Increasing Demand for Electronic Components in Several Industries Owing To Rapid Digitization Is Expected To Drive the Shipments of Polyphenylene Oxide Resins over the Decade
United States, Rockville MD, June 23, 2022 (GLOBE NEWSWIRE) — The global market for polyphenylene oxide (PPO) resins stands at a valuation of US$ 1.79 billion in 2022 and is expected to reach US$ 2.66 billion by the end of 2032. Over the forecast period (2022-2032), consumption of polyphenylene oxide resins is anticipated to increase at a CAGR of 4.1%. These insights have been revealed in the latest analysis performed by Fact.MR, a market research and competitive intelligence provider.
Polyphenylene oxide resins are known for their excellent mechanical properties and other characteristic features such as low specific gravity, 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, demand for PPO resins is expected to be majorly driven by these two industries across the forecast period. However, volatility in crude oil prices is expected to have a constraining effect on the overall polyphenylene oxide resins market going forward.
Key polyphenylene oxide resin suppliers are focusing on launching new products to meet increasing demand from various end-use industries. PPO resin manufacturers are also increasing their investments in research and development to develop innovative products and gain a competitive edge over other market players.
Which Regions are Crucial to Global PPO Resins Market Growth?
“Asia Pacific to Witness Fastest Increase in Demand for Polyphenylene Oxide Resins”
Asia Pacific is anticipated to be a highly sought-after market for all PPO resin suppliers across the world. At present, consumption of polyphenylene oxide resins in this region accounts for a value of US$ 462.2 million and is estimated to expand at a CAGR of 4.6% across the forecast period.
High use of PPOs in several end-use industries is expected to primarily drive market growth in this region. This region has witnessed an increase in demand for electronic components owing to rising consumer spending potential which is fueling sales of several devices. Hence, the usage of PPO resins in electronics and electrical appliance manufacturing is also expected to increase over the coming years.
Supportive government initiatives to boost manufacturing and industrial activity in this region are also anticipated to favor polyphenylene oxide resin sales through 2032. Especially increasing automotive manufacturing in this region is predicted to provide new opportunities over the years to come.
To learn more about Polyphenylene Oxide (PPO) Resins Market, you can get in touch with our Analyst at https://www.factmr.com/connectus/sample?flag=AE&rep_id=7510
Key Segments Covered in the Polyphenylene Oxide (PPO) Resins Industry Survey
- Polyphenylene Oxide Resins Market by Application :
- Automotive & Transportation
- Electronic Components
- Domestic Appliances
- Medical Instruments
- Air Separation Membranes
- Fluid Handling
- Polyphenylene Oxide Resins Market by Region :
- North America
- Latin America
Polyphenylene oxide resins market players are increasing their investments in the expansion of production capacity to meet the high demand and are 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 high demand from the automotive and electronics industries.
The PPO resins market is competitive with major players accounting for a substantial market share. New entrants could penetrate the market by deploying unique strategies and launching novel products that suit evolving trends.
- In May 2022, LG Chem, a Korean chemical manufacturer, announced the launch of a new plastic that will be used in EV batteries to prevent the spread of fire through them. The new plastic is made up of polyphenylene oxide (PPO) and polyamide (PA) resins.
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Key players in the Polyphenylene Oxide (PPO) Resins Market
- Ensinger GmbH
- Solvay S.A.
- RTP Company, Inc.
- Mitsubishi Chemical Corporation
- Evonik Industries AG
- Entec Polymers
- Romira GmbH
- China National Bluestar (Group) Co LTD
- Saudi Basic Industries Corporation
Key Takeaways from Polyphenylene Oxide (PPO) Resins Market Study
- In 2022, the polyphenylene oxide resins market accounts for a valuation of US$ 1.79 billion.
- From 2022 to 2032, demand for polyphenylene oxide resins is projected 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, increasing use in automotive & electronic applications, growing demand in nanocomposites, and increasing demand for electronic appliances are major factors driving PPO resins market growth.
- The Japan PPO resins market stands at a value of US$ 73.7 million in 2022.
- Volatile pricing of crude oil is expected to have a restraining effect on overall PPO resins market growth.
- Demand for polyphenylene oxide resins in Asia Pacific is predicted to increase at a CAGR of 4.6% through 2032.
- Consumption of polyphenylene oxide resins in automotive and transportation applications currently accounts for US$ 442.3 million.
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