Engineering Plastics Market: APAC Constituted for 42% Demand in 2018

Author: Roopa Poddur

Global Engineering Plastics Market: Demand Analysis and Growth Forecast

Engineering plastics are a type of plastic materials which have better mechanical, and thermal properties than the commonly used commodity plastics such as polystyrene, polypropylene, polyethylene, and PVC. As per the findings of a newly published market research report by IndustryARC, the global Engineering Plastics Market size is around $79,716 million, and the market demand is projected to grow at a notable CAGR of around 6.6% during the forecast period of 2019 to 2025. The report is titled "Engineering Plastics Market: by type (ABS, PA, PC, POM, PMMA, PEEK, PET, PBT, cast nylon); by end user (aerospace, building & construction, food, mechanical, medical, others); by applications (CD/DVD, medical implants, advanced batteries, shoes, others); by geography – forecast (2019-2025)."

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According to the World Economic Forum, 322 million tons of polymers such as thermoplastic, excluding fibers were produced worldwide. The replacement of traditional engineering materials such as wood, and metal by engineering plastics in the electrical, and automotive industries are driving the growth of the engineering plastics market during the forecast period. The replacement is because of lower manufacturing time, higher tensile strength, and the longer lifespan of the engineering plastic products. According to the European Union estimation, the weight of an average automobile consists of 16 % of plastic components, which are mainly used as the interior parts and components.

Global Engineering Plastics Market: Leading Segments

APAC is estimated as the key region for the growth, with a maximum share of 42% in 2018. According to India Brand Equity Foundation, the domestic automobile production in India increased with 29.07 million vehicles manufactured in the country in 2018. As we know the production of automotive vehicles is increasing day by day, the usage of engineering plastics in the vehicles for the application of active safety systems, connectivity, and autonomous driving capabilities is growing. This increasing usage in an automotive application is dominating among other diverse applications such as CD/DVD, medical implants, advanced batteries, and shoes. It is estimated to grow with a good CAGR around 7.5% during the forecast period 2019-2025.

Global Engineering Plastics Market: Trends

  • BASF is escalating its portfolio of engineering plastics, and enduring the trend of miniaturization of electronic car components. Ultradur grade B4340ZG3, the new product of BASF will be marketed on the basis of its enhanced mechanical properties, and improved impact strength.
  • Growing importance for bio-based engineering plastics such as polylactic acid (PLA), Polyhydroxyalkanoates (PHA), and bio-based polyethylene terephthalate (PET) is finding application in packaging, food service ware, bags, and agriculture industries. Owing to the growing demand for bio-based products, numerous vendors are offering bio-based products in the engineering plastics market.
  • Increasing usage of engineering plastics in mechanical engineering to include gear, bearing, bearing cage, casing, pulley, slide block, valve, and fan blade. As they are lightweight, high strength, and low cost, engineering plastics are used in mechanical engineering to achieve properties such as self-lubrication, energy absorption, and noise reduction.

Global Engineering Plastics Market: Competitive Landscape

The major players operating in the global engineering plastics market are BASF SE, Solvay S.A., DowDuPont, SABIC, and DSM. BASF SE is using engineering plastics to support autonomous driving and increase driving comfort.BASF is providing noise, vibration, harshness solutions. These solutions are made from the microcellular polyurethane elastomer Cellasto as well as the highly glass-fiber reinforced polyamide Ultramid and the thermoplastic polyesters such as polyurethane Elastollan, which results in efficient material combinations for top mounts, spring seats, and other chassis components.

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What can you expect from the report?

The Engineering Plastics Market is Prepared with the Main Agenda to Cover the following 20 points:

  1. Engineering Plastics Market Size by Product Categories & Application
  2. Engineering Plastics Market trends & Relevant Market Data
  3. Manufacturer Landscape
  4. Distributor Landscape
  5. Pricing Analysis
  6. Top 10 End-user Analysis
  7. Product Benchmarking
  8. Product Developments
  9. Mergers & Acquisition Analysis
  10. Patent Analysis
  11. Engineering Plastics Market Demand Analysis (Revenue & Volume)
  12. Country-level Analysis
  13. Competitor Analysis
  14. Engineering Plastics Market Shares Analysis
  15. Value Chain Analysis
  16. Supply Chain Analysis
  17. Engineering Plastics Market Strategic Analysis
  18. Engineering Plastics Market Current & Future Market Landscape Analysis
  19. Opportunity Analysis
  20. Engineering Plastics Market Revenue and Volume Analysis

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