The Global Engineering Plastic Market is eyeing for a substantial growth at a robust CAGR over the predicted years (2018-2023). Engineering Plastics are polymers that have a high performance and has excellent physical characteristics for prolonged and efficient use. It is basically utilized in applications which need high performance with regards to dimensional stability, mechanical strength, impact resistance, chemical stability and thermal stability. Engineering Plastics have replaced metal from automotive and construction industries owing to its low density, designing flexibility, durability, excellent machinability, chemical and flame resistance, good wear resistance and dimensional stability. Some of its common uses include automotive parts production such as dashboard trim and car bumpers, toy products namely Lego bricks as well as protective and sporting equipment namely boots, skies, motorcycle helmets and others.
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There are many factors that is driving the growth of the Engineering Plastic Market. Some of these factors as per the Market Research Future (MRFR) report include growing end-use industries, traditional materials namely commodity plastics and metals being replaced with engineering plastics, increasing need for personal transportation, increasing purchasing power, easy manufacturing process, alluring features such as lightweight properties and high strength that has increased its demand in different industrial applications. On the contrary, factors such as fluctuating cost of crude oil coupled with regulatory challenges concerning carbon dioxide emissions is predicted to hamper the growth of the Engineering Plastic Market.
Market Research Future report offers an all-inclusive segmental analysis of the Engineering Plastic Market on the basis of Product and Application.
Based on Products, it is segmented into polycarbonates, polyesters, thermoplastics, acrylonitrile butadiene styrene (ABS), polyamide and others. Of these, the ABS will have the largest share in the Engineering Plastic Market over the predicted years owing to its soaring demand. It has a massive demand owing to its excellent properties such as mechanical potency, high temperature resistance, chemical resistance and others.
Based on Application, the Engineering Plastic Market is segmented into consumer goods, automotive, electrical and electronics, construction and others. Of these, the engineering plastic market will lead the Engineering Plastic Market owing to its growing application in automotive industries. Engineering Plastic is utilized in the production of connectors, lighting components and other forms of automotive parts.
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Based on Region, the Engineering Plastic Market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, the APAC region will rule the Engineering Plastic Market over the predicted years. The key factor that can be attributed to the growth of the market in this region include soaring demand of Engineering Plastics. Almost every end-use industry that uses Engineering Plastics is expanding at a quick pace. Automotive, electronics, construction and others are growing exponentially in the APAC region that is rapidly urbanizing. Besides, the growing purchasing power have boosted the need for Engineering Plastics especially in automobile, power generation, and chemicals. China is the biggest consumer and producer of Engineering Plastics here. Automotive is amid the fastest growing domains in China owing to increasing disposable income. The low production cost coupled with accessibility of raw materials in abundance is likely to spur the Engineering Plastic Market demand here.
Leading players profiled in the Engineering Plastic Market include E. I. du Pont de Nemours and Company, Saudi Basic Industries Corporation, LG Chem Ltd., Solvay S.A., Mitsubishi Engineering-Plastics Corporation, BASF SE, Covestro, Evonik Industries AG, Celanese Corporation, Lanxess AG and others.
Nov 2018- DuPont Transportation and Advanced Polymers is all set to invest over 80 million dollars for creating a manufacturing facility in East China for producing compounded high-end adhesives and engineering plastics. This site is likely to get operational by 2020.
Oct 2018- Renowned specialty polymers supplier, Solvay has come up with its first ever Ryton polyphenylene sulphide extrusion grades which complements the moulding materials of Ryton PPS injection for use in auto cooling assembly applications. This has been specially designed for exhibiting thermal stability, chemical resistance and high melt strength with impact strength and improved tensile elongation.
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