Engineering Plastics Market is expected to reach USD 99,334.03 million by 2021, at a CAGR of 8.23%

The global engineering plastics market was valued at USD 61,817.63 million in 2015 and is expected to reach USD 99,334.03 million by 2021, at a CAGR of 8.23%. Asia-Pacific, currently, dominates the market for engineering plastics, followed by North America and Europe. The developing countries of South America and Asia-Pacific are expected to increase their market share, owing to the increasing purchasing power in these regions.

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Engineering plastics are increasingly being used in many markets from packaging, building & construction, electrical & electronics, to automotive & transportation, furniture & bedding, sports & leisure and many other segments. At present, electrical & electronics and consumer goods are the major markets. Automotive & transportation and construction are the two promising application areas for engineering plastics. A major trend driving the market is the growing demand of these plastics in developing countries, such as India, China, and Brazil. In 2012, production of engineering plastics amounted to 218.88 million tons.

Europe and North America are expected to remain interesting locations for research and development; they are, additionally, important as sales markets. However, the establishment of new production capacities is favored in the Middle East region. Emerging countries of Asia, South America, the Middle-East and various developing regions from Europe have been witnessing sizeable growth prospects for engineering plastics.

Market Dynamics

The growing trend towards lighter vehicles, lower emissions, and enhanced fuel-efficiency are expected to drive the consumption growth of engineering plastics in the automotive and transportation industry. A high increase in the sale of passenger cars in emerging markets, such as China and India, is also expected to boost the market. The industry is expected to face certain challenges, such as regulatory standards to reduce CO2 emissions, fluctuation of crude oil prices, and product commoditization.

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The global engineering plastic market is characterized by the presence of numerous international and regional players, resulting in a highly competitive market environment. The top seven players in the market accounted for more than 20% of the total share in 2015. An overwhelming majority of companies in this market focus on just one or two end-use markets and have an annual sale of less than USD 10 million.

Market Segmentation

The global engineering plastics market is segmented by product and application. By product, the global engineering plastics market is segmented into fluoropolymers [polytetrafluoroethylene (PTFE), polyvinylidene fluoride (PVDF), and fluorinated ethylene propylene (FEP)], polyacetal/polyoxymethylene, polyamides (nylon 6, nylon 66, and others), polycarbonates, polymethyl methacrylate (PMMA), polyphenylene oxides (PPO/PPE blends), polyphenylene sulfide (PPS), styrene copolymers (ABS & SAN), thermoplastic polyesters [polybutylene terephthalate (PBT, polyethylene terephthalate (PET), and copolyesters (PETG/PCTG)], liquid crystal polymers (LCP), polyether ether ketone (PEEK), polyimides (PI), and others. By application, the global engineering plastics market is segmented into automotive & transportation, buildings & construction, consumer goods & appliances, electrical & electronics, industrial & machinery, packaging, and others.

Additionally, the global engineering plastics market is segmented by geography into North America (the US, Canada, Mexico, and Rest of North America), Europe (France, Germany, Italy, the UK, Russia, the Nordic Countries, The Netherlands, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, ASEAN Countries, and Rest of Asia-Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and the Middle-East & Africa (Saudi Arabia, South Africa, Qatar, UAE, and Rest of the Middle-East & Africa).

Global Engineering Plastics Market, By Region, 2015

Opportunities and Market Players

An increasing use of engineering plastics in the aerospace industry, innovative product applications, and an accelerating use in green vehicles, are expected to offer numerous opportunities for the growth of the global engineering plastics market.

Some of the major companies and vendors in the market include:

BASF SE
Solvay Plastics
Royal DSM
SABIC
DuPont

These players have many subsidiaries that run either product-specific or country-specific operations. Other important players in the market are Arkema, Mitsubishi Engineering, Plastic Corp., and Evonik Industries.

Our forecasts are based on the latest news:

DSM NV is setting up enhanced facilities in Asia-Pacific (China and India), keeping up with growing demands from the market.

Solvay Engineering Plastics to open testing lab in Shanghai, to be able to meet the growing demand from the Chinese market.

Kolon BASF innoPOM Inc. - a joint venture established by Kolon Plastics and BASF, to target the engineering plastics market.

Key Deliverables in the Study

Market analysis for the global engineering plastics market, with region-specific assessments and competition analysis on global and regional scales.
Market definition along with the identification of factors instrumental in changing the market scenario and prospective opportunities.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the global engineering plastics market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
Insights on the major countries/regions where this industry is growing and also identify the regions that are still untapped.

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