Engineering Plastics Market: BASF (Germany), Covestro (Germany), Solvay SA (Belgium), Celanese (US), DowDuPont (US), LG Chem (South Korea)

The report "Engineering Plastics Market by Type (Polycarbonate, Polyamide, ABS, PET & PBT, POM, Fluoropolymers), End-Use Industry (Automotive & Transport, Electrical & Electronics, Industrial & Machinery, Packaging, Consumer Appliances) - Global Forecast to 2023" The engineering plastics market is estimated at USD 80.70 billion in 2018 and is projected to reach USD 115.10 billion by 2023, at a CAGR of 7.2% from 2018 to 2023. Engineering plastics are high-performance polymers which possess excellent physical properties for efficient and prolonged use. The key drivers for the market are growing end-use industries and replacement of traditional materials such as metals and commodity plastics with engineering plastics. The combination of high strength and lightweight properties make engineering plastics suitable for use in many industrial applications and are expected to drive the market during the forecast period.

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The engineering plastics market is estimated to be USD 80.70 billion in 2018 and is projected to reach USD 115.10 billion by 2023, at a CAGR of 7.2% from 2018 to 2023. With the increased penetration of engineering plastics in the manufacturing sector of APAC, Middle East & Africa, and South America, the market in these regions is expected to register slightly higher growth than in North America and Europe, during the forecast period.

Engineering plastics are high-performance polymers, which possess excellent physical properties for efficient and prolonged use. These polymers are capable of working under wide temperature ranges and various mechanical stresses and in various chemical environments. They have better mechanical and thermal properties than the more widely used commodity plastics. The major players adopted expansions and new product developments to achieve growth in the engineering plastics market between 2014 and 2018. These key strategies accounted for the majority share among all the strategies adopted between 2014 and 2018.

The leading players in the global engineering plastics market include BASF SE (Germany), Covestro (Germany), Solvay (Belgium), Celanese Corporation (US), DowDuPont (US), LG Chem (South Korea), SABIC (Saudi Arabia), Evonik Industries (Germany), Lanxess (Germany), and Mitsubishi Engineering Plastics (Japan). Besides expansions and new product developments, the companies also adopted contracts & agreements as a key strategy to enhance their distribution network and extend their reach to customers.

BASF is a chemical company having a presence in more than 80 countries. The company operates through six business segments, namely, chemicals, performance products, functional materials & solutions, agricultural solutions, oil & gas, and others. It has 13 operating divisions and 86 strategic business units. In April 2018, BASF started a new production line of Ultroson in Korea. This new production unit has added an annual capacity of 6,000 metric tons of polyarylsulfone, and this expansion has helped the company serve the growing global demand for high-performance thermoplastic in the automotive and electronics industries. Covestro manufactures high-tech polymer materials and also develops products that are used in many areas of daily living. The company operates through three major business segments, namely, polyurethanes; polycarbonates; and coatings, adhesives, and specialty segment. In October 2016, Covestro started two production lines for polycarbonate resins at its site in Shanghai, China. The company increased the production capacity from 200,000 to 400,000 metric tons per year. It aims at becoming the world's largest producer of polycarbonate resins. In June 2016, Covestro launched a new brand, Cardyon, developed from a new technology that uses CO2. Cardyon is expected to reduce dependence on oil and be an equal alternative to conventional products.

The engineering plastics market is estimated to be USD 80.70 billion in 2018 and is projected to reach USD 115.10 billion by 2023, at a CAGR of 7.2% between 2018 and 2023. Engineering plastics find use in applications such as low friction components, chemical and heat resistant equipment, and electrical & electronic parts due to their advanced properties. They have replaced traditional materials such as metals & alloys, glass, and wood in many applications. The advanced properties of engineering plastics have increased their use in various industries such as automotive & transportation.

The increasing demand for engineering plastics in the automotive & transportation industry is due to their lightweight properties, chemical resistance, and easy machine-ability. They are more durable and easier to work upon than conventional metals, alloys, and glass. The increasing use of ABS, polyamide, and polycarbonate in the global automotive industry is driving the engineering plastics market.

Industrial & machinery is the fastest-growing end-use industry of engineering plastics, followed by automotive & transportation and electrical & electronics. The combination of high strength and lightweight properties makes them suitable for use in many industrial applications which need high performance in harsh environments.

On the basis of type, the polyacetal segment of the market is projected to register the highest CAGR during the forecast period. Polyacetal or polyoxymethylene (POM) is a type of engineering plastic made by the polymerization of formaldehyde. It has excellent resistance to a wide range of solvents and possesses good electrical properties making it suitable for electrical applications. The superior properties of POM make it suitable for applications in industrial machinery, electrical and electronic devices, automotive and plumbing, and consumer goods applications, and this is driving the engineering plastics market.

The APAC region is the largest and fastest-growing market for engineering plastics, followed by Europe. The high demand in the APAC region is attributed to the growth of automotive manufacturing in India, China, and Southeast Asia. The increasing government spending in infrastructure activities, rapid industrialization, growing demand from the industries such as automotive & transportation, chemicals, packaging, and electrical & electronics in these countries is a significant driver for the engineering plastics market.

The market players are expected to employ organic and inorganic growth strategies such as regional expansions, new product developments, contracts & agreements, and joint ventures to expand their presence, worldwide. The key companies operating in the engineering plastics market are putting efforts to provide innovative products and strengthen their presence in the emerging markets. They are also focusing on strengthening the R&D facilities to provide cost-effective product grades. These developments are expected to lead to the sustainable growth of the engineering plastics market in the future.

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