CHICAGO, July 29, 2022 /PRNewswire/ -- Thermally Conductive Plastics Market is projected to grow from USD 121 million in 2021 to USD 298 million by 2027, at a CAGR of 16.2% from 2021 to 2027, according to a new report by MarketsandMarkets. Thermally conductive plastics provides design freedom, enhanced thermal conductivity, and ease in customization compared to traditional metals and ceramics. Development in power electronics and smaller electronics components has increased the demand for thermally conductive plastics. Lightweight and customizable parts in the automotive industry utilize thermally conductive plastics for heat dissipation. Technological advancements in E-mobility and telecommunications industry also support the growth of the thermally conductive plastics market. Traditional metals and ceramics are substitute for thermally conductive plastics which limits the growth of the market. However, high performance application requires superior thermal management which demand thermally conductive plastics. The growing demand for heat dissipation in the electrical & electronics, automotive, and telecommunications industries are the major opportunities that will boost the demand for thermally conductive plastics during the forecast period.
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In terms of value, PBT is estimated to be the second-largest market in the global thermally conductive plastics market, by type, during the forecast period.
PBT is a rigid and heat resistant polymer which allows development of complex parts owing to its dimensional accuracy and flexibility. PBT based thermally conductive plastics are widely used in electrical & electronics and automotive industry for LED lightings, battery casings, and housing of components. The consumption of PBT based thermally conductive plastics is expected to increase owing to the emergence of E-mobility and efficient heat dissipation in automotive electronics during the forecast period.
Industrial is estimated to be the third-largest end-use industry by value in 2022
Thermally conductive plastics are used in industrial equipment such as motors & armatures, transformers, housings, machine parts, heat exchangers, HVAC, and covers. These plastics with additives such as graphite powder increase the thermal conductivity and provide substantial advantages over metals in terms of weight reduction, corrosion resistance, design flexibility, and cost. Resistance to various chemicals and fire makes thermally conductive plastics a suitable alternative to metals in industrial applications.
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South America is estimated to register the third highest CAGR during forecast period
The market growth in this region is backed by the economic and infrastructural development in Brazil and Argentina, mainly in the electrical & electronics, automotive, and industrial sectors. Industrial activities in the region have increased because of the rising disposable incomes, shift toward nuclear families, affordable interest rates, and changing consumer preferences.
Major players in the global thermally conductive plastics market include Celanese Corporation (US), DSM (The Netherlands), SABIC (Saudi Arabia), BASF (Germany), DuPont (US), LANXESS (Germany), Mitsubishi Engineering-Plastics Corporation (Japan), Ensinger (Germany), TORAY INDUSTRIES, INC. (Japan), and KANEKA CORPORATION (Japan).
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