Market
Insights
Engineering
plastics are specially produced plastic material with a number of end-uses due
to their superior mechanical and thermal properties. PVC, polystyrene,
polypropylene are some examples of commonly used engineering plastic. Market
Research Future has found that the global engineering plastics market is
expected to witness positive growth during the forecast period which ends in
2022. Engineering plastic is has properties such a high abrasion wear, fatigue
resistance, high impact strength and several others.
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Some common uses
of engineering plastics are in the production of automotive parts such as car
bumpers and dashboard trim, in toy products such as Lego bricks, and in
sporting and protective equipment such as motorcycle helmets, skies, and boots,
to name a few. Lightweight and thermal properties make engineering plastics
superior to commodity plastics. Engineering plastics are easy to manufacture,
but are more expensive, as they have a longer life. Complex shapes are easy to
produce thus driving the market. The automotive sector is one of the most
significant users of engineering plastic. Growth of this sector due to the high
demand for personal transportation from a large, global urban population with
increasing purchasing power is one of the key drivers for the market.
Mechanical parts are also made using this type of plastic. Other properties
that engineering plastics display that offer high growth opportunity to the
global engineering plastics market include chemical stability,
self-lubrication, heat resistance, and fire retardation. Another significant
use of engineering plastics is in electrical and electronic products, their
various helpful properties lend themselves to the production of lightweight and
high performance products which are in high demand.
Volatile prices
of raw materials are likely to challenge market growth over the forecast
period.
Key Players
·
Lanxess AG
·
Celanese Corporation
·
Evonik Industries AG
·
Covestro
·
BASF SE
·
Mitsubishi Engineering-Plastics
Corporation
·
Solvay S.A
·
LG Chem Ltd.
·
Saudi Basic Industries
Corporation
·
E. I. du Pont de Nemours and
Company
Market
Segmentation
The Engineering
Plastic Market is segmented in MRFR's report based on product,
application, and region. By product, the market is segmented into polyamide,
acrylonitrile butadiene styrene (ABS), thermoplastics, polyesters,
polycarbonates, and others. Among these, the ABS segment accounts for the
largest share based on product due to the high demand for it. ABS is in high
demand as it has properties such as chemical resistance, high temperature
resistance, mechanical potency, and several others.
Applications of
engineering plastics are found in construction, electrical & electronics,
automotive, consumer goods, and others. The automotive segment is the largest
consumer of engineering plastic as they have extensive applications in the
automotive industry. Used for production of lighting components, connectors,
and other automotive parts, engineering plastics are expected to witness
increased demand from this segment due to increasing demand for personal
transportation vehicles.
Regional
segmentation divides the global market into North America, Europe, Asia
Pacific, and the Rest of the World.
Regional
Analysis
Asia Pacific is
expected to lead the market with the most significant share due to the high
demand for engineering plastics in the region. All end-use industries where
engineering plastics are used are growing at a swift pace in the APAC.
Construction, electronics, automotive, and others have high demand in this
rapidly urbanizing region. Increasing purchasing power have led to an increase
in demand for engineering plastics in chemicals, power generation, automobile
and other industries.
Latest
Industry News
- Solvay as launched new grades of
Ryton PPS for extrusion applications in the automotive sector. The new
grades are highly flexible and lightweight.
- DuPont has launched new high temperature nylon and polybutylene terephthalate which are fire retardant, and high performance materials designed for automotive surface and electrical component applications.
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