BANGALORE, India, July 29, 2020 /PRNewswire/ -- The specific categorization of Engineering Plastic materials is due to their utility in a variety of applications requiring heightened performance and requiring engineering to design customized products. Because of their toughness, design flexibility, high strength-to-weight ratios, and low densities, engineering plastics is slowly replacing metal from the construction and automotive industries.
Engineering Plastics Market was valued at 82 Billion in 2019 and is expected to reach 116.2 Billion by 2026, growing at a CAGR of 5.1%.
The rising trend for lightweight vehicles, increasing demand for connected vehicles, and increasing knowledge about vehicle emissions drive the growth of Engineering Plastic Market size.
This Engineering Plastic Market report highlights the primary drivers, opportunities, and restraints, along with impact analysis over the forecast period.
TRENDS INFLUENCING THE ENGINEERING PLASTICS MARKET SIZE
Growth is largely driven by rapidly replacing conventional plastics and other materials in various applications, growing bio-PET popularity, and rising purchasing power in emerging economies.
Due to its flexibility, strength-to-weight ratio, longevity, corrosion resistance, and so on, the building production adapts engineering plastic. Engineering plastic can be converted artificially into pipes, tubes, coverings, walls, films, sheets, etc. This adoption of engineering plastics in the construction field is expected to increase the engineering plastics market size.
For the automotive industry, metal replacement is critical for vehicle weight reduction, design freedom, and easy parts integration, and a decrease in total system costs. Automotive manufacturers are focused on improving fuel economy due to government regulations and concerns about fuel efficiency requirements and customer expectations for vehicles with high gas mileage. Furthermore, engineering plastics are often used in the electrical components of hybrid electric cars. These characteristics are expected to fuel the growth of Engineering Plastic Market size during the forecast period.
Bio-based engineering plastics, such as PLA and PHA and PET, have found various applications in packaging, food service ware, containers, and agriculture. This growing demand for bio-based plastics is expected to increase the growth of engineering plastics market size.
Based on the end-user, the Automotive industry is expected to hold the largest engineering plastics market share during the forecast period. This is due to the growing knowledge to minimize vehicle weight and boost fuel efficiency. Engineering plastics are used in the interior, exterior, under the hood, and powertrain applications of automobiles.
Based on region, Asia-Pacific produced the highest revenue in the Engineering Plastic Market, while LAMEA is projected to rise at a significant CAGR due to several emerging economies with growing end-user industries such as automotive, construction, and consumer goods.
Engineering Plastic compounds exhibit exceptional properties such as heat resistance, chemical resistance, flame retardance, and mechanical resistance. During the forecast era, the global Engineering Plastic Compounds Market size is expected to grow at a significant rate, driven by increased production of automotive components and electronic devices.
The key regions covered in the Engineering Plastic Compounds market report are North America, Europe, China, and Japan. The Engineering Plastic Compounds market report includes a country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by Type and by Application segment in terms of production capacity, price, and revenue for the period 2015-2026.
Advancements in the automotive sector, enhanced vehicle design capabilities, and the increasing importance of weight reduction and pollution control are the main factors driving the growth of Automotive Plastic Parts Market size.
The Automotive Plastic Parts Market report lists the major manufacturers in the regions and their respective market share on the basis of global revenue. It also explains their strategic moves in the past few years, investments in product innovation, and leadership changes to stay ahead in the competition.
In 2019, the global Nylon 12 market size was USD 1285.1 Million and it is expected to reach USD 1427.9 Million by the end of 2026.
Nylon 12 market competitive landscape provides details and data information by companies. The Nylon 12 Market report offers a comprehensive analysis and accurate statistics on revenue by the player for the period 2015-2020.
In 2019, the global ASA Resin market size was USD 944 Million and it is expected to reach USD 1243.2 Million by the end of 2026, with a CAGR of 4.2%.
The major producers in the ASA Resin Market are LG Chem, Chi Mei Corporation, Ineos Styrolution Group, and SABIC, which accounted for 19.35 percent, 17.51 percent, 16.24 percent and 13.04 percent of revenue in 2019, respectively.
In 2019, the global PA66 Engineering Plastics market size was USD 4470 Million and it is expected to reach USD 5287.1 Million by the end of 2026, with a CAGR of 2.4%.
North America is leading the global PA66 plastics engineering market, capturing about 47.48 percent of global PA66 plastics engineering production. Europe is the second-largest regional market with a global production share of 28.75 percent.
Top manufacturers of PA66 engineering plastics are Invista, Ascend, Solvay, BASF, Asahi Kasei, Dupont, and Shenma.
Invista is the world leader, holding a 24.63% production market share in 2015.
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