LONDON, Oct. 28, 2015 /PRNewswire/ -- Engineering plastics are used in an increasing number of markets – from Packaging, Building & Construction, Electrical & electronics, Automotive & transportation, Furniture & bedding, Sports & leisure and a number of other segments. At present Electrical & electronics and consumer goods are the major markets. Automotive & transportation and construction are the two promising application areas for engineering plastics.
The major trend driving the engineering plastics market is the growing demand of these in developing countries like India, China and Brazil. In 2012 production of engineering plastics amounted to 218.88 million tonnes. Global engineering plastics market is currently valued at $57.2 billion in 2014 and is expected to reach $91.78 billion by 2020 showing a compound annual growth rate of 8.2%.
Asia-Pacific currently dominates the market for engineering plastics followed by North America and Europe. The developing regions of South America and Asia Pacific are expected to increase its market share in the future owing to the growing purchasing power in the developing countries.
Our Engineering plastics current data shows that Europe and North America remain interesting as locations for research and development and also important as sales markets. However, the establishment of new production capacities is favored in the Middle East region.
The emerging regions such as Asia, South America, Middle-East and developing regions from Europe have been witnessing sizeable growth prospects for engineering plastics.
The growing trend towards lower vehicle weight, lower emissions and enhanced fuel efficiency is expected to drive the consumption growth of engineering plastics in the automotive and transportation industry. The high sales growth of the passenger cars in emerging markets such as China and India is also expected to boost the market.
The industry is expected to face certain challenges such as regulatory standards to reduce CO2 emissions, fluctuation of crude oil prices, and product commoditization.
The introduction of "Green Vehicles" as a key to future growth has spurred the use of engineering plastic in their production, which is seen as an excellent market opportunity. Besides this the innovation in product application and use of engineering plastics in aerospace industry are other opportunities present.
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