PUNE, India, November 24, 2016 /PRNewswire/ --
The report "Engineering Plastics Market by Type (PC, ABS, PET & PBT, POM, Fluoropolymers), Application (Automotive & Transport, Industrial & Machinery, Packaging, Consumer Appliances) - Global Forecast to 2026", published by MarketsandMarkets, the global market is projected to reach USD 108.68 Billion by 2026, at a CAGR of 7.4% from 2016 to 2026.
Browse 158 market data Tables and 54 Figures spread through 190 Pages and in-depth TOC on "Engineering Plastics Market"
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As industries are in the process of replacing the use of conventional materials such as alloys, glass, and metals, the penetration of engineering plastics is increasing. Also, these engineering plastics are now in the comparative price range of commodity plastics, leading to their increasing adoption. With the increased penetration of engineering plastics in the emerging manufacturing industries of Asia, Middle East & Africa, and South America, the market is expected to register slightly higher growth than North America and Europe, during the long term forecast period.
Automotive & transportation, the largest application in the engineering plastics market
Automotive & transportation are the biggest end-use applications of engineering plastics. These are extensively used in the automotive & transportation industry for applications such as connectors & housing, under-the-hood components, wheel well, lighting & components such as, headlamp structural housings, headlamps & fog lamps, and reflectors & lighting sockets, among others. The demand for engineering plastics in the automotive & transportation application is growing at a high rate in the Asia-Pacific region. This is due to the growing automobile industry in countries such as India, China, Japan, and South Korea. These countries are also among the largest importers of automobiles globally. The growing market for automobiles in these countries is a strong driving factor for the global engineering plastics industry.
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Acrylonitrile Butadiene Styrene, the leading type in the engineering plastics market
Acrylonitrile Butadiene Styrene (ABS) has the largest consumption among all types of engineering plastics. Acrylonitrile provides chemical resistance and heat stability; the styrene base offers ease of processability and rigidity whereas butadiene provides impact strength and toughness. High impact, mechanical potency, and high temperature resistance are some of the properties of ABS which makes it suitable for applications in electrical & electronic parts, automotive and transportation, pipes and fittings, and various consumer products. The demand for ABS is primarily driven by the consumer products and electrical & electronics sectors. In the electronics and electrical sectors, it is used for applications in mobile phones, computers, MP3-players, and so on.
Growing demand in Asia-Pacific, the major driver for growth of engineering plastics market
The Asia-Pacific region had the highest demand for engineering plastics in 2015. The region comprises of rapidly growing economies such as India and China, and the emerging South-East Asian countries such as Thailand and Indonesia. The growth is led by rapid industrialization, growing demand from end-use industries such as petrochemicals, chemicals, power generation, automobile manufacturing, packaging, electrical & electronics, and so on, and the increasing government spending in infrastructure activities.
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The key companies profiled in the Engineering Plastics Market research report are BASF SE (Germany), Covestro (Germany), Solvay S. A. (Belgium), Celanese Corporation (U.S.), E. I. du Pont de Nemours and Company (U.S.), LG Chem Ltd. (South Korea), Saudi Basic Industries Corporation (Saudi Arabia), Evonik Industries AG (Germany), Lanxess AG (Germany), and Mitsubishi Engineering-Plastics Corporation (Japan).
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