HYDERABAD, India, May 31, 2019 /PRNewswire/ -- Engineering plastic is rapidly replacing the metal components in automotive industry and industrial machinery due to its properties of higher strength, and lightweight when compared to metals. Also, growing demand of electronics & electrical appliances has raised the demand for engineering plastics. It is also used in aerospace industry for constructing spaceships. However, high cost may present as a challenge for the growth of engineering plastics market.
According to a recent study from IndustryARC, the engineering plastics market is progressing at a CAGR of around 6.6% during the forecast period 2019-2025. The market is witnessing a progressive growth due to rapid development in the automotive sector, which utilizes engineering plastics as a solution for weight reduction. The automotive sector is the major consumer of engineering plastics. Thus, estimated to grow at a CAGR of around 7.5% by 2025. Additionally, engineering plastics are high in demand by packaging industry, due to its property of durability.
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Asia-Pacific (APAC) Dominates the Engineering Plastics Market
The Asia-Pacific (APAC) is the largest market for engineering plastics with a revenue of $33.63 billion in 2018. The rapid industrialization in China, Japan, and India have turned them into major markets for engineering plastics in the region. In North America, the U.S. dominates the engineering plastics market with high-scale production and construction activities, followed by Canada. Continuing growth of Mexican automobile parts manufacturing has propelled the demand for automotive resins in North America. The South America has witnessed frequent remodeling of residential and commercial structures which as a result is contributing towards stable economy than a few years back, consequently making South American region an attractive market for engineering plastics. The flexibility, impact resistance, optical, and light transmission properties create a demand for engineering plastics; and the new recycling technologies such as the cracking of plastic waste into raw material & innovative techniques for its use are expected to be the key influencing factors in Europe with an increased emphasis on its end-user segment.
Engineering Plastics Market growth attributed by the demand from Automotive, Industrial, Machinery, Building and Construction sectors.
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- BASF SE
- Solvay S.A
- Celanese corporation
- LG chemical industry
- Evonik Industries AG
- Lanxess AG
Engineering plastic manufacturers have used mergers, acquisitions, and product launches as strategies to enhance core competencies and increase product portfolio to gain a foothold in the emerging market. The end-user industries covered in the engineering plastics market report include:
- Oil & Gas
The overall market is also presented from the viewpoint of different geographic regions and key countries in this industry. Competitive landscape for each of the product type is highlighted and market players are profiled.
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