According to the report published by IndustryARC titled “Engineering Plastics Market: By Type (ABS, PA, PC, POM, PMMA, PEEK, PET, PBT, Cast Nylon); By End user (Aerospace, Building & Construction, Food, Mechanical, Medical, Others); By Applications (CD/DVD, Medical implants, Advanced batteries, Shoes, others); By Geography – Forecast (2019-2025)”, the Engineering plastics market is forecast to reach $108.79billion by 2025. The increasing demand of engineering plastics in the automotive sector is the major reason for the growth of Engineering Plastics Market.
Browse 66 Market Tables, and 177 Figures spread through 150 Pages and go through an in-depth TOC on “Engineering Plastics Market”
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According to a recent study from IndustryARC, the Engineering Plastics market is progressing at a global CAGR of around 6.6% during the forecast period 2019-2025. The Engineering Plastics Market is witnessing a progressive growth due to the rapid development in the automotive sector, which utilizes engineering plastics as a solution for weight reduction. Another major factor for the market growth is the demand for the engineering plastics in the packaging industry which uses it for durability.
Automotive industry is the major consumer of engineering plastics. This segment is estimated to grow at a CAGR of around 7.5% through 2025. Engineering plastics are rapidly replacing metal components in industrial machinery as well as the automotive industry due to their properties such as high strength, weight reduction, and lightweight when compared to metals. Also, growing demand in electronics & electrical appliances has raised the demand for engineering plastics. It is also used in the aerospace industry for constructing spaceships. However, high cost may present as a challenge for the engineering plastics market.
APAC is the largest market for engineering plastics globally with a revenue of $33.63billion in 2018. The rapid industrialization in China, Japan, and India have turned them into major markets for engineering plastics in the APAC region. In North America, U.S. dominates the engineering plastics market with a high scale of production and construction activities, followed by Canada. Continuing growth of Mexican automobile part manufacturing has propelled the demand for automotive resins in the North American region. Frequent remodeling of residential structures is witnessed as a result of a relatively stable economy than a few years back, consequently making the South American region an attractive market for engineering plastics. The flexibility, impact resistance, optical properties, and exceptional light transmission properties are some of the major features that create a demand for engineering plastics; and the upcoming technology & innovative techniques for its use are expected to be the key influencing factors in Europe with an increased emphasis on its end-use segment applications.
- BASF SE
- Solvay S.A
- Celanese corporation
- LG chemical industry
- Evonik Industries AG
- Lanxess AG
Engineering plastic manufacturers have utilized mergers, acquisitions, and product launches as a strategy and enhanced core competencies through additions to product portfolio to gain a foothold in the emerging markets. The end-user industries covered in the Engineering Plastics Market report include:
- Oil & gas
The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.
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