High-Performance Polymers Market: By Type (Fluoropolymers, Polyphthalamide (PPA), Polyphenylene Sulphide (PPS), Sulfone Polymers (SP), Polyamide (PA), Polyketones, Polyimides, Liquid Crystal Polymers (LCP), Others), By End-user Industry (Automobile, Aerospace & Defense, Electrical & Electronics, Industrial, Medical, Others) and Geography

High-Performance Polymers market size was valued at USD 22,853.1 million in 2022 and is poised to grow at a CAGR of 4.8% over 2023-2029. High-performance polymers are a family of polymer materials with remarkable mechanical, thermal, chemical, and electrical capabilities. The polymers are made to meet strict specifications in a variety of industries and are developed to perform better in specific applications than common commodity plastics. The increased demand for lightweight polymers in industries like automotive and aerospace to improve fuel efficiency and reduce emissions is expected to drive the high-performance polymers market. Moreover, owing to their biocompatibility, stabilizability, and resistance to chemicals and body fluids, high-performance polymers are in high demand in the medical sector. High-performance polymers derived from renewable and biological sources now have more prospects as society moves toward more environmentally friendly and sustainable materials and provides several opportunities to manufacturers for the development of the market. For instance, in November 2022, Ascend Performance Materials acquired California-based Circular Polymers, a postconsumer, high-performance polymers recycler. The deal provided Ascend with a consistent supply of high-quality PCR materials for its ReDefyne sustainable polyamides. Additionally, the miniaturization of electronic components with exceptional electrical properties and dimensional stability by high-performance polymers is currently in trend and is anticipated to experience market growth. But, the high cost of high-performance polymers than conventional polymers and other materials like metals hinders the market growth. However, innovation and technological advancements, urbanization and industrialization, infrastructure development, and increased disposable income among the population are anticipated to fuel the market growth during the forecasted years.

High-Performance Polymers Market Key Developments:

• In December 2021, ExxonMobil Chemical Company acquired California-based Materia, Inc., for manufacturing a new class of materials to be used in a number of applications, including wind turbine blades, electric vehicle parts, sustainable construction, and anti-corrosive coatings.
• In July 2020, PolyOne Corporation, a leading global provider of specialized polymer materials, services and sustainable solutions, acquired the color masterbatch businesses of Clariant and Clariant Chemicals India Ltd. and announced its change of name to Avient.
• In January 2019, Evonik acquired Structured Polymers Inc., a US-based technology startup for 3D printing materials headquartered in Austin, Texas. The acquisition provided Evonik access to a new patented technology that allowed the company to expand its portfolio of specialty polymer powders in the additive manufacturing market.
• In August 2018, LyondellBasell, one of the world's largest plastics, chemicals, and refining companies, acquired A. Schulman, Inc., a leading global supplier of high-performance plastic compounds, composites, and powders.