlands), SABIC (Saudi Arabia), Exxon Mobil Corporation (U.S.), Covestro AG (Germany), RTP Company (U.S.), and DowDupont (U.S.)
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