Engineering Plastic Market – Market Overview
Engineering Plastic is a group of plastic material which exhibit excellent physical and chemical properties. The group of material mainly consist polypropylene, PVC, polyethylene, and polystyrene and are collectively used as an Engineering Plastic. It has used in range of industries including automotive, consumer goods, construction, electrical & electronics, and others due to their greater physical and chemical properties. Among the above-mentioned application scope, automotive is the major application industry for Engineering Plastic due to massive automotive productive across the globe. Engineering Plastic is relatively low in weight, therefore, trend for light weight vehicle parts for the fuel efficiency is the most prominent actor augmented the Engineering Plastics demand. Additionally, need for metal replacement in the construction and electronics & electrical is also establishing the prominence of engineering plastic and driving the global demand. Crude oil is the only raw material used for the production of Engineering Plastic, therefore, instability in the crude oil prices has been disturbing the global growth and is considered as key restraints over global demand. Moreover, increasing global environmental awareness regarding CO2 emission also inhibiting engineering plastic demand. Both of these factor further expected to challenge the global demand over the forecast period.
The Global Engineering Plastic Market accounted the major share in overall plastic market and is growing rapidly among others. Enterprises operating in this market are the key chemical industry players such as BASF SE, Covestro Inc, Solvay SA, Cleanse Corporation, DowDupont inc, LG Chemical Ltd, Saudi Basic Industry Corporation, Evonik Industries AG, and Lanxess AG. Apart from, these established industry players the market is also flooded by the large organized and unorganized industry players to enjoy the growth served by the market. Market rivalry observed among the industry participants is high and is expected to get even higher by taking account the year on year growth of this market.
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Based on the regional analysis, Asia Pacific dominated the Global Engineering Plastic Market as of 2017, and has acquired largest market share in terms of consumption. It has also ranked number region in terms of Engineering Plastic production reason being rapidly growing economies such as India, China, and Japan. Dynamic automotive production in China and favourable governmental policies for commercial and residential construction projects in India are the key growth factors in this region.
North America known for their prominent plastic industry growth and is the major reason this region is known for the dynamic overall plastic production. Moreover, the region also has presence of the established construction industry and the region is witnessed huge construction repair activities. It altogether established greater demand for engineering plastics in this region. Europe, on the other hand, is growing at steady growth rate as a result of presence of strict regulatory bodies. The region further expected to grow similarly trend over the forthcoming years.
May 21, 2017- BASE SE increased the production capacity for engineering plastic at German based plant. With existing capacity of engineering plastic, additional 70,000 tons engineering plastic would be manufactured hereafter. Ultramid® and Ultradur® would be the brands produced after undertaking the expansion activity.
September 19, 2017 – BASE acquired Solvays’s engineering plastic business. The overall transaction was undertaken in exchange of USD 1.92 billion. This acquisition would be closed officially in third quarter of 2018 and complement the BASF’s engineering plastic product portfolio and expand companies position as global leader in engineering plastic business.
October 19, 2016 – Solvay building world class polyamide (engineering plastic) plant in Mexico, capable of producing 10 KT of polyamide per annum. As the Mexico is the second largest producer of automotive as well as commercial vehicles in America region, with production of 3.5 million unit’s vehicles. Therefore, this capacity expansion has done by directing towards the automotive growth in Mexico.
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