The Global Engineering Plastic Market is predicted to grow at a healthy CAGR over the forecast period (2018-2023), states the new Market Research Future (MRFR) report. Engineering Plastics, simply put, are plastic materials which possess better thermal and mechanical properties compared to the widely utilized commodity plastics including polyethylene, polypropylene, PVC, and polystyrene. These plastics have gradually substituted traditional engineering materials including metal and wood, in various applications.
The specialty of Engineering Plastic is, it is simpler to manufacture, particularly in case of complicated shapes. Engineering Plastics have an extensive range of applications including production of auto parts such as dashboard trim and car bumpers, in protective and sporting equipment such as boots, skies, and helmets, and in toy products especially Lego bricks, among others.
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Various factors are propelling the Engineering Plastic Market Growth. These factors, as per the new MRFR report, include a growing trend to reduce vehicle weight, improvement in fuel efficiency, metal replacement in electrical and electronics and construction industries, and growth in various end user industries.
On the flip side, regulatory challenges about CO2 emissions and fluctuating cost of crude oil are factors that may hinder the Engineering Plastic Market Growth over the forecast period.
Leading players profiled in the Global Engineering Plastic Market report include E. I. du Pont de Nemours and Company, LG Chem Ltd., Solvay SA, Saudi Basic Industries Corporation,Mitsubishi Engineering-Plastics Corporation, BASF SE, Covestro, Evonik Industries AG, Celanese Corporation, and Lanxess AG.
September 2019: Polymaker has launched three 3D printing materials that are polycarbonate-based co-developed with Covestro. Both the companies have pooled together their chemical expertise for creating materials that are designed for usage in professional settings, especially in the electronics, aerospace, and automotive industries.
The MRFR Report provides a complete Segmental Analysis of the Engineering Plastic Market Report based on Application and Product.
Based on Product, the Engineering Plastic Market is segmented into polycarbonates, polyesters, thermoplastics, acrylonitrile butadiene styrene, polyamide, and others. Of these, the acrylonitrile butadiene styrene segment will have the largest share in the market over the forecast period. It is in high demand for its alluring features such as mechanical potency, high temperature resistance, chemical resistance, and others.
Based on Applications, the Engineering Plastic Market is segmented into consumer goods, automotive, electrical and electronics, construction, and others. Of these, the automotive segment will dominate the market over the forecast period. It is widely used to produce connectors, lighting components, and other types of automotive parts.
By Region, the Engineering Plastic Market report covers the latest trends and growth opportunities across Europe, the Asia Pacific, North America, and the Rest of the World. Of these, the APAC region will dominate the market over the forecast period. Factors aiding growth in the region include growing demand for Engineering Plastic by various industries such as packaging, automobile, power generation, and chemicals coupled with rapid industrialization. Moreover, growing demand for packaging solutions, increasing industrial establishment both for industrial machinery and metal fabrication, a huge base of car manufacturers in the region, and presence of electronics and electrical manufacturers are also adding to the market growth. India, as well as China, are the key contributors in this region.
The Engineering Plastic Market in North America is predicted to have a notable growth over the forecast period. Factors aiding growth in the region include growing demand from the automotive industry, product innovation initiatives undertaken by the market participants, and new product development.
The Engineering Plastic Market in Europe is predicted to have a firm growth over the forecast period. Factors aiding growth in the region include technological advancement and innovation for developing new products, and strict safety and emission rules laid down by the European Union that have enforced manufacturers in carrying out in-depth R&D activities to create lightweight products that have higher resistance to fatigue and wear, higher impact strength, withstand different temperature range, and have high chemical resistance.
The Engineering Plastic Market in the Rest of the World will have a steady growth over the forecast period.
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