Press release
Engineering Plastics Market Forcasted for Accelerated Growth by 2024
The plastics, which possess improved thermal or mechanical properties and are used in the manufacturing of commodity plastics such as polyethylene, polystyrene, polypropylene, and PVC is known as engineering plastics. These materials exhibit special properties such as wear and fatigue resistance, higher impact strength, chemical resistance, temperature resistance, and high abrasion. The engineering plastics are thermoplastic materials which are expensive and are specially designed for unique purpose applications. Conventional plastic processing machinery is used to process these materials. Engineering plastics such as acrylonitrile butadiene styrene is used in the production of lego bricks and dashboard trim while polycarbonates are used in the motorcycle helmets and polyamides for the production of skis and ski boots.
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Global Engineering Plastics Market: Growth Factors
The growth and the development in the automotive industry are key factors that are driving the global engineering plastics market. Engineering plastics are replacing metal components in the industrial machinery and automotive, owing to light weight requirement. Engineering plastics possess similar properties of the metals and is lightweight in nature. Increasing demand for electrical and electronics appliances worldwide anticipates boosting the market. Engineering plastics are very costly in nature; this factor may restrain the market growth. Engineering plastics are extensively used in the aerospace industry for spaceship building which may open up new growth opportunities in the global engineering plastics market.
Global Engineering Plastics Market: Segmentation
The global engineering plastics market is bifurcated based on the application, type, and region. The application segment is classified as electrical & electronics, consumer products, packaging, automotive, building & construction, and others. Based on the type the global market is fragmented into fluoropolymers, thermoplastic polyesters, polyamides, polyacetals, acrylonitrile butadiene styrene, polycarbonates, and others. Regionally, the engineering plastics market is diversified into North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa.
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Global Engineering Plastics Market: Regional Analysis
Asia-Pacific region is expected to grow at a faster pace in the near future owing to rise in income levels of the people, increase in the population, and rapid urbanization in the region. The presence of ample opportunities in the electronic products, manufacturing automobiles, machinery, consumer appliances, industrial, and medical devices positively influence the market growth. Asia-Pacific region is expected to gain significant growth due to high demand from the emerging countries such as China and India especially in electronics, automotive, and electrical industries. North America is another emerging potential market in the engineering plastics owing to the growth in the consumption of the engineering plastics in transportation and automotive industry. Western Europe is considered as a mature market. The Latin American region will also show a considerable growth in the near future.
Global Engineering Plastics Market: Competitive Players
The key market players operating in the global engineering plastics market include Sabic Innovative Plastics US LLC., BASF SE, Ticona Engineering Polymers, Bayer Materialscience, Teijin Limited, and Chi Mei Corporation. Other prominent players in the market are Wintech Polymer Ltd., Eastman Chemical Company, Evonik Degussa GmbH., and Royal DSM NV.
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Global Engineering Plastics Market: Regional Segment Analysis
North America
U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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