Engineering Plastics Market Set to Witness Y-o-Y Growth by 2024

Engineering plastics are a group of plastic materials which have better thermal and mechanical properties than the normal regular use plastics such as polythene PVC, polystyrene and polypropylene. These plastics are produces in less quantity and are more expensive than normal plastics, these plastics are used in low volume applications such as mechanical parts. Acrylonitrile butadiene styrene, polycarbonates are some example of engineering plastics.

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Growth in the End-user Industries, Growth in the Developing Regions Increasing the Demand, Engineering Plastics Replacing Traditional Materials in End-user Applications and Growth in the End-user Industries are some of the driving forces for engineering plastic market. With Increasing Raw Material Prices and Competition from other Polymers are some factors that are restraining the growth of this market. This market is expected to have double figure CAGR growth with APAC as the growing market.

Engineering plastic market is segmented in the basis of product type as Polycarbonates (PC), Acrylonitrile Butadiene Styrene (ABS), Polyamides, Thermoplastic polyesters and polyacetals (POM). On the basis of application of the plastics the market is segmented as automotive and transportation, electrical and electronics, consumer and appliances and other applications. On the basis of geography the market is segmented as North America, Europe, APAC and rest of the world (RoW).

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BASF SE, Bayer Material Science, CHI MEI Corp., DSM N.V., DuPont, Evonil Industries, Invista, Lanxess AG., Mitsubishi Engineering Plastics Corp., Polyplastics Co. Ltd., Rhodia SA, Sabic Innovative Plastics, Teijin Ltd., The DOW Chemical Company Ticona GmbH. And Yunnan Yuntianhua Co. Ltd. are some of the key players in Plastic Engineering market.

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