Engineering Plastic Market Global Industry Growth Analysis, Size, Share, Trend, Future Demand and Leading Players Updates by Forecast to 2022
The Global Engineering Plastics Market is expected to exhibit steady growth over the forecast period from 2017 to 2022, according to a new research report published by Market Research Future (MRFR). The Global Engineering Plastics Market is mainly driven by the growing demand from the construction industry, the automotive industry, and the consumer goods industry.
Engineering Plastics are plastics produced to conform to higher performance metrics than other regular plastics. Engineering Plastics provide higher mechanical strength and impact resistance than conventional plastics, in addition to high thermal resistance and other application-specific characteristics. The ease of processing of Engineering Plastics is also significantly higher than conventional plastics. This has driven their demand in high-value engineering applications.
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The growth of the Global Automotive Industry is likely to remain a major driver for the Global Engineering Plastics Market over the forecast period. Due to the growing enforcement of legislation requiring lighter vehicles, the automotive industry has emerged as a major consumer of lighter construction materials that provide comparable performance figures to traditional automotive production materials. This has led to a growing demand from the automotive industry for a wide range of Engineering Plastics. Engineering Plastics are the perfect solution for producing automotive interiors, as they provide high heat and electrical resistance along with easy moldability and high impact resistance. This is likely to drive the Global Engineering Plastics Market over the forecast period.
On the other hand, the high prices of Engineering Plastics and their lack of environmental viability are likely to count against the Global Engineering Plastics Market over the forecast period. Due to the complex manufacturing processes of Engineering Plastics, their production costs are higher than regular plastics. While this is not a concern in premium operations, the large majority of manufacturers prefer cheaper materials that suit their purposes just as well. This could emerge as a significant restraint on the Global Engineering Plastics Market over the forecast period. The lack of ecological viability of Engineering Plastics could also emerge as a significant restraint on the global market over the forecast period, as the plastics industry is likely to be dominated by the onslaught of environmental regulations aiming to increase the sustainability of the plastics business.
E.I. du Pont de Nemours and Company
Mitsubishi Engineering-Plastics Corporation
Evonik Industries AG
LG Chem Ltd.
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In April 2019, MOL Group announced the signing of a sales-purchase agreement to acquire Aurora Kunststoffe GmbH. Aurora is a recycled plastic compounder dealing mainly with Engineering Plastics compounds based on polypropylene recyclate.
The Global Engineering Plastics Market is segmented by Product, Application and Region.
By Product, the Engineering Plastics Market is segmented into polyamide, acrylonitrile butadiene styrene (ABS), thermoplastics, polyesters, polycarbonates, and others. Acrylonitrile butadiene styrene is likely to remain the majority segment over the forecast period due to the high demand for ABS in multiple applications due to its high temperature resistance, chemical resistance, and impact strength.
By Application, the Global Engineering Plastics Market is segmented into automotive, construction, electrical and electronics, consumer goods, and others. Automotive is likely to remain the leading application segment in the Global Engineering Plastics Market over the forecast period due to the growing emphasis in the automotive industry on the sustainability of the materials used in automotive production.
Asia Pacific is expected to dominate the Global Engineering Plastics Market over the forecast period due to the growing demand for engineering plastics in end-use industries such as automotive, construction, electronics, and others. The automotive industry in Asia Pacific has grown rapidly over the last few years and has emerged as the global leader in production. This is likely to drive the demand from the Global Engineering Plastics Market over the forecast period. The increasing purchasing power of consumers in Asia Pacific has led to a growing demand from the electronics and automotive industries, leading to steady growth of the Global Engineering Plastics Market.
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