New York City, NY, 09 April, 2020/ 24 Market Reports: It is estimated for the heat resistant polymers market to reach USD 16.64 Billion by 2021, witnessing the growth at a CAGR of 6.4% during the forecast period of 2016 to 2021. The increasing demand for lightweight and high-temperature plastics in the global transportation industry are the factors that are driving the growth of the market during the forecast period.
Its versatile properties, such as high chemical resistance, including resistance for solvents, acids, and bases; high dimensional stability; and the most important being the non-stick or friction-reducing property is driving the growth of the fluoropolymer grade segment during the forecast period. This is driving the growth of the market in the automotive and aerospace industries in Asia-Pacific and North America regions.
The transportation segment is estimated to lead the market during the forecast period. The increasing applications of heat resistant polymers in vehicles to make vehicles more light, compact, and fuel-efficient by replacing metallic parts with these plastics is driving the growth of the market during the forecast period. The heat resistant polymers are lightweight alternatives to metals that corrode when exposed to salts or automotive fluids and this factor is also propelling the growth of the market during the forecast period.
Asia Pacific region is estimated to drive the market during the forecast period. The market also is estimated to witness the growth at the highest CAGR in the market. The increasing demand from the electronics & electrical and transportation end-use industries, which account for the majority share of the total market, and improving economic conditions leading to high demand for electronic goods in China and India is driving the growth of the market in the region during the forecast period.