Special plastics industry scale

The market size of China's special engineering plastics industry will be 17.556 billion yuan in 2022, and the market will show a stable growth trend. From 15.42 billion yuan in 2018 to 15.12 billion yuan in 2020, the market size remained stable, showing the resilience of the industry. Since 2021, the market size has begun to show a growth trend, indicating that the industry is facing new growth opportunities. Looking forward to the next five years, the market size of the special engineering plastics industry is expected to continue to grow. The market size will reach 18.639 billion yuan in 2023 and is expected to reach 23.238 billion yuan in 2027.

The market forecast for the next five years shows that the special engineering plastics industry willcontinue to grow and has good development potential. This may benefit from the wide application of specialty engineering plastics in various fields such as the automotive industry, electronic and electrical equipment, and aerospace. For example, with the development of new energy vehicles and other emerging fields, the demand for PPS (polyphenylene sulfide) continues to grow. Under the general trend of automobile lightweighting, PPS and high-temperature nylon, as substitutes for metal materials, are widely used in HVAC systems, control systems, sensors, generators and drive motor components, and battery components of new energy vehicles. On traditional cars, the amount of PPS used is about 700 grams, while on new energy cars, the amount of PPS used can reach 2,500 grams (of which 1,800 grams are used for HVAC systems and 700 grams are used for other applications). On average, each vehicle in China Cars use about 8 kilograms of nylon material, and the average amount of nylon used in each global car is between 28 and 32 kilograms. According to the prediction of the Association of Automobile Manufacturers, by 2025, China's car production will reach 30 million vehicles. Calculating that each car uses an average of 15 kilograms of nylon material, the automotive industry will require about 450,000 tons of nylon materials. It is expected that the lightweighting of automobiles will create an application market of hundreds of thousands of tons for high-temperature nylon.

With the promotion of new energy vehicles and the construction of infrastructure, downstream market demand will be released. The consumption of special engineering plastics such as PPS, PEEK, LCP, PSF, and PI will steadily increase in the future, and the production capacity layout of Chinese companies will accelerate. Especially it plays an important role in key components such as the body structure and battery pack casing of new energy vehicles. Compared with traditional cars, new energy vehicles have higher requirements for materials such as lightweight, corrosion resistance and insulation properties. The rapid development of the 5G industry will also promote the boom of the special engineering plastics industry. The popularization and application of 5G technology has promoted the construction of communication equipment and base stations, and these equipments have a huge demand for special engineering plastics with high performance, high temperature tolerance and good weather resistance. In addition, China's dependence on the import of special engineering plastics has exceeded 60%. As companies such as Kingfa Technology, Plite, and Watt Co., Ltd. continue to increase their deployment efforts, the scale of China's special engineering plastics production capacity will be further expanded, and product prices will Showing a downward trend, the cost-effectiveness advantage will be further highlighted, which will promote explosive growth in sales. The market size of the special engineering plastics industry will show a rapid upward trend. At the same time, the penetration rate in the automotive and 5G fields will continue to increase, and the domestic substitution process will accelerate. , it is estimated that by 2027, China's special engineering plastics market will reach 23.238 billion yuan.

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