Polyphenylene Oxide (PPO) is a high-performance thermoplastic with high chemical resistance for materials such as mineral and organic acids. These properties help to widen the application areas of polyphenylene oxide (PPO). Additionally, the polyphenylene oxide (PPO) has extensive applications across the automotive industry owing to properties of high tensile strain and stronger impact strength. Further, the fair resistant to steam and hot water makes it useful for electronics and electrical industries. These robust applications are helping the market to exhibit a CAGR of 4.9% during the forecast period by the end of 2025.
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Polyphenylene oxide (PPO) is extensively used across electrical insulation due to low moisture absorption and resistance to the wide-ranging temperature conditions. Additionally, the rising penetration of consumer electronics is augmenting demand for polyphenylene oxide and in turn, is fueling growth of the market. Further, increasing disposable income and changing lifestyles in the emerging countries is leading to an increasing demand for automotive, which is likely to spur growth of the polyphenylene oxide (PPO) market.
Flourishing industries and robust investment for infrastructural development, the construction industry is likely to boost the polyphenylene oxide (PPO) market. Some of the other factors traced to be beneficial for the growth of the global polyphenylene oxide (PPO) market are a rapid expansion of population, technological advancements, and rapid industrialization.
Despite attractive properties, the polyphenylene oxide (PPO) have limited applications commercially due to the possibility of thermal oxidation, which may create hurdle in its adoption. The factor is likely to restrain the market growth in the coming future. Additionally, the raw component is highly expensive, and its manufacturing process is relatively complex, which also limits the growth of the global polyphenylene oxide (PPO) market. Nonetheless, growing demand for blended polymers including polystyrene, is witnessing acceptance owing to the balance of properties. This acceptance is likely to open doors for polyphenylene oxide (PPO) across several applications in the future and likely to benefit its sales by overcoming challenges.
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The polyphenylene oxide (PPO) market is segmented in terms of application and region. Based on the applications, the polyphenylene oxide (PPO) market is divided into automotive, healthcare, electrical & electronics, air separation membranes, building & construction, and others.
The players are entering the merger and acquisition for business expansion and enhancing manufacturing facilities globally. For instance, in 2019, Mitsubishi Chemical Advanced Materials acquired Advanced Polymer Technologies (APT). This acquisition will offer an additional manufacturing facility to Mitsubishi Chemical Advanced Materials in the well-established facilities in the North American footprint.
The major players operating in the PPO Market are
- SABIC (Saudi Arabia),
- Asahi Kasei Corporation (Japan),
- OXFORD POLYMERS (U.S.),
- Mitsubishi Chemical Corporation (Japan),
- Polyplastics Co. Ltd (Japan),
- Evonik Industries AG (Germany),
- Kingfa Science & Technology (India) Limited (India),
- Sumitomo Chemical Co., Ltd. (Japan),
- LyondellBasell Industries Holdings B.V. (the Netherlands),
- BASF SE (Germany)
Regionally, the Polyphenylene Oxide (PPO) Market is segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Of these, Asia Pacific is estimated to dominate the global polyphenylene oxide (PPO) market during the forecast period owing to expanding end-use industries such as automotive, electrical, construction, and consumer electronics. China is one of the largest markets for polyphenylene oxide (PPO) in the region owing to be a hub for electrical and electronic manufacturing companies. Additionally, robust investment and industrialization in India due to the supportive framework for new business and investment are benefiting growth of the market in the region.
North America is estimated to account for second-leading revenue share, followed by the Europe region. The growth in both the regions is attributable to the flourishing construction industry coupled wit investments for revitalizing electronic and electronics industries. Additionally, significant growth prospects across the U.S., Germany, France, Russia, and Italy owing to increasing demand from medical and air separation membranes coupled with robust investment in newer product development. Additionally, the market in Latin America is estimated to witness the most lucrative growth owing to improving macroeconomic conditions.
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