Engineering Plastics are group of plastic material which has better mechanical and thermal properties. The group of plastic such as polystyrene, PVC, polypropylene and polyethylene are used as Engineering Plastic. These materials have special properties such as higher impact strength, high abrasion, wear and fatigue resistance. Engineering Plastic are manufactured for special applications due to which they are expensive. The major driver for the growth of Engineering Plastic Market are growth in the automotive industry and growing demand in electronics and electrical appliances. Engineering plastic helps in reduction of weight due to its property of light weight. These are replacing the conventional materials such as alloys, glass and metals because it has similar property of metals.
The key players of Engineering Plastic Market are BASF SE (Germany), Covestro (Germany), Solvay S. A. (Belgium), Celanese Corporation (U.S.), E. I. du Pont de Nemours and Company (U.S.), LG Chem Ltd. (South Korea), Saudi Basic Industries Corporation (Saudi Arabia), Evonik Industries AG (Germany), Lanxess AG (Germany), and Mitsubishi Engineering-Plastics Corporation (Japan).
Market Research Analysis
The market is highly application driven. Automotive sector is dominating the Engineering Plastic Market because they are widely used in automotive industry for various applications like connectors, wheel well, lighting components like headlamp, fog lamps etc. Engineering Plastic helps in reduction of overall weight and which will eventually reduce the vehicle emission. Various companies are carrying out intensive research and development activities so as to innovate and develop new products.
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Asia-Pacific region is expected to dominate the Engineering Plastic Market with highest CAGR due to rapid industrialization, End-use industries such as chemical, automotive manufacturer, electric & electronics have demanding more of Engineering Plastic. The government spending in infrastructure activities has increased due to which there is increasing demand for Engineering Plastic in this region. The Engineering Plastic Market is expected to grow higher in North America and Europe due to increasing penetration of Engineering Plastic in Asia, Middle East & Africa. Global engineering plastic market is expected to cross market size of USD 90 billion by the end of 2022.
However the cost of the material is high which can hamper the growth of the market.
Scope of the Report
This study provides an overview of the Global Engineering Plastic Market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Global Engineering Plastic Market by its products, application and region.
- Thermoplastics Polyesters
- Electrical & Electronics
- Consumer Goods
- North America
- Asia Pacific
- Rest of the World
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