Metal to plastic conversion is generally cost driven.   But, while lower cost may be the motivation, high performance materials add value and features that can actually be the more important consideration.

Plastic materials are lighter. For a given volume, they are only 20% the weight of steel.

Plastic materials provide corrosion resistance.  In cases involving high temperature steam, PEEK performs better than stainless steel!  In corrosive chemical environments, PTFE, PFA / FEP fluoropolymers are better than all but the most exotic alloys.

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Plastic materials provide better wear surfaces and have lower friction.  Bearing features can be designed into the part eliminating bronze bearings.  When no lubrication is possible, plastic bearings are usually preferred.

Plastic parts are generally quieter in operation, reducing the need for sound insulation and dampening. 

Plastic parts are often superior when high impact strength, fatigue life, or recoverable deformation is desirable.

Plastic parts are molded into complex shapes without the high cost of machining associated with metal components.

As a typical example, PPS performs better than titanium in dynamic, high-speed applications.  Due to PPS’s combination of high modulus, and lower weight, it has much less inertial mass resulting in quicker response.