PUNE, India, October 14, 2015 /PRNewswire/ --
The report "Engineering Plastics Market by Type (PC, ABS, PET & PBT, POM, Fluoropolymers and Others), Application (Automotive & Transport, Industrial & Machinery, Packaging, Consumer Appliances, and Others) - Global Forecast to 2020", published by MarketsandMarkets, The Engineering Plastics Market size is projected to reach USD 97.2 Billion by 2020, registering a CAGR of 7.6%.
Browse 84 market data Tables and 55 Figures spread through 153 Pages and in-depth TOC on "Engineering Plastics Market".
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The market report defines and segments the Engineering Plastics Market with an analysis and forecast of the market size in terms of value and volume.
It also identifies the driving and restraining factors of the engineering plastics market with an analysis of the trends, opportunities, and challenges. The market is segmented on the basis of key regions, namely, North America, Asia-Pacific, Europe, and Rest of the World. The market is also segmented on the basis of type and application in major countries in each of these regions.
"Automotive & transportation - Biggest application for engineering plastics till 2020"
The global engineering plastics market is witnessing strong growth due to increasing demand from various end-use industries. They are increasingly become popular because of the performance advantage these materials offer. They are increasingly replacing engineering materials such as metal, glass, and wood in several industrial applications. They possess an excellent combination of mechanical, physical, thermal and chemical properties; offers excellent chemical and flame resistance; high temperature stability, good dielectric properties, and good dimensional stability. In the automotive and electrical & electronics industries, there is a high demand for lightweight and smaller components that can operate at higher speed.
The engineering plastics market is segmented into six applications segments, namely, automotive & transportation, electrical & electronics, industrial & machinery, packaging, consumer appliances, and others. Among these applications, automotive & transport accounted for largest market share in 2014, in terms of value and volume. Engineering plastics have region specific demands that are differentiated by placement, cost, and efficiency. These demands are also governed by the prevailing environmental laws in the particular region. For instance, in Europe and North America where environmental laws are very stringent, environmentally friendly products are in high demand.
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'Global engineering plastics market size to reach USD 97.2 Billion by 2020'
The engineering plastics market size is projected to reach USD 97.2 Billion by 2020, registering a CAGR of 7.6%. In terms of value, the engineering plastics market size in automotive & transportation application is projected to reach USD 26.5 Billion by 2020, at a CAGR of 8.0% between 2015 and 2020. The market in Asia-Pacific accounted for the largest share of the market in 2014 and is projected to be the fastest-growing market, between 2015 and 2020. The high growth is attributed to the increasing demand from the automotive & transportation application in developing countries such as India, China, and Indonesia. India is projected to be the fastest-growing market in the Asia-pacific region.
'Europe and Asia-Pacific accounted for approximately 72% share of the global engineering plastics market in 2014'
Asia-Pacific was the major market for engineering plastics in 2014 and is projected to register the highest CAGR in terms of volume, followed by Rest of the World and North America between 2015 and 2020. This high growth in Asia-Pacific is attributed to the increasing demand from end-use industries such as automotive & transportation and electrical & electronics. Asia-Pacific is expected to continue its domination in the engineering plastics market for the foreseeable future with high investments being made by manufacturers on capacity expansion. Europe was the second-largest market for engineering plastics in 2014.
The leading producers of engineering plastics are BASF SE (Germany), Covestro (Germany), Solvay SA (Belgium), Celanese Corporation (U.S.), E. I. DuPont (U.S.), LG Chem (South Korea), Sabic Innovative Plastics (Saudi Arabia), Evonik Industries AG (Germany), Lanxess AG (Germany), Mitsubishi Engineering Plastics Corporation (Japan).
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