Engineering Plastics Market projected to register a healthy CAGR of 7.2% in terms of value through 2026
The report segments the global engineering plastics market on the basis of Product Type into Polyamides (PA), Polycarbonates (PC), Polyoxymethylene (POM), Polybutylene terephthalate (PBT), Acrylonitrile butadiene styrene (ABS) and Styrene Acrylonitrile (SAN), High Performance Polymers, Fluoropolymers, Polymethyl methacrylate (PMMA), and Others (includes UHMWPE/UHMW, TPI alloys and blends, etc.); and on the basis of Application into Automotive and transportation, Electrical and electronics, Construction, Medical, Industrial and machinery, Packaging, and Others (includes furniture and fixtures, sports goods, leisure products, etc.). The Automotive and transportation segment is increasingly inclined towards adoption of engineering plastics products due to their various thermal and mechanical properties. The fuelling demand for engineering plastics is largely from automotive components such as fasteners and supports for chassis and power trains and body panel lens of head lamps as these parts require higher strength materials. Besides mechanical strength, engineering plastics help in reducing the overall weight of the vehicles. Bio-based engineering plastics that help reduce carbon footprint such as polyamides and polycarbonates are also in high demand. Packaging, electrical and electronics, and consumer goods are lucrative segments for bio-based engineering plastics ranging from stiff to flexible grades. Strong market growth is likely to be observed across high performance plastics such as PEI, PEEK, PSU/PES, PCTF, PVDC, PPSU, LCP, PPS.
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A growing use of engineering plastics by end user industries, especially automotive, transportation, and medical industries is expected to drive global demand over the forecast period. Rapid urbanisation, infrastructure development, and increased income levels across various end-user segments are other factors likely to boost the growth of the global engineering plastics market. However, high costs of engineering plastics, increasing use of alternative substitutes, and fluctuations in the cost of raw materials are expected to hamper the growth of the global engineering plastics market over the forecast period.
Global sales revenue of engineering plastics is expected to witness steady incremental growth during the forecast period. In the product type category, the high performance plastics segment is anticipated to register a healthy CAGR of 9.6% between 2016 and 2026, attributed to an increasing application in the medical industry. In the application category, the electrical and electronics segment is estimated to account for 36% value share of the global engineering plastics market by 2016, followed by the automotive and transportation segment (32.1%) and the construction segment (11.1%).
Engineering Plastics Market: Region-wise Insights
This report also covers trends driving each segment and offers analysis and insights of the potential of the engineering plastics market in specific regions. The APEJ region is expected to exhibit the highest market growth due to an increase in population, income levels, and rapid urbanisation in the region. There is plenty of scope in the APEJ region for manufacturing automobiles, consumer appliances, electronic products, medical devices, industrial, and machineries. The APEJ region is anticipated to register a CAGR of 6.8% between 2016 and 2026 in terms of volume. APEJ is expected to gain substantial market share owing to high demand from India and China, especially in the automotive and electrical and electronics industries. The North America market is expected to register a CAGR of 7.3% during the forecast period, owing to an increasing consumption of engineering plastics in the automotive and transportation industry in the region. In terms of volume, the market share of Western Europe and Japan is expected to decrease substantially over the forecast period, as they are mature markets for engineering plastics.
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The report also profiles leading players dominating the global engineering plastics market. Arkema Group, Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro, DSM N.V, DuPont, Lanxess, LG Chem, Mitsubishi Engineering-Plastics Corporation, Saudi Basic Industries Corporation (SABIC), Solvay SA, Teijin Limited, Toray Industries, and Victrex PLC are some of the top companies operating in the global engineering plastics market.
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