Asia Pacific Dominates the Engineering Plastics Market
Asia Pacific has the largest share in the Engineering Plastics market due to the growing demand for engineering plastics by the end user industries such as electrical & electronics, and automotive & transportation. The increase in the production of automotive parts in the region will bolster the market over the forecast period. China is the largest market for engineering plastics. The country’s engineering plastics market is primarily driven by the rapid growth of the automotive and transportation industry, and the easy availability of feedstock.
Selected Regulatory Analysis Done in the Full Report
The automotive and transportation sector will dominate the Engineering Plastics Market over the forecast period. Engineering plastics are used in the automotive industry for applications in wheel well, connectors and housing, under the hood components, head lamps, and fog lamps. The automotive sector growth rate is high in Asia-Pacific, particularly in China, India, Japan, and South Korea. The automotive and transportation market in these countries will drive the demand for engineering plastic products over the forecast period.
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Selected Driving Factors Mentioned in the Full Report
Growth of the end user industries such as electrical, electronics, packaging, automotive, construction, and consumer appliances will drive the demand for engineering plastic products.
The easy availability of raw materials and low cost of production will boost the demand for engineering plastics.
The benefits of engineering plastics such as flame resistance, durability, chemical resistance, and wear resistance compared to commodity plastics will provide ample opportunities for the engineering plastics market.
Major investments by governments and companies in developing new technologies will propel the growth of the engineering plastics market.
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Key Players of the Engineering Plastics Market
BASF SE, Covestro, and Celanese Corporation are the key players of the engineering plastics market.
BASF produces engineering plastics for extrusion, injection molding, and blow molding. The engineering plastics produced by BASF are developed for applications in the automotive & engineering, and electrical & electronic sectors.
Covestro offers products which have a desirable balance of properties such as impact strength and heat resistance to other materials.
Celanese provides high performance engineering resins that offer resistance to friction and wear, and deliver good mechanical properties such as stiffness and strength.
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