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.
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 on the basis of 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 on the basis of 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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