Engineering Plastics Market with Current Trends Analysis 2018-2026

Engineering plastics are thermoplastic materials with specific properties and are used in various forms. For instance, polyamides that are highly resistant to abrasion are used for manufacturing ski boots and skis. Polycarbonates are highly resistant to impact and thud and are used in motorcycle helmets. Such advantages offered by engineering plastics as compared to other conventional plastics is a major factor driving growth of the global engineering plastics market.

Market Dynamics

Increasing initiatives for reducing weight of vehicles and improvement in fuel efficiency backed by replacement of metal in automotive, electrical & electronics, and other industries are some of the key factors propelling growth of the engineering plastics market. Moreover, significant growth in various industries such as automotive, construction, electrical & electronics and others, in emerging economies has contributed to growth of the market.

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Among product type, Ultra-high-molecular-weight polyethylene (UHMWPE) segment accounted for the largest share of around 30.4% in the engineering plastics market in 2017. This is owing to a wide range of applications of UHMWPE in headlights, gear housing, electronic stability program control modules, door controllers or airbag connections, steering angle sensors, fiber optic cables, and others.

Asia Pacific is expected to be largest market in the global automotive industry over the forecast period, which in turn is expected to propel growth of the global engineering plastics market. According to the U.S. International Trade Administration (ITA), China was the largest vehicle producer between 2012 and 2014 and the average number of vehicles produced between 2012 and 2014 was 17.8 million. Moreover, vehicle production in China is expected to cross 27 million by 2020, thereby fuelling growth of the engineering plastics market in this region.

Asia Pacific held the dominant position in the global engineering plastics market in 2017, with a revenue of US$ 37.5 billion and is expected to retain its dominance throughout the forecast period. This is owing to significant growth of industries such as automotive, chemicals, packaging, electrical & electronics, and others in emerging economies such as China, India, Indonesia, Malaysia, and others. According to China Association of Automobile Manufacturers (CAAM) and Society of Indian Automobile Manufacturers (SIAM), sales of cars in China was 28.03 million and 3 million in India, in 2016 respectively.

Europe accounted for a significant share in the global engineering plastics market in 2017. This is owing to presence of major players in the region such as BASF SE, E. I. du Pont de Nemours and Company, Evonik Industries AG and others, and their initiatives to expand business in order to gain high revenue. For instance, in 2018, BASF SE announced plans to acquire Solvay SA’s global polyamide business. This is expected to expand BASF’s range of engineering plastics for consumer goods, construction, and transportation industries and is expected to strengthen its access to raw materials.

Major players operating in the global engineering plastics market include, E. I. du Pont de Nemours and Company, BASF SE, Solvay S.A., Saudi Basic Industries Corporation, Mitsubishi Engineering-Plastics Corporation, Covestro AG, Lanxess AG, Evonik Industries AG, Celanese Corporation, and others.

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This release was published on openPR.